How about if let say I contribute to PRS with entitlement to max RM3k tax relief?

Is the calculation as below??

120 + 12 +240 -3 = 369k x 7%
= 25830

Am i correct?

Incorrect

nope

just stick to your income's 7%

aggregate income is before any relief and rebate.

What if I'm earning, let's say, from the US and countries outside of M'sia, and receiving cheques/banked in $$ as payments as a freelancer; my income being very inconsistent. Naturally, that will not be bound to KWSP, correct?

Also assuming if my earnings for year 2016 is over RM34,000; am I still subjected to tax? If so, how can I declare it?

This post has been edited by Skyfer: Sep 16 2016, 01:07 AM

no need to pay tax in US meh?

I don't know. There are several, please correct me:
> Not US citizen, so not eligible to pay US tax.
> Service done internationally, i.e. customer in US but service in Malaysia, so international tax? or tax to both countries?

I have a lot more questions, but don't know the proper channel to ask.

try this channel?
http://www.hasil.gov.my/bt_goindex.php?bt_...942355f2d8b63a3

Thanks, T231H.

After contacting, they informed that the procedure is as such:
I'll have to go to Lembaga Hasil Dalam Negeri (1 of the branches) and request PIN for e-filing.
Then fill in and submit Borang B.
Every year April have to submit tax statement (or something like that).

This post has been edited by Skyfer: Sep 19 2016, 11:14 AM

Oh sh*t! ok, thanks for the reply chiahau. So far haven't gotten the "Lawatan Meja Audit" yet.

Hi guys,

Need some help to figure this out. I work from home for an overseas company since February 2015. Company does not deduct tax nor EPF since it is not based here and I am working for them on a contractor basis. Monthly income is around RM 9,000. I have not registered for sole proprietorship neither am I tax registered.

I never thought of it much at the time but now that I need to get a car loan i'm in a bit of a pickle. I do not mind registering and paying income tax but I would like to know what the procedure is like now since I have not declared my income for the previous tax year. Do I go ahead and register as sole proprietor but only include income earned from the date of formation or do I include income before that as well?

Please let me know if guys have suggestions/advice.

Your income should be taxed in the US.

It would not be taxed here since it would fall under double taxation.

Usually income derived from overseas are deemed under their tax laws.

Then nothing to worry.

If you have company secretary or auditors or tax agents, usually they will sort it out for you ( For a fee, of course )

The company is not incorporated in M'sia? Meaning you obtained payment via wire transfer monthly right?

If you set up a sole prop, you should be declaring income from the start of your business commencement.

But IRB may come after your previously undeclared income for previous year. That's usually depending on your luck and so forth.

Yes correct. Do you think opening a new bank account linked to the sole proprietorship is a good idea?

You should separate out your savings and business accounts, yes.

But as to how to deal with your previous undeclared income, I have no comments.

IRB nowadays are smart, and buying a car or property without proper documentations would easily flag a tax audit on your case.

Well according to them, since I'm not US citizen, I'm not applicable to their tax laws, so am exempted officially there.

I'm just worried about over here, like the below:
This post has been edited by Skyfer: Sep 20 2016, 04:58 PM

As a fresh graduate I just started work from this year July, having more than RM3,5000 annual income, do i get taxed from the government for this first year (since I just start work for this 2016 year)

Dun worry as yo employer will do d necessary

hi
anyone have any tax consultant to recommend for small business owner?

thank you

Hi there, I am asking on behalf of my friend who is running a business for air-cond service. His company is sole propietorship and do not own any physical office just a small lorry to travel around to get customer. He usually split the bill (expenses/profit invoice) by himself. So the question here is he got an offer from small accounting firm to declare his income tax with the price RM1200 (He mentioned already split all the bills/invoice by himself). He is wondering the market price because he doesn't have any accounting files like Excel or Autocount. Is RM 1200 normal as current market price for doing accounting and declare tax? Since he just split the bill so that he assumes they are doing account work for him as well. ( $his doubt is about whether the accounting firm will do accounting work for him or just simply declare his tax, all he know is the accounting firm just quote the price for him and no more detail information)

This post has been edited by kinni: Oct 3 2016, 10:48 AM