Malaysia | Ministry of Finance's Press Release on Foreign Source Income and Stamp Duty on Contract Notes

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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