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Taxation

Taxation

Income of any person including a company, accruing in or derived from Malaysia or received in Malaysia from outside Malaysia is subject to income tax. However, income received in Malaysia by any person other than a resident company carrying on business of banking, insurance or sea or air transport for a year of assessment derived from sources outside Malaysia is exempted from tax.

To modernise and streamline the tax administration system, the self-assessment system was implemented for companies, sole proprietors, partnerships, cooperatives and salaried groups and the assessment of income tax is based on a current year basis.

The income which tax is chargeable is income in respect of:

i. gains or profits from a business, for whatever period of time carried on;

ii. gains or profits from an employment (salaries, remunerations, etc.);

iii. dividends, interests or discounts;

iv. rents, royalties or premium;

v. pensions, annuities or other periodical payments

vi. other gains or profits of an income nature.

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