Malaysia Publishes Order for Exemption from One-Off Tax for Foreign-Sourced Income Received in Malaysia

Malaysia published the Income Tax (Exemption) Order 2022 in the Official Gazette on 5 April 2022. The Order provides for the exemption of foreign-source income received in the 2022 year of assessment from the tax calculation for the purpose of the one-off prosperity (windfall) tax ("Cukai Makmur") that was introduced for companies that generate high income. The tax will be charged on companies with chargeable income exceeding MYR 100 million, with the first MYR 100 million subject to tax at …