Malaysia Exempts Certain Foreign-Source Income from Tax

Malaysia's Ministry of Finance issued a release on 30 December 2021 announcing that the government has agreed to exempt certain foreign-source income from tax. The exemption is provided in relation to the Finance Act 2021, which was published on 31 December 2021 and includes a measure that restricts the exemption for income arising from sources outside Malaysia and received in Malaysia to persons not resident in Malaysia, meaning resident individuals and companies became subject to tax on th…