TAXATION IN MALAYSIA

Generally, all income of companies and individuals accrued in, derived from or remitted to Malaysia is liable to tax. However, income remitted to Malaysia by resident companies (other than companies carrying on the business of banking, insurance, air and sea transportation), non-resident companies and non-resident individuals are exempted from tax.

From the year 2000, income tax in Malaysia is assessed on income earned in the current year. The assessment system will be changed to a self-assessment system in stages starting 2001. (www.hasilnet.org.my)