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 Income Tax Issues v4, Scope: e-BE and eB only

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prophetjul
post Apr 20 2023, 03:52 PM

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QUOTE(1mr3tard3d @ Apr 20 2023, 03:49 PM)

wait, r u asking about form BE or form E?
need to discuss with HR why they have included as taxable income
there will be discrepancy if you exclude it as exempt income
and no, there is no section to disclose exempted gratuity income in either form BE or form E
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BE form.
It's not included as taxable income.
There's a spot for declaring it as retirement gratuity.
Since there is no section to declare it, do I just leave out this declaration?
prophetjul
post Apr 20 2023, 05:36 PM

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QUOTE(magika @ Apr 20 2023, 05:26 PM)
You need to visit Lhdn office and consult them. The spot for declaring it is meant for taxable income. Its the same dilemna faced by my missus, no place to declare it as non taxable whereas lhdn circular mentioned all income including gratuity must be in EA form. In EA form itself there is a spot for declaring non taxable income but not sure for what purposes.

I dont think you can leave out the declaration as the total income will be skewed.
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Yes. Thats what I thought.
All income should be declared.
However, we know retirement gratuity in non taxable.
And there's no place to declare it on the BE form. rclxub.gif
prophetjul
post Apr 20 2023, 06:04 PM

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QUOTE(MUM @ Apr 20 2023, 05:58 PM)
Perhaps can check out worksheet HK 2? Check out HK 2.2 too.

Disclaimer: Caveat emptor...
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Sorry MUM.
But where do you get this worksheet from? blush.gif
prophetjul
post Apr 20 2023, 06:18 PM

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QUOTE(MUM @ Apr 20 2023, 06:07 PM)
Link provided just few posts back
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I looked at this form.
However, this form appears to be for taxable income received from employment.
It still does not address retirement gratuity under Public Ruling No. 9/2016

https://phl.hasil.gov.my/pdf/pdfam/PR_09_2016.pdf
prophetjul
post Apr 20 2023, 06:25 PM

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QUOTE(MUM @ Apr 20 2023, 06:22 PM)
Perhaps related to HK 2.2?

Computation of it?
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Then my amount is 100% amount exempted. biggrin.gif
B-C = 0

Then what does it Do with this computation form?

This post has been edited by prophetjul: Apr 20 2023, 06:25 PM
prophetjul
post Apr 20 2023, 06:41 PM

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QUOTE(MUM @ Apr 20 2023, 06:32 PM)
My unqualified comment.

Keep the Paperwork documentation until asked later.

I think sort of like those doing partime work. Add the amount inside on top of the usual income as in from BE.

When lhdn ask how come amount in EA and your declared income is not same, ..show them you hv part yime income.

Caveat emptor.
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thumbup.gif
I am asking my tax consultant later.

Thanks for your kind input.
prophetjul
post Apr 26 2023, 10:31 PM

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QUOTE(CP88 @ Apr 26 2023, 10:11 PM)
Hi Bro,

Just a quick question, If a person is VSS instead of retirement gratuity, will it be tax exempted?

Thanks.
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Here. Your situation may be described in the Public Ruling No. 1/2012

https://phl.hasil.gov.my/pdf/pdfam/PR1_2012.pdf
prophetjul
post Apr 27 2023, 02:35 PM

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QUOTE(magika @ Apr 27 2023, 02:09 PM)
So how is it settled ?
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Yeah.
No need to report in BE return.
Unless the LHDN asks for evidence of the payment. Then just show the award letter.

prophetjul
post Apr 27 2023, 09:14 PM

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QUOTE(magika @ Apr 27 2023, 04:27 PM)
So need ownself manually deduct from total taxable income, which means inaccurate reporting ?
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If you followed my query on the topic, it was about retirement gratuity and whether I needed to report this in my BE form?
Retirement gratuity is non taxable subject to certain conditions.
And according to tax advisor, I do not need to report this gratuity.
prophetjul
post Mar 6 2024, 09:04 AM

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https://www.pwc.com/my/en/perspective/tax/2...d-from-tax.html

Is your foreign-sourced income exempted from tax?

QUOTE
4. My FSI is exempted. Do I still need to declare it in my tax return?
Yes. Although the FSI received in Malaysia is exempted until 31 December 2026, the resident individual must still make a declaration in their Malaysian income tax return that the relevant FSI qualifies for exemption, and retain the required relevant supporting documentation to prove this. For those of you who have submitted your tax returns for YA 2022, you may have noticed that a new disclosure section on FSI has been included in the return forms for YA 2022.

5. I did not remit FSI into Malaysia. Does this count as income received in Malaysia?
Presently, the tax authority has clarified that only income that is brought into Malaysia via cash or electronic funds transfer is considered as remitted income. If the income derived is kept overseas, this would not be considered as income received in Malaysia.


Has anyone declared their foreign income coming from foreign REITs?
So if i did bring back the dividend money but left them in a foreign trust under the broker, do i still need to declare? rclxub.gif
prophetjul
post Mar 6 2024, 04:07 PM

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QUOTE(Ramjade @ Mar 6 2024, 04:05 PM)
The rule clearly state if being back need to declare.
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What if it is in the broker's trust account?
And recycled into shares?
prophetjul
post Mar 6 2024, 04:11 PM

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QUOTE(Ramjade @ Mar 6 2024, 04:09 PM)
If money in Malaysia, guess so. Cause the broker is in Malaysia. It received the money in Malaysia. Then it reinvest it.

Best person is go visit Lhdn and ask. tongue.gif
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But i did not receive it in my bank account. It could be in the trust account of the overseas broker?
prophetjul
post Apr 16 2024, 09:41 AM

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In the Income tax form you have 2 sections on Income from sources outside of malaysia

a) Statutory income from sources outside of malaysia received in Malaysia

b) Tax Exempt income from sources outside of malaysia recieved in Malaysia

How do we know what is Tax exempted?

This post has been edited by prophetjul: Apr 16 2024, 09:41 AM
prophetjul
post Apr 16 2024, 11:23 AM

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QUOTE(MUM @ Apr 16 2024, 11:20 AM)
Google and found these
Hope it helps.

What Type Of Income Is Exempted From Income Tax In Malaysia?
Published on March 1, 2024
https://www.imoney.my/articles/income-tax-g...a-tax-exemption

https://www.google.com/url?sa=t&source=web&...IV_2fbtDk75BfUx

Guidelines on Tax treatment in relation to income recieved from abroad
https://www.google.com/url?sa=t&source=web&...awGALaibs4kfC-q
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tHANKS @MUM

YOU are always very helpful with these. thumbup.gif
prophetjul
post Apr 18 2024, 08:44 AM

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QUOTE(tonYe @ Apr 17 2024, 03:07 PM)
I checked my status online for the first time and it seems that last 3 years also Tiada Rekod even though I did e-filling for like 12 years.
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WoW! i hope you downloaded copies of your submissions?
prophetjul
post Apr 14 2025, 09:49 AM

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Anyone declare

"TAX EXEMPT INCOME FROM SOURCES OUTSIDE MALAYSIA RECEIVED IN MALAYSIA"

?????

How do you declare for REITs dividends from Singapore.

Thanks in advance

 

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