Income Tax Exemption for Fund Management Companies Extended and Amended
18 April 2024
The following Income Tax Amendment Orders were gazetted on 5 April 2024:
The Amendment Orders extend and in several instances, amend the income tax exemption orders mentioned in item 1 in relation to income derived from the fund management activities described in item 2 of the table below:
| Item No. |
Amendment Order No. |
P.U.(A) 106/2024 |
P.U.(A) 107/2024 |
P.U.(A) 108/2024 |
P.U.(A) 109/2024 |
| 1. |
Name of Principal Order |
Income Tax (Exemption) (No. 5) Order 2021 [P.U.(A) 209/2021] |
Income Tax (Exemption) (No. 6) Order 2021 [P.U.(A) 282/2021] |
Income Tax (Exemption) (No. 7) Order 2021 [P.U.(A) 283/2021] |
Income Tax (Exemption) (No. 8) Order 2021 [P.U.(A) 284/2021] |
| 2. |
Exemption |
Tax exemption on statutory income derived from business of providing fund management services for Sustainable and Responsible Investment Fund in Malaysia |
Tax exemption on statutory income derived from business of providing fund management services to business trust or real estate investment trust in Malaysia |
Tax exemption on statutory income derived from business of providing fund management services to local investors in Malaysia |
Tax exemption on statutory income derived from business of providing fund management services to foreign investors in Malaysia |
| 3. |
Extension |
Exemption period extended to YA2027 |
Exemption period extended to YA2027 |
Exemption period extended to YA2027 |
Exemption period extended to YA2027 |
| 4. |
Other Amendment |
- |
Exemption reduced from 100% to 60% of statutory income derived from the business |
Exemption reduced from 100% to 60% of statutory income derived from the business |
Exemption reduced from 100% to 60% of statutory income derived from the business |
It is to be noted that the exemptions from income tax under each of the exemption orders mentioned above are subject to compliance with the conditions as set out in the respective orders.
Alert by Victoria Low (Associate) of the Tax Practice of Skrine.
This alert contains general information only. It does not constitute legal advice nor an expression of legal opinion and should not be relied upon as such. For further information, kindly contact skrine@skrine.com.