Hi guys, does anyone know about the additional income that we got from FOREX trading is it taxable?



Let say that i have invest bout 500 USD and made 5000USD in the future and when i withdraw that amount. Is it taxable here in malaysia?
does it make a difference in the Duration of that amount is made?

taxable as long as you bring the money to malaysia. or unless you dont declare those amount.

I see, the money is transferred from overseas into Malaysia bank account.
how much tax % will i get from the government?
Is there a way to reduce the tax?

Don't know don't pretend know...

Simply give wrong info lah!

Capital gain tax = 0% tax

Foreign derived income = 0% tax

This post has been edited by gark: Apr 9 2013, 02:57 PM

Does we have to declare the income gain?
what if next time the money is use to buy properties and transport?

No need. Capital tax ( ie profit from trading) is tax free.

Keep receipts, trading records and invoice for min 7 years to prove your income in case LHDN investigate you.

If you cannot proof your income is from trading, then they might back tax you.

This post has been edited by gark: Apr 9 2013, 06:43 PM

Well, trading within Malaysia could be deemed as a form of Business activity if one trades on regular basis , could be taxable if Income Tax Dept decides to.

But so far, I have not come across any of their decisions to charge..........

This post has been edited by SKY 1809: Apr 9 2013, 07:00 PM

if you are remiser and your main job is trading then its taxable
else as like the other poster its tax free

Don't declare is a smart way.

You don't know meh.. .here many dont know but pretend knows everything...

Sorry for necromancing old thread

Just wanna double confirm

So If you cash out millions of $ to your bank account

It will not be taxed as long as you provide proof of withdrawal from FOREX brokerage ?

No questions asked ? Such as how much money did u deposit into your broKer initially , what are the profits made etc.

Hehe, I'm pretend to know here.

When it comes to non taxable income, why would they ask further. If they want to tax you, they will tax you the max with no mercy, it's your own responsibility to declare the net profit.


Take advice by gark in post 6, keep everything to prove everything when needed.

This post has been edited by fairylord: May 16 2017, 09:45 AM

Repeated

Maaf

This post has been edited by fairylord: May 16 2017, 09:39 AM

http://www.thestar.com.my/news/nation/2012...e-to-be-taxing/

nearest answer so far. capital gain? think again if you are doing this for a living.

Please consult a tax consultant to do some fact finding with you. A recent tax case in Malaysia: A doctor is convicted for tax evasion and fined for few millions. He assumed himself as making non taxable capital gain and his tax advisor also took it for granted too lightly. However the IRB challeged his case up to the court and the judge is in favour to the IRB. FYI The doctor was trading shares back to more than 20 years ago. How was your case?

I think most people confuse
It say , trading share in MALAYSIA

Which mean, shares you bought from within Malaysia exhange like Bursa Saham is taxable under business income.
But the profit / capital gain is not taxable

Literally, shares that issued by company in Malaysia and you buy it, is taxable

But shares you bought from oversea exhange is not taxable

Try look up at 2016 taxable income by... one of the big4 accounting

Very detailed

as far as i am concerned, if you just make mid long term(at least 3-6 months holding) share investment and make a capital gain from the amount invested ,it is not taxable in malaysia.

but forex normally is considered as trading profit and is normally earned for living for most of the traders.

however, do anyone know if let say the capital gain earned more than 2 times of your annual salary due to the strong growth in invested company share price, is that still non taxable? for example, you earned RM30k annually as salaryman , but you profited RM60k capital gain from mid long term investment on a public listed company..DOES IT STILL TAXABLE?

I didnt know forex can make steady income. What about gambling ? I don't see any different between this two. At least gambling is legal (at certain outlet), forex trading is consider illegal in msia.

gambling is consider as wind fall, and wind fall in malaysia is not taxable. about FOREX trading, it is illegal in malaysia. you trade it overseas, make a living out of it... theres no case law, no ppl can be 100% sure on this. just like the crypto recently, people make millions out of it but LHDN saw, want to tax it, but dont know how to tax it, and now thinking how to tax in within income tax act.

lol how can forex trading is illegal, the USD/RM pair is forex la. if forex haram how does the bank convert rm to usd, usd to rm? if forex haram all money changer in msia are haram too, they are forex OTC market maker (just with higher spread) to conv your rm to other currency

Converting, hedging and trading are all different activities. Don't get confused by it. Trading forex is illegal by BNM definition not mine. Actually forex trading is a sort of gambling. That is why is banned here.

This post has been edited by Singh_Kalan: Mar 24 2018, 12:45 PM

Traders can make steady income trading equities, commodities and index futures... ask those traders in affin hwang, rhb, kenanga... those traders trade for living... all you know is those 4d gambling outlets?

There are at least 4 forex brokers hv offices in msia... somehow bnm is not very strict with forex after all.

There are forex traders who made steady income each mth... but you wont know them unless you are in their circle of frens.

Try attend those workshop regarding trading. You will know them.

This post has been edited by cmk96: Mar 24 2018, 05:02 PM

At least people gamble bacarrat the chance of winning is near 50%. Trading stock / forex 90% of the people loss money. Maybe u r lucky to know the 10% that make money. Again don't confuse investing and trading in stock. But sorry there ain't anything call investing in forex.

You are right.

This post has been edited by cmk96: Feb 12 2019, 10:52 PM

So how?
Many people said you just have to report it, but it’s not taxed..... since it’s non-taxable. But if I trade for a living, it’s my monthly income, should I pay taxes then?

If bankers call me, I just have to say it’s foreign investment income?
If IRB people come to me, I just have to show my trading record?

True?

This post has been edited by xnxx: Feb 28 2021, 01:17 AM

while you wait for responses, maybe this thread can help provide some info

Full Time Stock Trader - Tax info, Advise from a tax lawyer friend
https://forum.lowyat.net/index.php?showtopic=5102221&hl=