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 [WTA] Who is Lau Li Kung?, The most luckiest Malaysian on earth

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COOLPINK
post Dec 2 2020, 05:05 PM

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QUOTE(desmond2020 @ Dec 2 2020, 04:33 PM)
I would submit an enquiry to LHDN regarding prize winning of mr lau, and hopefully they will reply soon
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QUOTE(NightFelix @ Dec 2 2020, 04:38 PM)
Can fact check on this?
xuzen
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xuzen explained this waaaay back in 2010 unless the income tax law has changed it should remain the same.
https://forum.lowyat.net/topic/1684558/all

QUOTE(zenwell @ Dec 20 2010, 06:01 PM)
I've seen many contest that offers cars and even house as the grand prize and ppl actually won it. My question is do they need to pay tax on the prize?

Say a person win a car worth rm100k, does the person get taxed according to the value of the car?

How about if the person sold off the car and take the money, will it be taxed?
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Income Tax taxes on income.

To qualify as income the receivables must satisfy two conditions: It must be a periodic/regular, it must come in from a defined source.

Your above scenario of receivables does not satisfy the first condition, hence it is not defined as income.

Not taxable.

Xuzen

This post has been edited by COOLPINK: Dec 2 2020, 05:08 PM
kidmad
post Dec 2 2020, 05:05 PM

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more! wow this is really interesting. how he did it?
damonlbs
post Dec 2 2020, 05:07 PM

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u guys butthurt

u send in ONE entry

people send in entry buy the truck loads
tan_aniki
post Dec 2 2020, 05:08 PM

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QUOTE(COOLPINK @ Dec 2 2020, 05:05 PM)
he explained this waaaay back in 2010 unless the income tax law has changed it should remain the same.
https://forum.lowyat.net/topic/1684558/all

QUOTE(zenwell @ Dec 20 2010, 06:01 PM)
I've seen many contest that offers cars and even house as the grand prize and ppl actually won it. My question is do they need to pay tax on the prize?

Say a person win a car worth rm100k, does the person get taxed according to the value of the car?

How about if the person sold off the car and take the money, will it be taxed?
*
Income Tax taxes on income.

To qualify as income the receivables must satisfy two conditions: It must be a periodic/regular, it must come in from a defined source.

Your above scenario of receivables does not satisfy the first condition, hence it is not defined as income.

Not taxable.

Xuzen
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ya, that's when u keep it for ur self use, but sell it is another story
JimbeamofNRT
post Dec 2 2020, 05:10 PM

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QUOTE(croydon @ Dec 2 2020, 05:05 PM)
early page 2 or 3 someone ss Semakan Daftar Pemilih SPR & BPN (rm2600) both deleted already
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BSH he got rm1100
COOLPINK
post Dec 2 2020, 05:10 PM

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QUOTE(tan_aniki @ Dec 2 2020, 05:08 PM)
ya, that's when u keep it for ur self use, but sell it is another story
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How about if the person sold off the car and take the money, will it be taxed?

also asked and explained....
bereev
post Dec 2 2020, 05:10 PM

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professional contest winner

same category as professional gambler
JimbeamofNRT
post Dec 2 2020, 05:12 PM

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QUOTE(COOLPINK @ Dec 2 2020, 05:10 PM)
How about if the person sold off the car and take the money, will it be taxed?

also asked and explained....
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Dont think so lah
desmond2020
post Dec 2 2020, 05:12 PM

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QUOTE(COOLPINK @ Dec 2 2020, 05:10 PM)
How about if the person sold off the car and take the money, will it be taxed?

also asked and explained....
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Car you buy in 100k sell 60k

No tax

You buy antique car, 100k

10 years later sale 300k


Profit is taxable
COOLPINK
post Dec 2 2020, 05:14 PM

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QUOTE(JimbeamofNRT @ Dec 2 2020, 05:12 PM)
Dont think so lah
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QUOTE(desmond2020 @ Dec 2 2020, 05:12 PM)
Car you buy in 100k sell 60k

No tax

You buy antique car, 100k

10 years later sale 300k
Profit is taxable
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wait for sifu explain lor.....
tan_aniki
post Dec 2 2020, 05:15 PM

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QUOTE(desmond2020 @ Dec 2 2020, 05:12 PM)
Car you buy in 100k sell 60k

No tax

You buy antique car, 100k

10 years later sale 300k
Profit is taxable
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yes, like what i said before, profitable sales taxable

selling free prizes is taxable
JimbeamofNRT
post Dec 2 2020, 05:15 PM

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QUOTE(COOLPINK @ Dec 2 2020, 05:14 PM)
wait for sifu explain lor.....
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u call LHDN see how
desmond2020
post Dec 2 2020, 05:16 PM

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QUOTE(JimbeamofNRT @ Dec 2 2020, 05:15 PM)
u call LHDN see how
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Later straight kena invite go office drink coffee weh
tan_aniki
post Dec 2 2020, 05:17 PM

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QUOTE(COOLPINK @ Dec 2 2020, 05:14 PM)
wait for sifu explain lor.....
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if u are declaring tax for business, u sure know positive income is taxable

quietly sell off free gifts or prizes doesn't mean non taxable

like llk case, now he got a big time to think how to explain when lhdn find him
nonnon
post Dec 2 2020, 05:18 PM

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once an event company do lucky draw, 50% winner is their associates, but not working in the same company.
COOLPINK
post Dec 2 2020, 05:19 PM

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QUOTE(JimbeamofNRT @ Dec 2 2020, 05:15 PM)
u call LHDN see how
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i no need call, desmond2020 already on that. besides you guys more curios to know than me.

QUOTE(desmond2020 @ Dec 2 2020, 05:16 PM)
Later straight kena invite go office drink coffee weh
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highly unlikely as im not /k 20k standard.
look at my file pegawai LHDN will say no need waste time.... brows.gif
Mr. Najib Razak
post Dec 2 2020, 05:20 PM

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QUOTE(desmond2020 @ Dec 2 2020, 05:12 PM)
Car you buy in 100k sell 60k

No tax

You buy antique car, 100k

10 years later sale 300k
Profit is taxable
*
Malaysia no cgt
So not taxable
Winnings also no need declare iinm
desmond2020
post Dec 2 2020, 05:21 PM

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QUOTE(tan_aniki @ Dec 2 2020, 05:17 PM)
if u are declaring tax for business, u sure know positive income is taxable

quietly sell off free gifts or prizes doesn't mean non taxable

like llk case, now he got a big time to think how to explain when lhdn find him
*
Dont play play with tax man

By law even illegal income is taxable

That is where bijan billion dollar tax bill come from
NightFelix
post Dec 2 2020, 05:22 PM

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QUOTE(Mr. Najib Razak @ Dec 2 2020, 05:20 PM)
Malaysia no cgt
So not taxable
Winnings also no need declare iinm
*
what is CGT?
JimbeamofNRT
post Dec 2 2020, 05:23 PM

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QUOTE(desmond2020 @ Dec 2 2020, 05:16 PM)
Later straight kena invite go office drink coffee weh
*
since u won 0 item they dont even want to waste time with u lah boss
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