Malaysia: Tax spared
The agreement provides for credit to be given for tax `spared’ (see INTM161270 and INTM161280) in Malaysia under the provisions of Malaysian law set out in Article 24(4). Credit relief in the UK in respect of tax `spared’ specified at Article 24(4) will not be given for a period of more than 10 years in respect of income or profits from a particular source. In any event, relief will not be given in respect of profits, income or chargeable gains which arise or accrue after 31 December 2005 - Article 24(5).
All amounts of `tax spared’ for which credit relief is given should be reported as mentioned at INTM161290.