Breaking News: Malaysia Increasing Taxes - What's Next?

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We've all witnessed the increased governments spending over the years, all over the globe, and many predicted that this will result in increased taxes! Rightfully so!

And just like that Malaysia has increased their taxes as well! As you probably know we were quite favorable of Malaysia as it had a good tax system, so we would often recommend it to our clients. If it happened there, what to expect from other countries?

The first tax change will affect companies, that will have to pay one off windfall tax. Every company that makes over 100 million RM will need to pay this tax. Corporate tax rates are already 24% in Malaysia, and these companies will pay the increased tax rate of 33% on the amount over 100 million.

Malaysia has quite favorable territorial tax system, which means that they don't tax foreign earnings. Unfortunately this also changed, as they've decided to tax foreign earnings as well! This is not good, as this territorial tax system was what's attractive to most of our viewers in Malaysia.

At the moment Malaysia doesn't tax dividends and capital gains, so it's a question of how will this be handled with the new tax update. It's still unclear that whether you'll be able to bring your dividends tax free, or you'll need to pay taxes.

More info:
https://www.malaymail.com/news/malaysia/2021/10/29/budget-2022-putrajaya-introduces-one-off-windfall-tax-on-companies-earning/2016977?fbclid=IwAR10p73Ib6XJshkhnjcNRfaYNT1w3Ed5g3S1nI94DJi_e_McHxT0mxaDNQI

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Author: Michael Rosmer

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