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It was announced in Budget 2022 that tax exemption on foreign source income (FSI) will be removed with effect from 1 January 2022. Subsequently, on 30 December 2021 the Ministry of Finance announced that exemption from income tax will be given for a period of five years from 1 January 2022 on certain categories of FSI. The relevant Gazette Orders and Guidelines were subsequently issued by the MOF and HASiL. With the changes in tax treatment on FSI, it is imperative for taxpayers to better prepare for the changes to ensure compliance with the relevant legislation.
? Scope of taxation
? Malaysian source v Foreign source
? Exemption for resident individuals from 1 January 2022 to 31 December 2026
? Exemption on dividend income from 1 January 2022 to 31 December 2026
? Double tax relief on foreign tax suffered
? Special income remittance programme (PKPP)
? Exemption orders on FSI
? Guidelines on FSI – conditions for exemption
Chow Chee Yen is currently the President of the Chartered Tax Institute of Malaysia (CTIM) and the Senior Executive Director of Grant Thornton Malaysia. He has more than 30 years of tax experience and was involved in tax engagements concerning cross-border transactions, tax diligence review, restructuring schemes, corporate tax planning, group tax review, inbound investments, and good and services tax (GST). Chee Yen’s expertise is in high demand and he is a prolific trainer/facilitator for tax workshops and seminars organised by professional bodies in Malaysia. In addition, he conducts in-house training for a government ministry, professional firms, and corporations as well as guest speaker for national and international conferences. He is a Fellow Member of The Association of Chartered Certified Accountants (FCCA) and a Chartered Accountant of the Malaysian Institute of Accountants (CA).