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Q: If an individual resident receives interest income from overseas bank which is then brought back to Malaysia, is this interest income subject to tax in Malaysia? 

A: If you can prove that the interest income earned overseas has been subjected to tax in the country of origin, i.e. either the income has been subjected to income tax or withholding tax, or is given exemption under tax incentive in that country, the income remitted back to Malaysia on or before 31 December 2026 will be exempted from tax in Malaysia.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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