The Inland Revenue Board of Malaysia issued a release on 12 January 2022 regarding the implementation of the new withholding tax rules introduced by the Finance Act 2021 from 1 January 2022 for payments made to resident agents, dealers, and distributors who are individuals. The rules provided that such payments are subject to 2% withholding tax on the gross amount if the total payments, monetary or otherwise, by a company to such an individual exceeded MYR 100,000 in the prior year.
The rel…