Why not SG is too small for retirement, in Malaysia you have beaches to swim, mountains to climb, various places to travel. Ya hopefully this tax won't exist anymore years later.

If govt start taxing, its unlikely that they will let go this source of revenue. I do think its stupid to tax this as it just discourages people from bringing back $ into Malaysia (which would strengthen RM and bolster the economy). Also encourage the richer people to migrate overseas.

It's confirmed.

https://www.sinchew.com.my/20211116/%e7%a8%...8d%8a%e5%b9%b4/

https://phl.hasil.gov.my/pdf/pdfam/KM_LHDNM...LUAR_NEGARA.pdf

1st half of 2022 rate is 3%, no auditing done during that period.

Another "article"

https://www.theedgemarkets.com/article/look...nsourced-income

This post has been edited by TOS: Nov 16 2021, 08:20 PM

the rich ppl no need to bring money back ah... only the poor ppl have no choice, now made even poorer

this mof really heartless... simply blanket tax all remittance

those jump aeroplane ppl send money home to support family... suddenly old retired folks kena pay tax...

ppl already scared bring money in because BNM makes is difficult to sent money back out... now kena tax some more... haiz

Will dividends/capital gains from local robo investing apps ie Stashaway, Wahed etc be taxed when the money is withdrawn to bank account?

from the link in post 123,...

Implications on Malaysian Investment Funds
Malaysian funds that invest abroad will also be disadvantaged, as the foreign income remitted by the funds is now taxable.
Investors may then invest through foreign funds or foreign vehicles, instead of Malaysian funds, as the additional tax cost will reduce the investment returns.
Ultimately, this would result in movement of funds abroad to invest in foreign funds.

It is now interesting to watch what will happen to ASNB and EPF dividends. I think EPF will be spared due to its retirement purpose (think 401k and IRA in the US), ASNB less likely as it is purely an investment vehicle for all sorts of purposes.

just speculation on my side only....

i think they had already catch wind of that and had been reducing the dividend pay out to try to make it not as a shock to investors...

Wait. Ayam confused a little bit. Capital gains/dividends will be taxed when remitted back (considered as foreign income). But the initial capital is not being taxed?

Example deposited 5k in robo. One year later cash out all in total 6k. So only 1k is taxable?

It's going to be a headache for apps like Wahed/Best that have both foreign and local investments in a single portfolio. How to differentiate? 😂😂

This post has been edited by MUM: Nov 16 2021, 10:04 PM

Thanks MUM for your reply and thoughts. Always very insightful. I guess it's even more important now to keep (perhaps even physical) copies of all these transactions moving forward.

just read this,...may have potential impact to some forummers here .....

Another common situation, according to Deloitte Malaysia, involves a Malaysian who lives in Johor Baru and commutes daily to Singapore for work.

“He draws a salary from his Singaporean employer. Under the tiebreaker rule, he is a Malaysian tax resident given that his permanent home is in Johor Baru.
Before Jan 1, 2022, he can remit his salary into Malaysia without paying Malaysian tax.
Under the new rule, his remittance would be subject to Malaysian tax,

“The Singapore taxes paid can be used as a set-off. However, he would need to top up the net additional tax and pay the Malaysian tax authorities.
In short, there would be an incremental tax,” it added.

https://www.theedgemarkets.com/article/delo...xation-malaysia

just found this,...

Income vs capital

The first hurdle to cross is to determine whether the monies remitted into Malaysia is income or capital: Income is taxed whilst capital is not.

Taxpayers are going to have difficulties in dealing with this issue since the monies would have been accumulated over a long period of time and unless you have good records, you may have difficulty in arguing that the amount remitted is capital in nature.

What income is taxable?

All types of income will be taxable, and this will include dividend income, interest income, rental income, pension income, employment income, and annuities even though some of these types of income will not be taxable in Malaysia if the income had arisen in Malaysia.

An example would be dividend income paid by Malaysian companies will not be taxable.

more
How is foreign sourced income taxed?
https://www.thesundaily.my/business/how-is-...taxed-AB8535064

Is the budget officially passed in parliament?

i think not yet,...but my guess is very high chances of it being passed....
seldom heard budget proposed items not passed ....
hopefully it may also possible to contain minor changes too

This post has been edited by MUM: Nov 16 2021, 11:56 PM

Possible if PH win the Melaka election unless some black out magic show again.

This post has been edited by terrytan: Nov 17 2021, 12:43 AM

https://www.malaymail.com/news/malaysia/202...sidents/2021425

it says:

“If the review found that the income kept abroad originating from Malaysia has not been reported, additional assessment can be imposed together with penalties in accordance with the provisions of the Income Tax Act 1967,” it said.

meaning if u keep ur money overseas and NOT remiited back to Malaysia (though it was originating from Malaysia), it can be taxed ??!!!

This post has been edited by Vector88: Nov 17 2021, 08:55 AM

it say... "... has not been reported"... I assume tick the "got foreign account overseas" in the tax form...

my guess is,
if you can proof that that money is legally acquired in Malaysia, paid taxes and had documented proof that, that money was transferred out of malaysia previously....
then i guess you should not be taxed...

for it mentioned in your link,...
"IRB will review and examine the income information of Malaysian residents deposited abroad that has been received through tax information exchange agreements with other countries."
“If the review found that the income kept abroad originating from Malaysia has not been reported, additional assessment can be imposed together with penalties in accordance with the provisions of the Income Tax Act 1967,” it said.

my guess again,...there should be a threshold of the amount of money before they start the reviews....
more of a concerns if the names are listed in the Pandora papers recently....

This post has been edited by MUM: Nov 17 2021, 09:39 AM

me thinks is related to not disclosing the info in the tax form... then they can penalize you... if can't prove is capital from Malaysia, they can just assume is fsi and tax you again...

anyways... gov getting desperate... stupid things can and are happening...

This post has been edited by dwRK: Nov 17 2021, 09:44 AM