Tax Planning in Malaysia

With regards to fiscal obligations in Malaysia, and although it is important to confer with a financial consultant for the latest and most updated information, the basics of paying tax in Malaysia are that all and every individual who is resident in Malaysia is subject to the same fiscal obligations. For non-residents, they are liable for income from Malaysian sources only, unless specific conditions apply. While sales of property after the 31st of March 2007 are exempt from capital gains tax, rental income will still be subject to income tax.

Income tax scales on the amount of income up to a maximum of 28% of income and there are several double taxation agreements in place to prevent paying taxes in both Malaysia and your country of residence. In some cases it may be preferable to choose a property management company who will rent out the property for you.

It is highly advisable to keep an updated record with all papers concerning the property as your tax liability may be affected by alterations and renovations done to the property, etc.

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