KUALA LUMPUR, Dec 30 — The government has agreed to exempt taxation on foreign source income for resident taxpayers to ensure the smooth implementation of the tax initiative, said the Ministry of Finance .Subject to Inland Revenue Board criteria and guidelines, income tax exemption on dividends will be given to companies or limited liability partnerships while individuals will be tax-exempted for all types of income.
In the tabling of Budget 2022, the government had announced that FSI will be taxed from January 1, 2022. The maximum stamp duty on each note is limited to RM1,000 and any amount over that limit will be remitted.