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 Income Tax Issues

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princess_autumn87
post Apr 22 2009, 10:08 AM

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can i modify my e-filing after i submitted?i need to change some value which i filled wrong before
princess_autumn87
post Apr 29 2009, 06:37 PM

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I have a personal doubt here about foreign income.

As stated in the Income tax act that all foreign income will be tax exempted.

To my understanding, for those Malaysian who work abroad and pay by the foreign company thus their income is considered as tax exempted.

What happen if I'm Malaysian and remited fund from local bank to overseas broker for investment (like future/option). The investment account is held with the overseas broker and transact abroad. So if I would like to remit my investment back to Malaysia, will it be exempted from tax?

My tax advisor told me that it is taxable on the amount of the fund which i transferred from M'sia to oversea. However, the return of investment from oversea to Malaysia might not be tax but it based on the actual situation.

Anyone can advise on this?

princess_autumn87
post Apr 29 2009, 06:41 PM

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QUOTE(nothingz @ Apr 29 2009, 06:41 PM)
hmm... the trading is done in overseas, i think it should be under the oversea's local government tax
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OMG... that's even worse!!! cry.gif
princess_autumn87
post Apr 29 2009, 06:50 PM

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QUOTE(nothingz @ Apr 29 2009, 06:45 PM)
you can always call our IRB office to inquire but better to talk to those pro la... cause some of them are illiterate.... and better to call after this week cause this week the IRB office is very busy
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tx for your sincere advise. I have tried but to certain extend but disappinted with their service but nvm. I shall go to visit any reliable tax advisor soon to clarify this doubt.


princess_autumn87
post Apr 29 2009, 07:00 PM

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QUOTE(Trevor Keegan @ Apr 29 2009, 06:52 PM)
What you say may have been the case in the past, because everything was very manual....but now witheverything going on line, it is making it much easier....take it from me it is very possible to select 1000's of assessments for audit....with 1 finger....they can also very easily redefine the selection parameters.

You are right nothingz....evade at your own risk!
Please let me know if you need some good Tax professionals....my company supports more than 400 Tax professionals around Malaysia.....just let me know what region you are in, and I can put you onto some of them  smile.gif

Regards
Trevor Keegan
www.taxsaya.com
Malaysia's First FREE Multi-Lingual Tax Software
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hrm, i might need one. can u pls kindly let me know how u charge for the consultant fees. I hope your firm can do something different and get REALLY advisable consultation
princess_autumn87
post Apr 29 2009, 07:09 PM

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QUOTE(nothingz @ Apr 29 2009, 07:01 PM)
one more thing i want to say about those option/future, those are like capital transactions, either gain or lose also won't subjected to our local income tax (just like our share market trading). 

that's just my thought on it tongue.gif
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yes i agree to it. but im sweating now bcoz it is chargeable in us tax... shakehead.gif
princess_autumn87
post Apr 29 2009, 07:11 PM

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QUOTE(Trevor Keegan @ Apr 29 2009, 07:09 PM)
Hi,

My company is a software provider....so we will not do the tax for you....but we provide the software support for Tax Professionals through the country.  Please send me a private mail, so I can find out more about where you are, and what Tax support you need so that I can try to find suitable agent for you to speak to.  You can then negotiate the fees directly with them.

Regards
Trevor Keegan
www.taxsaya.com
Malaysia's First FREE Multi-Lingual Tax Software
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oic, noted with that. I have checked out yr software quite some time ago. Personal might not need it tx.. maybe business smile.gif ya, if u got any really good agent and i might need one to handle my tax. tq
princess_autumn87
post Apr 29 2009, 11:07 PM

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QUOTE(JasonSky @ Apr 29 2009, 10:26 PM)
I read earlier someone mentioning something about unit trusts... Is it tax claimable?
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well, it depends on what trust u bought. Refer to your agent whether your unit trust is tax exempted or not.

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