Malaysia Tax Agency Announces Additional Eligibility Requirements for Obtaining Tax Exemption on Foreign Dividend Income

The Malaysian Inland Revenue Board Dec. 30, 2022, announced additional eligibility requirements for obtaining a tax exemption on foreign dividend income received in Malaysia from Jan. 1, 2022, to Dec. 31, 2026. The announcement explains measures requiring: 1) foreign dividends of companies to have been subject to tax at the country of origin; 2) foreign dividends of limited liability partnerships to have been taxed with the highest tax rate of 15 percent at the country of origin; 3) individual shareholders connected with partnership businesses in Malaysia to comply with specific economic substance requirements; and 4) taxpayers to submit an amended ...