Malaysia MOF Clarifies Proposed Abolition of Foreign Income Tax Exemption

The Malaysian Ministry of Finance Nov. 9 clarified the proposed abolition of the tax exemption on foreign sourced income under the 2022 Budget. The proposed measures would: 1) provide a fairer tax framework to prevent tax evasion; and 2) impose taxes on foreign sourced income beginning Jan. 1, 2022. [Malaysia, Ministry of Finance, 11/09/21]

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