[BREAKING] No More Tax on Foreign-Sourced Income!

The Finance Ministry (MoF) just said that the income from foreign sources will be exempt from income tax for five years, from Jan 1 until Dec 31, 2026!

⬇️Sources⬇️
🔴TheEdge Markets → https://www.theedgemarkets.com/articl...

🔴TheStar → https://www.thestar.com.my/news/natio...

🔴Malay Mail → https://www.malaymail.com/news/malays...

🔴FMT → https://www.freemalaysiatoday.com/cat...

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, learn more here →    • Budget 2022 Foreign-Sourced Income Ta...  

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Tax exemption on income from foreign sources until 2026
MOF: Individuals to be exempted from tax on foreign-sourced income
Finance Ministry: Govt agrees to exempt tax on foreign source income for resident taxpayers

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Disclaimer: None of the information in this video shall construe financial/tax/legal/accounting advice in any form, it is purely a sharing of my personal experience. In order to make the best decision that suits your own needs, you must conduct your own research and seek the advice of a licensed professional if necessary.