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 Income Tax on Foreign Salary Income?, Work in Home in Malaysia.

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teslaman
post Dec 19 2021, 03:05 PM

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QUOTE(AgentVIDIC @ Dec 19 2021, 03:03 PM)
if transfer all before 31 dec then won't get taxed? I remember seeing something diff, saying u will need to pay tax for those monies that you earn before 31st dec 2021 from overseas...
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Before 1st Jan 2022, all foreign income exampted from income tax.
teslaman
post Dec 19 2021, 03:35 PM

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QUOTE(AgentVIDIC @ Dec 19 2021, 03:32 PM)
Thanks thanks. Do u have any link on that? I might have seen the fake one before. Thanks bro.
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Foreign income exampted from 2007 if not mistaken.

Now this benefit withdrawn for Resident Tax Status from 1 Jan 2022

For Non Resident Tax status, still enjoy examption for foreign income, but not local income which still need to declare.

I have no link, but above are the facts.
teslaman
post Dec 23 2021, 12:02 PM

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QUOTE(electron @ Dec 23 2021, 11:59 AM)
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
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This issue of foreign tax (Residents or Non Residents status) only effecting individuals, not existing businesses.
teslaman
post Dec 23 2021, 02:44 PM

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QUOTE(MUM @ Dec 23 2021, 12:21 PM)
just not sure if you are referring to foreign sourced income tax that are to be implemented in 1 Jan 2022

here are links to the FAQs for that topic
https://phl.hasil.gov.my/pdf/pdfam/FAQ_PKPP_2.pdf
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Thank you, will review, I also in process to learn how this exactly be implemented.

 

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