Malaysia legislation

Section 34

of FINANCE (NO. 2) ACT 2023

Section 34

Paragraph 16 of Schedule 7 to the principal Act is amended by substituting for the definition of “foreign income” the following definition:

‘ “foreign income” means, in relation to—

(a)

unilateral credit, income derived from outside Malaysia charged to foreign tax;

(b)

bilateral credit, income derived from outside Malaysia and from

Malaysia, charged to foreign tax.’.