You can agree with the amount but the government still need you to declare that you don't have any additional income that not subjected to PCB

i won a cash prize from a bank. do i need to pay taxes? they will deposit directly to my account.

No need.

Even if you won lottery.

Not implemented yet. As government are still figuring counter measures on people that does not has fixed monthly income(like people that always work OT)

lottery taxes paid upfront de la. Anyone else more knowledgable?

Taxable Income
The following sources of income are considered taxable in Malaysia:

Business or profession
Employment
Dividends
Interests (except bank deposit interests)
Discounts
Rent collected
Royalties
Premiums
Pensions
Annuities

URL: https://ringgitplus.com/en/blog/Personal-Fi...letter_20150318

Oh ... thanks for the clarification.

That part in bold, yes. They had to pay me back previous years, same can be done this year right? Even if my income is below taxable bracket?

Ah, alright. Thanks.



Nah, it's just the digging out receipts to claim tax exemption part that I dislike. Am not very organised so the receipts are stuffed everywhere. But will do!

Okay, thanks for the clarification!

You need to start a practise, keep a large envelope or folder in an important drawer/cabinet.
Each time you buy books, or sports equipment, or valid donations, etc. just put the receipts there. Every year income tax submission, bring out that file, filter/throw those invalid, etc.
Each year submission done, put into separate file/envelope as "case closed", label the envelope, e.g. "2015 submission for Year Assessment 2014".

Rinse and repeat every year.

Hi all.

I am looking for a way to reduce my total taxable income to save more money. I have a daily full time job in Malaysia and a part time service-based freelance foreign income. What is the best way to save on tax payable? The freelance income is recurring monthly and TT to my bank account from US but amount is not fixed.


Option 1:
Find a job in Singapore and stay there since the tax rate is lower than Malaysia. Thus, reducing my total taxable income while the freelance income remain TT to Malaysia bank account. In other words, income tax is file in both countries. Is that possible?


Option 2:
Open a sole proprietor/Sdn. Bhd company. Outsource my work as project based to foreign people in other country around the world. The outsource work will be use as deduction for business expenses.

There is very little expenses can be deduct since the service work can be done at anywhere. Just need a laptop and internet connection. Maybe require to buy some softwares or server hosting as business operation also.

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This post has been edited by patrickthissen: Mar 23 2015, 01:18 PM

Ooo... thanks.. feel much richer already

hi all,

just come across a question, for rental income as i know you may deduct the term loan interest as expenditure as well, what if
i take refinancing for the shop lot and repay it for another resident unit(which cant deduct interest loan) am i still eligible to deduct the loan interest from the shop lot since it is refinancing and not the loan for first time purchase.

thanks alot.

You can only deduct direct expenses incurred from the unit that you're renting out.

Filed my tax on 5th, received the refund by today. Somehow the amount received is lesser, not sure why.

Some of my friends filed on the 1st, until now no refund yet. You're lucky one.

http://peopleinsider.blogspot.com/2013/12/...n-malaysia.html

26 ways to save tax in Malaysia.

This is the chinese version of income tax return form for Form BE YA 2014.

http://www.hasil.gov.my/pdf/pdfborang/BE2014_Chinese_1.pdf


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good tips