Budget 2022 Foreign-Sourced Income Tax | BAD News for Investors

Here's everything you need to know about the removal of the foreign-sourced income tax exemption - especially if you are investing in the foreign markets (U.S., Hong Kong, Singapore, U.K., etc.) 🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ https://www.interactivebrokers.com/mkt/?src=zietPY2&url=%2Fen%2Findex.php%3Ff%3D1338

🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ https://www.interactivebrokers.com/mkt/?src=zietPY2&url=%2Fen%2Findex.php%3Ff%3D1338

⬇️Timestamps:
0:00 Introduction
0:47 Summary of the Income Tax
2:40 Double Tax Agreement
5:11 Capital Gains
7:43 My Personal Take (Summary)

🔴Press release statement by LHDN in BM (16 Nov): https://phl.hasil.gov.my/pdf/pdfam/KM_LHDNM_16112021_PROGRAM_KHAS_PEREMITAN_PENDAPATAN_YANG_DISIMPAN_DI_LUAR_NEGARA.pdf

🔴PwC's TaXavvy Budget 2022 Edition Part 2: https://www.pwc.com/my/en/assets/publications/Taxavvy/2020/pwc-taxavvy-budget-2021-part-2.pdf

🔴Deloitte's Tax Expresso Special Edition Part II: https://www2.deloitte.com/content/dam/Deloitte/my/Documents/tax/my-tax-espresso-(Special%20Edition)-highlights-of-budget-2022-Part-II.pdf

🔴Article by The SUN daily: https://www.thesundaily.my/business/how-is-foreign-sourced-income-taxed-AB8535064

🔴Article by 3E Accounting Malaysia: https://www.3ecpa.com.my/resources/malaysia-taxation/malaysian-taxation-on-foreign-sourced-income/

🔴List of DTAs by LHDN: https://www.hasil.gov.my/bt_goindex.php?bt_kump=5&bt_skum=5&bt_posi=4&bt_unit=1&bt_sequ=1&bt_lgv=2

As announced during the tabling of Budget 2022, foreign-sourced income (FSI) received in Malaysia will be taxed. All types of income will be taxable, and this will include dividend income, interest income, rental income, pension income, employment income, and annuities.

The charge-ability of income is governed by Section 3 of the Income Tax Act, 1967 (ITA) which states that “income shall be charged for tax for each year of assessment (“YA”) upon the income of any person accruing in or derived from Malaysia or received in Malaysia from outside Malaysia”. The phrase accruing in or derived from Malaysia connotes the source of income must be in Malaysia. - 3E Accounting Malaysia

As a transition, it is proposed that the FSI received in Malaysia from 1 January 2022 until 30 June 2022 will be taxed at 3% on a gross basis. The FSI received in Malaysia from 1 July 2022 onwards would be subject to tax, based on the prevailing income tax rate.

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