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> Income Tax Issues v2

manoftilelowyat
post Dec 7 2012, 11:32 PM


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Dear All,
I need your advice on the following cases:--

Case A:
If a Malaysian company offers me a one year contract to work in China. (But the Malaysian company does not own any thing in China, but my service is 'offered" by the Malaysian Company to a China Client )
Let's say my monthly pay are paid in Malaysia, but for the working, nearly the whole year I reside in the oversea (China).
Will I have to pay tax to Malaysia , or I have to pay tax to China, OR better still , I do not need to pay tax at all?

Case B:-
If an Europe-based Company pays me to work for one year in China ( for that Euro company subsidiary in China), and the pay is credited to my Malaysian bank account:--
Will I have to pay tax in China, or Malaysia , or No need at all?

Many thanks for the possible help.
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ronnie
post Dec 8 2012, 12:26 AM


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QUOTE(manoftilelowyat @ Dec 7 2012, 11:32 PM)
Dear All,
I need your advice on the following cases:--

Case A:
If a Malaysian company offers me a one year contract to work in China. (But the Malaysian company does not own  any thing in China, but my service is 'offered" by the Malaysian Company to a China Client )
Let's say my monthly pay are paid in Malaysia, but  for the working, nearly the whole year I  reside in the oversea (China).
Will I have to pay tax to Malaysia , or I have to pay tax to China, OR better still , I do not need to pay tax at all?

Case B:-
If an Europe-based Company pays me to work for one year in China  ( for  that Euro company subsidiary in China), and the pay is credited  to my Malaysian bank account:--
Will I have to pay tax in China, or Malaysia , or No need at all?

Many thanks  for  the possible help.
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You wish "you no need pay tax" whistling.gif doh.gif

Both Cases.... you would be taxed in Malaysia, as the monies is received into Malaysia.
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nick67
post Dec 8 2012, 10:26 AM


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Hi guys, I have some questions regarding taxation.

Let's say I'm a middleman between 2 parties. Buyer is from overseas while seller is based locally. I earn a commission each time they have a transaction.

Right now, I been collecting cheques which I haven't banked in because I'm trying to reduce my tax liabilities each year. So now kind of sticky as this year I bank in last year's cheque and this year keep for next year and so forth.

So my question is, is my commission based income taxed on an accrual basis(taxed when receivable) or on a cash basis(taxed when bank in)? My thinking is that it's on a cash basis since I would have no idea when they had any transaction, and I could be receiving cheques for last year's dealings between them.

Another question I would like to ask is there any way I could reduce my chargeable income? Last year it was suggested that I get someone to sign off some vouchers as allowance for them and I did. Is there a way for Inland Revenue to dispute this? Is there any other methods I could use?

Lastly, I have no idea how, but about 6 or 7 years ago my tax guy manage to make up quite a substantial loss for my business, and the losses were carried forward for 2 or so years. Since we are only required to keep our financial documents for 7 years, will they be able to demand to audit my accounts (which has business loss) after this 7 years?

Thanks for any input on this matter.
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jes88
post Dec 8 2012, 10:48 AM


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regarding the broadband claim, my broadband aka postpaid contract from julai 2012-jun 2013, can i claim it on next year? need to collect every month bill as prove?
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yhtan
post Dec 8 2012, 02:36 PM


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QUOTE(nick67 @ Dec 8 2012, 10:26 AM)
Hi guys, I have some questions regarding taxation.

Let's say I'm a middleman between 2 parties. Buyer is from overseas while seller is based locally. I earn a commission each time they have a transaction.

Right now, I been collecting cheques which I haven't banked in because I'm trying to reduce my tax liabilities each year. So now kind of sticky as this year I bank in last year's cheque and this year keep for next year and so forth.

So my question is, is my commission based income taxed on an accrual basis(taxed when receivable) or on a cash basis(taxed when bank in)? My thinking is that it's on a cash basis since I would have no idea when they had any transaction, and I could be receiving cheques for last year's dealings between them.

Another question I would like to ask is there any way I could reduce my chargeable income? Last year it was suggested that I get someone to sign off some vouchers as allowance for them and I did. Is there a way for Inland Revenue to dispute this? Is there any other methods I could use?

Lastly, I have no idea how, but about 6 or 7 years ago my tax guy manage to make up quite a substantial loss for my business, and the losses were carried forward for 2 or so years. Since we are only required to keep our financial documents for 7 years, will they be able to demand to audit my accounts (which has business loss) after this 7 years?

Thanks for any input on this matter.
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the method u using must be consistent year by year, let say first year using cash basis, next year u must apply cash basis.

Your business is fall under business income, can try to reduce by those allowable expenses, or claim Capital allowance by purchasing office equipment etc.

QUOTE(jes88 @ Dec 8 2012, 10:48 AM)
regarding the broadband claim, my broadband aka postpaid contract from julai 2012-jun 2013, can i claim it on next year? need to collect every month bill as prove?
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U can claim your broadband from July-Dec 2012 under YA 2012, Jan-Jun 2013 will fall under YA 2013
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czpin
post Dec 10 2012, 09:48 PM


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hi forumers,

I got a question that if EG: i got a land then i sell it to a local developer and get alot of money which i wan to use the money i get from developer to purhase a house for cash. Can i know that what taxes i will kena? and let me know more detail of it. Thanks very much !
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lostasylum
post Dec 12 2012, 09:20 AM


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if you were to declare "PENDAPATAN TAHUN KEBELAKANGAN YANG BELUM DILAPORKAN" in your current income tax form, does that amount get calculation into your tax payment?
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nick67
post Dec 12 2012, 09:42 AM


