What is the definition of foreign-sourced income?
How much tax will be levied and how will the tax be administered?
When will the tax kick in?
How will your unit trust funds with income pay-out be impacted?
Are there any exemptions or exceptions for unit trust funds?
Will capital gains from foreign investment holdings be taxed?

Assess the impact with our panelist of Malaysia’s largest fund managers (with over RM160 billion assets under management) from Principal Asset Management and Affin Hwang Asset Management as well as tax partner, Ernst & Young.

Harry Leong
Head of Retail Business
Principal Asset Management Malaysia

Anton Tan
Senior Director, Wealth & Advisory
Affin Hwang Asset Management Berhad

While we managed to address many doubts amidst intermittent internet connection, many more questions await confirmation from authorities.

We are working on compiling a list of FAQs and will set another date in the coming months on Foreign Sourced Income tax exemption, here are some of the takeaways from last weekend:

1. Tax on foreign sourced income remitted into the country will be implemented from 1^st Jan 2022 with Gross Foreign Sourced Income to be taxed at 3% during the transition period till 30^th June 2022, after which it will be taxed at prevailing income tax rate.

2. Bilateral or unilateral tax credit is allowed if the same income has been taxed abroad, subjected to availability of documentation to substantiate the foreign tax credit.

3. Capital gains on shares and unit trusts are not taxable.

We hope you have enjoyed our weekend webinar series covering topics from China to connectivity and sustainability to solar power.

We look forward to welcoming you to our next webinar on 10^th January on Global Market Outlook – The Year Ahead and Reflections on China on 10^th January 2022 between 4pm to 6pm.  Register now