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Highlights of Budget 2022 - Part II Finance Bill 2021 Tax Espresso (Special Edition) 12 November 2021 Highlights of Budget 2022 – Part II | Tax Espresso (Special Edition) 2 Budget 2022: Part ll covers changes proposed in the Finance Bill 2021 which were not announced in the Budget Speech, and not covered in our ‘Highlights of Budget 2022: Part l’. Part II should be read together with Part I. Special Commentary on the Removal of the Exemption on Foreign Source Income 3 Corporate Tax 5 Tax Incentives 8 Individual Tax 9 Real Property Gains Tax 11 Stamp Duty 14 Labuan Business Activity Tax 16 Petroleum Income Tax 18 Others 19 Contact us 22 With the proposed imposition of Cukai Makmur at 33% on chargeable income exceeding RM100 million and the proposed removal of tax exemption on foreign income received in Malaysia by resident taxpayers as well as other relevant changes, taxpayers will need to re-evaluate their estimate of tax payable for the year of assessment 2022 to avoid any potential p...