Special Income Remittance Programme (PKPP) to Malaysian Residents

01Special Income Remittance Programme (PKPP) to Malaysian Residents

IRBM media release on - Special Program (PKPP) on remittance of foreign income dated 16/11/21.

IRBM will issue frequently asked questions (FAQs) as well as guidelines relating to the PKPP to the public in due course.

IRBM encourages taxpayers to participate in this special program that is offered to update their tax position.

02Key summary of the PKPP :

• The implementation period of PKPP is from 1 January 2022 to 30 June 2022 (PKPP period).
• A tax rate of 3% (gross) on income brought into Malaysia during the said period.
• There is no audit review, investigation or penalty on income brought into Malaysia during the PKPP period.
• All income brought into Malaysia will be accepted in good faith by IRBM.
• Income must be brought into / remitted into Malaysia within the PKPP period.
• Taxpayers must make a declaration to join the PKPP not later than 30 days after the expiry of the PKPP period.
• Tax payments shall be made in accordance with the normal payment arrangements prescribed for the year of assessment 2022 or 2023 whichever is applicable.
• PKPP does not involve income derived from Malaysia which is subject to tax for the year of assessment 2021 and subsequent years of assessment and is remitted into or brought back to Malaysia during the PKPP period.

03KTP takeaways

IRBM will review and examine the information on income of the Malaysian tax residents kept overseas that has been received through the tax information exchange agreements with other countries after 30/6/22.

Based on the review, if IRBM found that Malaysian source income kept overseas has not been reported, additional assessment can be raised together with penalties.

IRBM will issue frequently asked questions (FAQs) as well as guidelines relating to the PKPP to the public in due course.

04Source

IRBM media release

https://phl.hasil.gov.my/pdf/pdfam/KM_LHDNM_16112021_PROGRAM_KHAS_PEREMITAN_PENDAPATAN_YANG_DISIMPAN_DI_LUAR_NEGARA.pdf

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