Yup its in my account.

Income Remitted from Outside Malaysia. With effect from the year of assessment 2004, income derived from outside Malaysia and received in Malaysia by a resident individual is exempted from tax.

Take some time to process this gem...

i think what IRB should do is to tackle company level (luno) in term of taxable income...rather than pinching every individual investors..
if we gain they want to tax, when we loss in our investment who gonna pay us back ?

they should focus on investors' KYC, AMLA & GST thingy rather than taxing the investors' capital gain

Wrong. Did you read the IRB wanted them to furnish all information from clients?
Luno wanted to protect clients if they are liable to furnish such info. Thus, they are getting advices if they are liable to give.

https://themalaysianreserve.com/2018/01/12/...lumpur-1q-2018/

Some updated news

Awesome. 👍🏼

celaka semua mau tax....

that is why i said go to company level on company's tax profit rather than requesting clients infor...

their purpose is not because of company's level. It is more to individual.

In the developed world eg. US & Europe, when you gain you're taxed as capital gains. When you lose money, you can offset that loss (up to certain limits) for any gains in the next x number of years.

I think many people don't realize how good you have it here, US citizens are taxed on worldwide income even if you don't live or earn that money in the US. Personally I'm happy to pay taxes, just make it clear up front instead of the govt being clueless all the time. The US IRS issued statements on crypto almost 4 years ago...


This post has been edited by tishaban: Jan 13 2018, 10:13 AM

Can't compare with US. Taxpayers pay taxes and they enjoy what have been done or developed by gov.

How about here?

this is good info, thank you

Guys, anyway to transfer my money out from my wallet now via other broker or something?

What the best online wallet for singapore?
For sg pr

that i agreed. if capital gain is taxable then losses have to be able to offset as well, no matter how small is that. it has to be 2 ways.
but as far as i know, capital gain in KLSE is non-taxable, it should apply to any other investment.

This post has been edited by smartly: Jan 13 2018, 01:08 PM

IMO this action by LHDN is overstepping the rights of Luno and its customers by disrupting their business, and denying ALL users access to their funds. Not to mention setting a bad example for foreign investors thinking of setting up shop in Malaysia.

Are Luno or some / all of the customers being charged or suspected of doing something illegal / tax evasion? Who? Then which customer specifically? Don't know? So let's just disrupt their operations and demand trade records of all users. Then dig around and see what interesting stuff we can find.

If Luno itself suspected of some violation, what is the official charge? Where is the court order to initiate the account freeze?

Were Luno served an official notice before or even after their account got frozen? No, Luno had to go ask around and call up the banks themselves to even find out what's happening.

Capital gain shouldn't be taxable, the more possible practice should be tax on the transaction.

Agree. If there is to be any tax at all, it should be a 6% gst on all crypto to myr transactions. How are they supposed to track capital gains anyway? They’d need to know when we bought and how much for. And when we sell at a price, how could anyone say we’d even made a gain?

I’m sure I’m not alone buying btc from many different sources at many different price points. Not to memtion all the btc-alt-btc trades I’ve made

to implement tax is easy. just like current stock market. Buy and sell will include tax regardless you gain/loss.
However this can only do on those exchange operate business to MY or use MYR as currency. So those like Binance or cryptopia cannot as they did not accept MYR directly.

Anyone using coinbase?
Is it user friendly?