Malaysia Taxation System
Like many other jurisdictions, Malaysia has its own taxation system. Malaysia’s taxes are assessed on a current year basis and are under the self-assessment system for all taxpayers. All income accrued in, derived from, or remitted to Malaysia is liable to tax. That said, income of any person (other than a resident company carrying on the business of banking, insurance or sea or air transport) derived [from sources] outside Malaysia and received in Malaysia is exempted from tax. One thing worth mentioning is Malaysia has an extensive number of double tax treaties available for the avoidance of Double Taxation.