QUOTE(blur_blue @ Sep 20 2023, 05:09 PM)
Hi everyone,
I hope this is the best place to ask my question after spending some time researching and reading up comments here & there.
So I am hired by a SG company as a contractor while I work remotely in MY, they will pay me directly to my Malaysian bank account. Note they do not have an office here in Malaysia.
I read that I can still use BE form (under “Statutory income from interest, discounts, royalties, pensions, annuities, other periodical payments, and other gains and profits.”) when i file for tax later as I do not have a business account.
My question is, is it a better idea to register my freelance work as a business with Suruhanjaya Syarikat Malaysia (SSM) as it opens up a number of tax deductions allocated specifically for businesses?
Also, should I also do self contribution for EPF as well? Or I shall better save them up elsewhere haha.
I appreciate your help and advice on this.
Thank you very much!
I stand by what always say. EPF give you 5-6%p.a without any increase. Overtime you are losing purchasing power to inflation and depreciation of ringgit. Only contribute max RM4k/year for tax deduction if you are using personal income tax. Rest of the money park it overseas. That is what I myself am personally doing. Since quoting my job, I have not contribute my own salary into EPF except next year where I will put in RM4k max. Rest of my money I will put them overseas.I hope this is the best place to ask my question after spending some time researching and reading up comments here & there.
So I am hired by a SG company as a contractor while I work remotely in MY, they will pay me directly to my Malaysian bank account. Note they do not have an office here in Malaysia.
I read that I can still use BE form (under “Statutory income from interest, discounts, royalties, pensions, annuities, other periodical payments, and other gains and profits.”) when i file for tax later as I do not have a business account.
My question is, is it a better idea to register my freelance work as a business with Suruhanjaya Syarikat Malaysia (SSM) as it opens up a number of tax deductions allocated specifically for businesses?
Also, should I also do self contribution for EPF as well? Or I shall better save them up elsewhere haha.
I appreciate your help and advice on this.
Thank you very much!
My ideal parking location the 3 Singapore banks stock currently giving 5-6%p.a and growing conservative 5-6%p.a (actually growing more but being conservative here). Growing means if you don't put any new money inside, your payout increase automatically by 5-6%p.a every year. Stuff which you don't see happening with EPF. Of course not capital protection and if 2008 happen again, can you stand a 50% drop in price?
Sep 20 2023, 05:15 PM

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