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

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TS David83
post Feb 28 2019, 04:25 PM

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QUOTE(iruka @ Feb 28 2019, 04:24 PM)
Hi,

Can anyone tell me how to calculate income from out of the country? What rate should I use? Is there a set rate from LHDN? Thanks.
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Are you referring forex rate?
iruka
post Feb 28 2019, 04:26 PM

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QUOTE(David83 @ Feb 28 2019, 04:25 PM)
Are you referring forex rate?
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yes. I can't seem to find a table on the LHDN website.
TS David83
post Feb 28 2019, 04:29 PM

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QUOTE(iruka @ Feb 28 2019, 04:26 PM)
yes. I can't seem to find a table on the LHDN website.
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I believe you can estimate it.
Maybe you check if BNM has daily historical price like xe.com or not.
Artlinenow
post Feb 28 2019, 04:30 PM

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hi
if my elder cousin helped me to pay for renovation changes, i.e 20k
I pay renovation company through online transfer.
Then my cousin give me 20k using cash, deposited into my account.
Will one day LHDN ask me where do the 20k come from?
(my cousin is doing business, and i believe the cash are his saving from creative accounting. He already helped me, I dont think its suitable for me to say the money is from him. But how do i explain? sad.gif )
jiaen0509
post Feb 28 2019, 05:05 PM

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My Dec,2017 bill generated on Jan,2018 and paid on Jan,2018 eligible for tax relief 2018?

same as

My Dec,2018 bill generated on Jan,2019 and paid on Jan,2019 eligible for tax relief 2018?

Need help on this question if anyone here know.

This post has been edited by jiaen0509: Feb 28 2019, 05:07 PM
neverland
post Feb 28 2019, 05:30 PM

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This post has been edited by neverland: Mar 14 2019, 07:42 PM
ysling
post Feb 28 2019, 09:51 PM

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would like to know more about PROGRAM KHAS PENGAKUAN SUKARELA...

if i did not declare the income long time ago (probably > 20 years ago), then this money was transferred across to overseas...then it grew to bigger amount due to investment (properties, shares...)...do i still have to go for this voluntary declaration?
MUM
post Feb 28 2019, 10:34 PM

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QUOTE(ysling @ Feb 28 2019, 09:51 PM)
would like to know more about PROGRAM KHAS PENGAKUAN SUKARELA...

if i did not declare the income long time ago (probably > 20 years ago), then this money was transferred across to overseas...then it grew to bigger amount due to investment (properties, shares...)...do i still have to go for this voluntary declaration?
*
while waiting for responses,...
maybe these 2 links will allows you to know more....
http://lampiran2.hasil.gov.my/pdf/pdfam/GO_012018_01.pdf

http://www.hasil.gov.my/bt_goindex.php?bt_...nit=1&bt_sequ=1

FAQs...
Q: I have income earned from Malaysia and deposited in a bank account abroad. Is this income subject to tax in Malaysia?

If yes, can I make a voluntary disclosure under the Special Voluntary Disclosure Programme, and what should I do?
Income

A:Income earned from Malaysia and deposited in a bank account abroad is subject to the provisions of the Income Tax Act 1967. Taxpayer is responsible for reporting this income.

In line with the implementation of the Automatic Exchange of Financial Accounts Information (Common Reporting Standard), beginning from 2018, the Inland Revenue Board of Malaysia (IRBM) will be receiving the financial accounts information of Malaysian taxpayers held overseas annually.

Such financial accounts include money deposited in bank accounts, interest, dividend, unit trust, cash value insurance contract or annuity contract and proceeds from the sales or redemption of financial assets and shares.

more to continue......
http://lampiran1.hasil.gov.my/pdf/pdfam/FAQ_VD_BI.pdf

This post has been edited by MUM: Feb 28 2019, 10:38 PM
maestrox_69
post Mar 1 2019, 10:04 AM

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QUOTE(jiaen0509 @ Feb 28 2019, 05:05 PM)
My Dec,2017 bill generated on Jan,2018 and paid on Jan,2018 eligible for tax relief 2018?

same as

My Dec,2018 bill generated on Jan,2019 and paid on Jan,2019 eligible for tax relief 2018?

