Malaysia Tax Agency Posts Guidelines on Capital Gains Tax for Disposals of Foreign Assets

The Malaysian Inland Revenue Board March 27 issued guidelines on taxation of capital gains earned from disposals of assets held outside of Malaysia. Topics covered include: 1) relevant definitions; 2) categories of taxpayers subject to capital gains tax, effective Jan. 1; 3) the taxation of gains from disposals of foreign capital assets at the capital gains tax rates in effect from Jan. 1; 4) the ability to claim bilateral or unilateral tax credits on disposals of foreign capital assets received in Malaysia that have been taxed outside of Malaysia; 5) the tax exemption for profits from the disposal of qualifying ...