Malaysia Gives 5-Year Exemption for Foreign Income Tax: Ministry

Malaysia will exempt individuals from taxes on foreign income between Jan. 1, 2022 and Dec. 31, 2026, according to the finance ministry on Thursday.

• The government will also provide exemption for companies and limited liability partnerships receiving dividends from foreign sources, the ministry said in a statement
• Other types of income will continue to be taxed
• Foreign source income received in 2022 taxation year will be exempted from the government’s Prosperity Tax
• Malaysia will raise stamp duty on share transactions to 0.15%; maximum stamp duty capped at 1,000 ringgit per contract note
  • The current stamp duty is 0.1%

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