Need help on this question if anyone here know.
*
nope. payment for the same year only entitled to be claimed.
maestrox_69
post Mar 1 2019, 10:07 AM

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QUOTE(Artlinenow @ Feb 28 2019, 04:30 PM)
hi
if my elder cousin helped me to pay for renovation changes, i.e 20k
I pay renovation company through online transfer.
Then my cousin give me 20k using cash, deposited into my account.
Will one day LHDN ask me where do the 20k come from?
(my cousin is doing business, and i believe the cash are his saving from creative accounting. He already helped me, I dont think its suitable for me to say the money is from him. But how do i explain? sad.gif )
*
if it's not yours then why worry. u just tell LHDN that is your cousin's money. then LHDN will ask your cousin.

to avoid LHDN start asking things, just declare every year and abide to rules accordingly.
maestrox_69
post Mar 1 2019, 10:10 AM

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QUOTE(neverland @ Feb 28 2019, 05:30 PM)
Hi guys, I publish ads on my website from foreign country advertisers. Those advertisers will pay me through Paypal and then I withdraw it into my bank account in Malaysia. Now I'm thinking of finding a tax advisor to advice my income tax. Anyone can intro tax advisor who is experienced with dealing with clients similar like my case here? Thanks.
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imho, u can straight away consult those LHDN officers. they can assist you on how you can declare your income accordingly and the right way to do it without the hassle and worries of non compliance.
spreeeee
post Mar 1 2019, 11:05 AM

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can we download EA form from ezHASIL?
spreeeee
post Mar 1 2019, 11:13 AM

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QUOTE(David83 @ Feb 28 2019, 03:07 PM)
Where is your SSPN annual statement for income tax?
Please use that as the reference.
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i've checked with ptptn/sspn officer.. it is a net deposited $, so whatever was withdrawn and then deposited, cannot be counted for tax relief..

so 3k is the answer..
TS David83
post Mar 1 2019, 11:15 AM

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QUOTE(spreeeee @ Mar 1 2019, 11:13 AM)
i've checked with ptptn/sspn officer.. it is a net deposited $, so whatever was withdrawn and then deposited, cannot be counted for tax relief..

so 3k is the answer..
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Of course we already know it's nett deposit (tabungan bersih).
rapple
post Mar 1 2019, 11:52 AM

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SSPN Tax Relief

Thought child A withdrawal doesn't affect child B deposit.

Turns out, it's shown on the same statement.

Didn't thought it would be combined together.


jiaen0509
post Mar 1 2019, 12:21 PM

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QUOTE(maestrox_69 @ Mar 1 2019, 10:04 AM)
nope. payment for the same year only entitled to be claimed.
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I followed the invoice date. From Jan,2018 to Dec,2018.
TS David83
post Mar 1 2019, 12:24 PM

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QUOTE(jiaen0509 @ Mar 1 2019, 12:21 PM)
I followed the invoice date. From Jan,2018 to Dec,2018.
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You're asking people to confirm but now you're saying you're following the invoice.
I rather confused.
jiaen0509
post Mar 1 2019, 12:34 PM

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QUOTE(David83 @ Mar 1 2019, 12:24 PM)
You're asking people to confirm but now you're saying you're following the invoice.
I rather confused.
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I am so sorry because there is no confirm answer to my question.
attentional
post Mar 1 2019, 01:52 PM

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For SSPN, it's counted by year right?

For instance for 2019 i deposit RM8k in Dec 2019 and i'm entitled for RM8k tax relief.

Then I withdraw RM8k in Jan 2020 and I do not claim any tax relief for the year 2020.

Then I deposit again RM8k in 2021 and I'm entitled for RM8k tax relief for 2021? (let's assume tax relief remains the same at RM8k)
TS David83
post Mar 1 2019, 01:54 PM

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QUOTE(attentional @ Mar 1 2019, 01:52 PM)
For SSPN, it's counted by year right?

For instance for 2019 i deposit RM8k in Dec 2019 and i'm entitled for RM8k tax relief.

Then I withdraw RM8k in Jan 2020 and I do not claim any tax relief for the year 2020.

Then I deposit again RM8k in 2021 and I'm entitled for RM8k tax relief for 2021? (let's assume tax relief remains the same at RM8k)
*
SSPN will generate an annual statement like your insurance premium payment for tax relief claim purpose somewhen in mid March.
Use that to guide for your tax filing.


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