Supplementary Notice on Foreign Administration Rules – Measures to Promote the Development of Malaysian Financial Market
The Supplementary Notice on Foreign Administration Rules issued by Bank Negara Malaysia (BNM) took effect on 5 December 2016. Under this Supplementary Notice, a resident exporter who receives foreign currency proceeds from the export of goods from 5 December 2016 onwards is allowed to retain only up to 25% of the export proceeds in foreign currency; the remaining 75% must be converted into Ringgit (“Ringgit Proceeds”).
Starting a new business?
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FATCA (Foreign Account Tax Compliance Act)