IN exercise of the powers conferred by paragraph 154(1)(b), read together with paragraph 2 of Part XVIII of Schedule 1 to the Income Tax Act 1967 [Act 53], the Minister makes the Income Tax (For an Individual Resident Who is Not A Citizen and Holds C Suite Position in An Approved Company) Rules 2023 [P.U. (A) 242/2023].
Under these Rules, the government has introduced a special 15% flat tax rate incentive for qualifying non-citizen senior executives in approved companies.
Key Highlights:
The preferential 15% tax rate applies for 5 consecutive years.
It is for non-citizen C-suite executives in companies granted tax incentives like the Manufacturing Relocation Incentive or Services Relocation Incentive.
Covers top positions like CEO, CFO, and COO, relying on functional expertise and technical skills.
Minimum RM25,000 monthly basic salary eligibility criteria.
Individuals must be tax residents in Malaysia during the incentive period.
The incentive period will be:
from 7 November 2020 - 31 December 2024 for companies relocated under the manufacturing; and
from 7 November 2020 - 31 December 2022 under the services incentives.
Each approved company can nominate up to 5 qualifying senior executives.
Executives must remain employed in the approved company to retain the preferential tax rates.
This unique program aims to attract top global talent to relocating companies in Malaysia. Interested qualifying individuals and companies should apply to the Malaysian Investment Development Authority by 31 December 2022 or 31 December 2024, depending on the relevant incentive scheme.
Reference:-
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