Below is the list of banks and non-banking financial institutions that have been approved by the Commissioner General (CG) and MIRA for the purpose of the Section 22 and Section 55(a)(3) of the Income Tax Act respectively. The 6% cap on interest deduction specified in the Section 22 of the Income Tax Act, and non-resident withholding tax on interest required to be deducted under the Section 55(a)(3) of the Income Tax Act do not apply where the interest is paid to a bank or non-banking financial institution on this list.
| # | Name | Approved Date |
| 1 | World Bank | 1 January 2020 |
| 2 | International Monetary Fund (IMF) | 1 January 2020 |
| 3 | Asian Development Bank (ADB) | 1 January 2020 |
| 4 | Islamic Development Bank (IDB) | 1 January 2020 |
| 5 | European Investment Bank (EIB) | 1 January 2020 |
| 6 | European Bank for Reconstruction and Development (EBRD) | 1 January 2020 |
| 7 | Nordic Investment Bank (NIB) | 1 January 2020 |
| 8 | OPEC Fund for International Development (OFID) | 1 January 2020 |
| 9 | Deutsche Investitions- und Entwicklungsgesellschaft (DEG) | 1 January 2020 |
| 10 | Groupe Agence Française de Développement (AFD) | 1 January 2020 |
| 11 | Asian Infrastructure Investment Bank (AIIB) | 1 January 2020 |
If you wish to add an IFI to the list of IFI, you may request the Commissioner General of Taxation in writing.
Please refer to Chapter 7 of the Income Tax Regulation (Regulation Number 2020/R-21) for further details.