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Thursday, December 30, 2021

Tax exemption on income from foreign sources until 2026

 

Tax exemption on foreign income is available for individual taxpayers from Jan 1 to Dec 31, 2026. (Bernama pic)

KUALA LUMPUR: Income from foreign sources will be exempt from income tax for five years, from Jan 1 until Dec 31, 2026, the finance ministry said today.

Tax exemption is granted on dividends to companies or limited liability partnerships while individuals will be eligible for exemption for all types of income.

“For individual taxpayers, the government will give exemption to all individuals except those in a business partnership in Malaysia, whereby they are subject to FSI (foreign source income) taxation.

“For non-resident taxpayers (individuals, companies, and others), they remain exempted from income tax,” the ministry said.

The ministry also announced that foreign income received in the 2022 year of assessment is exempted from tax calculation for the purpose of prosperity tax.

The government had earlier announced in the 2022 budget that foreign income will be taxed from Jan 1.

Stamp duty on share contract notes

The ministry also announced that the government will impose a stamp duty of 0.15% on share contract notes, up to a maximum of RM1,000. Any amount over that limit will be remitted, and is applicable for all contract notes from Jan 1 to Dec 31, 2026 for all stocks listed on Bursa Malaysia.

The plan to impose a stamp duty of RM200 for every contract note is thus abolished. - FMT

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