Income Tax on Foreign Salary Income?, Work in Home in Malaysia.
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 Dec 18 2021, 09:26 AM
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#1
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Senior Member
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I am not Malaysian but I am tax resident in Malaysia. Question for the experts.
If I leave my foreign sourced income outside Malaysia and live off savings that are already in Malaysia then I presume I have no tax liability while I am living off my Malaysian savings and have no need to file anything with IRB. Is this correct please? |
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Dec 18 2021, 07:58 PM
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#2
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1,071 posts Joined: Aug 2020
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QUOTE(MUM @ Dec 18 2021, 10:34 AM) Just my uneducated guess on your question posted..... While waiting for qualified responses. A very similar scenario except for one thing. I have never had to open a tax file with IRB as I am on MM2H visa. I am thinking of transferring to a spouse visa so I am hoping that I still have no reason or obligation to open a tax file??Isn't your scenario similar to 1) a "retired/unemployed" Malaysian with tax resident status in malaysia 2) has money overseas not bringing it back 3) living off saving that is already in malaysia If you hv been filing tax returns, you will still need to continue to file it with "0" income number in the income tax rerurn... File it yearly until you tell lhdn to close Yr tax file as you are no more having income Just not sure how that will impact your visa to continue to stay here, unless your are staying here under "retirement" scheme (mm2h) or dependent pass visa  |
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Dec 21 2021, 07:23 PM
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#3
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QUOTE(yklooi @ Dec 21 2021, 05:54 PM) 👍 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.But yet there are some like me, came back to work, when at age 50 still working in Msia, can withdraw CPF.... |
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Dec 23 2021, 09:43 AM
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#4
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QUOTE(dwRK @ Dec 21 2021, 09:50 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 |
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Dec 24 2021, 11:58 AM
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#5
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I just heard back from a tax advisor re my personal situation - I am tax resident in Malaysia, have money on deposit in Malaysia to live off for a few years and have a tax free onshore dividend to supplement the savings. Tax advisor stated that I have no need to open a tax file. I then went back with a follow up question. I have some funds offshore which have not been touched (either income paid in or transfer out) for several years. If I transfer some of these funds to Malaysia after 1/1/22 is the remittance taxable? I am still awaiting an answer on this question. This post has been edited by MattSally: Dec 24 2021, 12:00 PM TOS liked this post
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Dec 26 2021, 12:52 PM
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#6
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QUOTE(keelim @ Dec 26 2021, 12:24 PM) Hi all, If you are paying tax in SG but legally tax resident in Malaysia then I believe the answer is yes, but that any tax paid in SG can be offset against your Malaysian tax.For a tax resident in SG, are we subject to this new tax when we remit money back to Msia banks? What documentary proof do we have to provide the the banks / LHDN? Happy to be corrected on that. This post has been edited by MattSally: Dec 26 2021, 12:52 PM |
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