Malaysia: Foreign source income excluded from prosperity tax
Foreign source income received in Malaysia during the second six months of the 2022 assessment year
Excluded from prosperity tax
The Finance Act 2021 introduced a special one-time “prosperity tax” (Cukai Makmur) at a rate of 33% on companies with chargeable income exceeding RM100 million. Read TaxNewsFlash
The Ministry of Finance announced that foreign source income received in Malaysia during the second six months of the 2022 assessment year (i.e., from 1 July 2022) is excluded from the computation of the prosperity tax.
Read an April 2022 report prepared by the KPMG member firm in Malaysia
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