👍
But yet there are some like me, came back to work, when at age 50 still working in Msia, can withdraw CPF....

If a tax file has never been opened on me for genuine reasons (previously not tax resident in Malaysia) but I am now tax resident in Malaysia but do not work and have no passive income at all (live off savings in Malaysia deposit account) then do I now have to open a tax file? Total interest on money on deposit is only RM150 a month.

(hopefully not a side track, as I think this is part of cashflow and risk management for individuals)
If one is still working in Malaysia and generating net positive cashflow after expenses, should just keep the CPF/other monies in SG and let it grow there. As currency hedge/lifestyle hedge or if deployed into investments, as diversification. No point bring it back here and suffer currency risk and political risks.
In fact, just MY and SG alone is not diversified enough, as one big Typhoon would blow everything away.... touch wood...

That's why I don't pay too much attention to this foreign income remit back to Malaysia tax as much of an issue for most of us. As long as don't bring back, no problem.

not sure if this a valid/right/correct response.
but i have no employment income for the past few years, living off my "saving" in Malaysia and had also continued to submit my income tax returns yearly.....(declared as "no income")
so i see, your case and my are almost similar, thus no need to open a tax file......
unless the amount of your live off the saving is extremely large and if you want to buy a big asset with cash

btw,...interest from deposit from M'sia banks are tax exempted..

If want to do the proper and legal thing, need to ask your local tax officer. They would be able to advise.

I know that if your income is not high enough, they will not bother to ask you to create a tax file. But this was back when taxes were still filed via paper method.

This post has been edited by Wedchar2912: Dec 21 2021, 07:53 PM

your local interest income is tax free... and you never had a tax file... imho, no need to do anything

Thank you. That is my opinion too. I am talking to a tax advisor to get their opinion but its going to cost $ just to have what I already suspect, confirmed I think.

This post has been edited by MattSally: Dec 23 2021, 09:43 AM

https://www.malaymail.com/news/malaysia/202...-inheri/2030443

MORE taxes coming our way!

World Bank says Malaysia ‘has plenty of scope’ to tax capital gains or inheritance, even as politicians say the contrary....

i liked the "politicians say the contrary"

So do i. But when they need to finance their yearly excesses, no tax income is too much.

but with the current shape of the Govt stability in its composition,...was wondering what are the chances of it happening
but then, i thought there was a mention in another thread that Govt is, will or may consider use EPF as their piggy bank/national bank

This post has been edited by MUM: Dec 23 2021, 10:17 AM

Nothing will be surprsing from this government.

don't waste money on tax advisor for your simple case. IRB has a lot of faqs... even if the income is taxable, it is way below the taxable limit of RM34K per year, and you can always ask IRB free of charge.

This post has been edited by dwRK: Dec 23 2021, 10:23 AM

for me,...until that surprise became a "surprise",....i will still consider that news as a noise to sell the news

Look at EPF. THe MOF gave instruction to EPF to donate RM10 million to flood victims. This sort of action means the fellow has NO accountability and responsibility. Woe to EPF!

careful,...i think we BOTH have to stop this....
else later kena "Report" or kena comment

Pandora box has been opened with no objection from syukur species, so expect more abuse in the future.

I wonder how does EPF does the book keeping, especially since a big part of the income is derived from overseas.
When they declare the dividend do they deduct the amount for this tax first before calculating the dividend?
What if the profit is held overseas until there's a need to remit it back to cover local investment/withdrawal and then pass the tax as a cost for the year where the remittance is done?

Or are they going to defer booking those profit from overseas until they need to remit the money back? Would this mean lower dividend?

Since the tax amount would be quite significant, it would be interesting to see how this work out.
In the end, the EPF is indeed a really fat golden goose now

This issue of foreign tax (Residents or Non Residents status) only effecting individuals, not existing businesses.