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aws全区号(www.2km.me)_Earnings upside for corporations

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PETALING JAYA: Many individuals and businesses can heave a sigh of relief as the government moves to exempt taxation on foreign-sourced income for resident taxpayers.

This move will help provide earnings upside for large listed corporations with significant foreign-sourced income, said Kenanga Research.

Companies that will benefit from this exemption include Axiata Group Bhd with 70% of its revenue sourced from overseas, Sime Darby Bhd (88%) and IHH Healthcare Bhd (75%).

“These companies are among the few on the FBM KLCI components with significant overseas business units,” it added.

On Thursday, the government said it will exempt taxation on foreign-sourced income for resident taxpayers to ensure the smooth implementation of the tax initiative.

This tax exemption is effective from Jan 1, 2022 to Dec 31, 2026. It is subject to Inland Revenue Board’s 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.

Chartered Tax Institute Malaysia president Farah Rosley said local resident taxpayers that were previously caught in a dilemma on the prospect of their hard-earned income from overseas will be taxed come Jan 1, 2022, can now heave a big sigh of relief for at least the next five years.

She noted that in Budget 2022, the government had proposed for the withdrawal of the tax exemption on foreign-sourced income received in Malaysia and that foreign-sourced income will be taxed from Jan 1, 2022.

This caused a stir among companies and individuals, especially those with significant investments abroad.

Apart from the foreign-sourced income tax exemption, the Finance Ministry (MoF) said the exemption is also extended to foreign-sourced dividend incomes earned by limited liability companies and partnerships.

“The exemption on dividend incomes earned by limited liability companies and partnerships is welcomed, as it will continue to enhance investments by encouraging foreign-sourced dividend income to be remitted into Malaysia.

“This will also maintain the attractiveness of Malaysia as a location for regional offices,” Farah said.

Apart from that, the move by the government to reinstate the stamp duty cap at RM1,000 with 0.15% rate on contract notes for shares transaction listed on Bursa Malaysia is also seen by Kenanga as “market positive”.

Both the stamp duty cap and the foreign-sourced income tax exemption will be valid from Jan 1, 2022 to Dec 31, 2026.

Even the Association of Stockbroking Companies Malaysia (ASCM) commended the MoF and Bursa Malaysia for their continued commitment to ensure that the local stock market remains resilient and competitive.

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