Tax on foreign sourced income a significant change – Deloitte Malaysia - Printable Version +- Ipoh Community Forums (https://forums.ipoh.com.my) +-- Forum: News and Current Affairs (https://forums.ipoh.com.my/forum-11.html) +--- Forum: Local News (https://forums.ipoh.com.my/forum-12.html) +---- Forum: Business. Economy and Investment (https://forums.ipoh.com.my/forum-60.html) +---- Thread: Tax on foreign sourced income a significant change – Deloitte Malaysia (/thread-3717.html)

Tax on foreign sourced income a significant change – Deloitte Malaysia - superadmin - 10-30-2021 BUDGET 2022 expects an increase in tax collection by 5.9% on the back of a better economic outlook. Corporate tax collection is expected to increase by 8.1% to RM65.5 billion which is higher than pre-pandemic numbers in 2019.  This is optimistic but remains challenging if businesses are still trying to bounce back from Covid-19. The introduction of the one-off tax on companies that make super profits and taxation on foreign sourced income may provide some cushioning, but I also expect tax audits to be intensified to meet the collection target. From a tax reform perspective, the taxation on foreign sourced income is a significant change and will increase the tax bill of companies with overseas operations. More details should be provided in the finance bill in this regard and I hope that there are special circumstances available for companies to continue to enjoy exemption on such income. - More -