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Malaysia’s new avoidance of double taxation agreement (DTA) with the Republic of Maldives
On 24 May 2023, Malaysia signed a new DTA with the Republic of Maldives for the elimination of double taxation on income tax and the prevention of tax evasion and avoidance.
The DTA aims to avoid double taxation on the same income in Malaysia and the Maldives, which in turn provides tax certainty to taxpayers in both countries. The DTA also covers the right to determine taxation and the reduction of withholding tax rates on certain types of income, such as dividends, interest, royalties and fees for technical services.
The DTA will enter into force after the ratification procedures by both parties are completed.