Dear valued clients, colleagues and friends,
The Finance Bill 2021 has recently been passed in Parliament and gazetted on 31 December 2021 (“FA”). One of the FA amendments, which takes effect from 1 January 2022, is that only income arising from sources outside Malaysia and received in Malaysia by any person who is not tax-resident in Malaysia, would be tax exempt. Persons who are tax-resident in Malaysia would be taxed on income arising from sources outside Malaysia and received in Malaysia with effect from 1 January 2022.
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For further information regarding this article or tax & revenue law matters, please contact:
Anand Raj
Head
Tax and Revenue Practice Group
anand@shearndelamore.com
+603 2027 2828
Irene Yong
Partner
Tax and Revenue Practice Group
irene.yong@shearndelamore.com
+603 2027 2923
Foong Pui Chi
Partner
Tax and Revenue Practice Group
foongpuichi@shearndelamore.com
+603 2027 2641