In 2022, LHDN had released its latest guidelines on tax treatments in relation to foreign source income (FSI). These guidelines are effective for income earned in 2022 (starting from 1 January 2022). Thus, as we are inching closer towards the deadlines of filing taxes, be it 30 April or 30 June, it is crucial for us to be aware, learn, and verify our positions so that we are tax-compliant.
As such, I’d brought in Richard Oon, National Tax Director of ShineWing TY Teoh (regional accounting firm) onto our platform to share:
– What constitutes ‘foreign source income?’
– Is your income really derived from outside Malaysia in the first place?
– Tax exemption of foreign source income and its conditions
– How does this new law affect Malaysian taxpayers?
– What are the game plans available?