OCBC results: https://links.sgx.com/1.0.0/corporate-annou...c010bb9f305f67c

UOB results: https://links.sgx.com/1.0.0/corporate-annou...afa9b2d795f142b

DBS dropped 15% at one stage!  LOL 

OCBC down 7-8%

Time to enter!

There is a section for declaration of

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

This one bro....
" received in an overseas acct and then transferred back to Msia".
You only need to declare it if you transfer the funds back to malaysia.

There are certain conditions to be met.

https://www.hasil.gov.my/media/fzofh1gz/202...t-june-2024.pdf

the exemption has qualifying conditions and some further fine prints... so is not blanket across the board... some ppl will need to pay...

bro... my understanding of the 10 yr extension (by correction of the old June 2024 guideline section 5, while waiting for the new one)...

5.2 Foreign income received in Malaysia which is exempted from tax from 1 January 2022 until 31 December 2026 2036... so pushed back 10 yrs, but start date remains in effect...

5.2.2.1 All foreign income other than partnership income received in Malaysia by a resident individual from 1 January 2022 until 31 December 2026 2036 is exempt from tax provided the income has been subjected to tax in the country of origin.... if non taxable they don't need all the weasel words after "provided..." and since our 2024 tax form has a section to declare fsi, implies that fsi is active and taxable for some ppl...

5.2.2.2 Qualifying conditions... has a subsection on foreign dividend income... but i lazy to understand it fully since am not vested...

long ago all fsi was fully taxable... then come full exemption... then no exemption with 6 months special flat tax but rakyat protested so partial exemption till 2026... then extended till 2036... come 2036 no more partial exemption...

anyways... to me its clear... if you repatriat fsi that hasnt been taxed, check the qualifying conditions for exemption... dun just read the headlines...

and your action is simple... get clarification from IRB or if audited feign wrong interpretation and beg for mercy...

tax will be paid... being nice will help with the fine/penalty

5.2.2.2 mentions something of importance here:
Since the forum topic here is 'SGX Counters', let's note that Singapore does not have Dividend Withholding Taxes. Hence, if you bring in Singaporean Dividend payments into Malaysia, those dividends were not subjected to Singaporean tax due to that country's taxation system. From the quote above, I conclude that Malaysia -although no tax was paid in Singapore - considers the dividends to have been taxed in Singapore anyway and therefor Malaysia will not tax these either.

In simpler words, Malaysia considers the Singaporean dividends to have been taxed, albeit the tax was 0. Am I reading this right ?

this is how i read it...

stock dividends are from company profit after tax... so tax has been paid,  and these dividends are not taxable in sg locally

our fsi qualifying conditions clearly says if its not taxable in sg, it is exempt from my tax for now... considering the div to have been taxed at zero is incorrect even though the effect is the same

sg reits is more complicated... because the dividends are distributed at gross... so one need to understand the tax notes that goes with each of them as there are conditions where they are taxable...

swipe foreign card is deemed to have remitted back... its mentioned in the guidelines... no loophole here...

Snapshot of guideline pls 🙏🏻😮‍💨

if merchant is Malaysia based and your cc payment goes to their local account... i would say it is remitted back...

doesn't matter if you buy local but use it overseas

so if you swipe your uk card and buy ticket from airasia malaysia, yes remitted back... but not if buy from airasia singapore

stock dividends are from company profit after tax... so tax has been paid,  and these dividends are not taxable in sg locally
Ques : The dividends from the SG companies are paid out taxfree to shareholders because taxes have been paid at company-level. The conditions state that income remitted back are only taxable if taxes have not been paid at the source jurisdiction. Does this qualify as taxes have been paid earlier at the jurisdiction ?

our fsi qualifying conditions clearly says if its not taxable in sg, it is exempt from my tax for now... considering the div to have been taxed at zero is incorrect even though the effect is the same
Ques : Why do you say : it is exempt from my tax for now ? From our much earlier discussions, there was a condition that says dividends remitted back are still taxable if taxes have NOT been paid at the source ctry ?

keep your div overseas and buy more shares...

sell 1 or 2 of the "original" shares if need money... bring that home instead since capital n gains are not taxable... and you now have new documentation

your angpow gift may be flagged by the bank for aml and your friend issued a show cause letter... i sent waifu 1 kusd was ok... 10 kusd got flagged...  had to submit my source of funds and tax records as well as marriage cert to her bank... your angpow is definitely money remitted back but i dunno who bears the tax burden... your friend may get flagged again for random audit by irb for unusual money movement... to you maybe angpow for a big wedding but irb dun care...

ps will try to answer your other questions tomorrow... i wanna read the amended guidelines again to be sure...

For example, we bought a share 10 years ago for 1.00 SGD and it's now 2.50 SGD.

1.50 SGD is capital gains and we can bring this in into Malaysia without taxation. We could show our broker statements as proof.

What about the 1.00 SGD part though? Could the Malaysian tax authority ask us how we earned that original 1.00 SGD 10 years ago and proof that tax has been paid on it ?