Update on exemption of Foreign-Sourced Income (FSI) for one-off tax in YA 2022

The Ministry of Finance has introduced a one-off tax on chargeable income, known as CUKAI MAKMUR, for companies exceeding MYR 100 Million in YA 2022. Subsequently, foreign-sourced income received in Malaysia is also taxable from YA 2022.
However, for companies being exposed to the Cukai Makmur, the taxable foreign-sourced income is being excluded in computing the Cukai Makmur. The exemption of the foreign-sourced income from Cukai Makmur is determined by the following formula: 

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