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QUOTE(czpin @ Dec 10 2012, 09:48 PM)
hi forumers,

I got a question that if EG: i got a land then i sell it to a local developer and get alot of money which i wan to use the money i get from developer to purhase a house for cash. Can i know that what taxes i will kena? and let me know more detail of it.  Thanks very much !
*
If I'm not wrong, if you had bought the land and held it for a long period of time (i.e. investment purposes), selling it constitutes capital gains and is not taxable. However, if you sell your property within 2 years of purchase, it is subjected to 10% on the gains and 2-5 years of acquisition will be subjected to 10% RPGT.
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sidanos
post Dec 12 2012, 12:37 PM


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I would like to enquire about this:

"Interest expended to finance purchase of residential property. Relief of up to RM10,000 a year for three consecutive years from the first year the interest is paid.
Subject to the following conditions:
(i) the taxpayer is a Malaysian citizen and a resident;
(ii) limited to one residential unit;
(iii) the sale and purchase agreement is signed between 10th March 2009
and 31st December 2010; and
(iv) the residential property is not rented out.
Where:
(a) 2 or more individuals are eligible to claim relief for the same property ; and
(b) total interest expended by those individuals exceeds the allowable amount for that year. Each individual is allowed an amount of relief for each year based on the following formula:

A x B
C
where;
A = total interest allowable in the relevant year;
B = total interest expended by the relevant individual in the relevant year;
C = total interest expended by all the individuals."

My S&P was signed on May 2010 but I only started paying the bank in August this year.
Do I claim for FY2012 to FY2014 because it states 3 consecutive years from the first year interest is paid?

Also can somebody please help explain to me part (b)?
I dont understand.
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lostasylum
post Dec 12 2012, 10:53 PM


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QUOTE(lostasylum @ Dec 12 2012, 09:20 AM)
if you were to declare "PENDAPATAN TAHUN KEBELAKANGAN YANG BELUM DILAPORKAN" in your current income tax form, does that amount get calculation into your tax payment?
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anyone?
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mamnuq
post Dec 13 2012, 12:15 PM


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[/quote]


Back year(s) income will not be calculated for tax during the year of reporting.

Depending on the nature of the income, LHDN will issue the additional assessment (Borang JA) accordingly. Tax will payable upon issuance of Borang JA only.
(Note; penalty will be imposed if payment is made late upon issuance of the Borang JA i.e. after 30 days of the date of the Borang JA).


Added on December 13, 2012, 12:24 pm
QUOTE(nick67 @ Dec 12 2012, 09:42 AM)
If I'm not wrong, if you had bought the land and held it for a long period of time (i.e. investment purposes), selling it constitutes capital gains and is not taxable. However, if you sell your property within 2 years of purchase, it is subjected to 10% on the gains and 2-5 years of acquisition will be subjected to 10% RPGT.
*
Addition:-
Your sale on land might not fall under RPGT if you/your company:-

i) Own the land for development purpose; and
ii) Actively buying/selling land/real property.

Better go to qualified tax professional for advise because the tax impact may be huge.


Buying property for cash, no tax will be imposed, just you have to pay the legal fee + stamp duty of the S&P


This post has been edited by mamnuq: Dec 13 2012, 12:24 PM
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ssiapf
post Dec 13 2012, 09:19 PM


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hi, i just got INCOME TAX PCB FOR 4 months already , is it possible can claim back, where should i start? Can some1 guide me. Thanks
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MGM
post Dec 13 2012, 09:50 PM


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QUOTE(jes88 @ Dec 8 2012, 10:48 AM)
regarding the broadband claim, my broadband aka postpaid contract from julai 2012-jun 2013, can i claim it on next year? need to collect every month bill as prove?
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The Broadband tax deduction is only allowed for Years of Assessment 2010, 2011 and 2012.


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rayng18
post Dec 26 2012, 11:28 AM


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Received an email from LHDN telling me that they have credited tax refund to my bank a/c. I checked my bank and indeed it was credited with RM199 tax refund. I have not been paying tax for a long time (have done tax return every year), maybe its from tax paid from dividend income. Just withdraw out for some boxing day shopping spree
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bearbear
post Dec 26 2012, 03:34 PM


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I thought i've submitted but i didn't. Any penalty for late submission for year 2011?
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David83
post Dec 26 2012, 03:49 PM


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QUOTE(bearbear @ Dec 26 2012, 03:34 PM)
I thought i've submitted but i didn't. Any penalty for late submission for year 2011?
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Of course, there's.

Or you can wait to next year and file for back dated assessment? Correct me if I'm wrong.
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bearbear
post Dec 26 2012, 03:53 PM


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Just re-submitted. Not sure what sort of penalty they will imposed on me - i've paid extra wink.gif
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clivengu
post Dec 28 2012, 06:42 PM


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Like to check... is there any installment plan for paying the Tax?

Example if I submit my 2012 borang B, and my Tax Payable is rm 10,000. Can I request to pay by installment throughout 2013? Or it is a must to pay in one shot cash?


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ronnie
post Dec 29 2012, 02:17 AM


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QUOTE(clivengu @ Dec 28 2012, 06:42 PM)
Like to check... is there any installment plan for paying the Tax?

Example if I submit my 2012 borang B, and my Tax Payable is rm 10,000. Can I request to pay by installment throughout 2013? Or it is a must to pay in one shot cash?
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There is... you need to check with the IRB officer how to settle "under installment"
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clivengu
post Dec 29 2012, 11:29 AM


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QUOTE(ronnie @ Dec 29 2012, 02:17 AM)
There is... you need to check with the IRB officer how to settle "under installment"
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Ic. OK that's good. But is it case to case basis? or confirm they will allow?
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