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Q: I am a freelancer and have been providing service overseas on a contract basis. If the money earned, after deducting tax overseas is brought back to Malaysia, is this money still subject to tax in Malaysia?
A: If it can be proven that the source of income is overseas, i.e. the business presence is located overseas, the money earned will be considered as foreign sourced income. If this income has been subjected to tax in the country of origin such as income tax, the income brought back to Malaysia until 31 December 2026 will be tax exempt in Malaysia.
Wishing you plentiful tax savings!
YYC Tax Guru