Malaysia Tax Agency Issues Updated Guidelines on Tax Treatment of Income Received From Abroad

The Malaysian Inland Revenue Board June 20 updated guidelines on the tax treatment of income received from abroad. Topics covered include: 1) relevant definitions; 2) taxable foreign income received in Malaysia by residents, with examples; 3) exempt foreign dividend income and exempt individual income from sources other than partnerships, from Jan. 1, 2022, to Dec. 31, 2026; 4) clarification that the exemption doesn’t apply to income from banking, insurance, sea transport, or air transport; and 5) the wealth tax treatment of foreign income. [Malaysia, Inland Revenue Board, 06/20/24]

Reference:
View Guideline No. LHDN.AG.600-1/7/3. View Index.