Malaysia: Special foreign-sourced income program ends
Taxable foreign-sourced income remitted during the first half of year 2022 is still subject to tax at a rate of 3% of the gross amount.
Taxable foreign-sourced income remitted during the first half of year 2022 is still subjec
A special program for remittances of foreign-sourced income ended 11 March 2022.
The Malaysian Inland Revenue Board introduced the program in November 2021 with respect to remittances of foreign-sourced income into Malaysia, effective 1 January 2022. Read TaxNewsFlash
Originally, the program was effective through June 2022, but the tax authority announced the program’s early termination effective 11 March 2022. Nevertheless, taxable foreign-sourced income remitted during the first half of year 2022 is still subject to tax at a rate of 3% of the gross amount, and is required to be reported in the tax return for the relevant year of assessment.
Read a March 2022 report prepared by the KPMG member firm in Malaysia
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