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of <h1>India-Malaysia Protocol Clarifies Double Taxation Agreement; Labuan Companies' Taxation Rules Highlighted; Article 24 Review Scheduled</h1> The Protocol outlines provisions related to the Double Taxation Avoidance Agreement between India and Malaysia. It clarifies that residents of countries with territorial taxation are not excluded from the Agreement, and Labuan companies under Malaysia's Labuan Business Activity Tax Act, 1990, are excluded unless they opt for taxation under Malaysia's Income Tax Act, 1967. The term 'may be taxed in the other State' does not prevent the resident country from taxing income. The Agreement includes a review of Article 24 after ten years and specifies that 'information' includes documents for Article 27. Amendments in Malaysian law may prompt consultations on tax collection and examination provisions.
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