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Anyone know about foreign FD?
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gark
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 Mar 30 2010, 05:30 PM
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QUOTE(heliora @ Mar 30 2010, 03:30 PM) Do you know what are Malaysia's tax provisions pertaining to income earned overseas? I believe there's a tax treaty between Australia and Malaysia so your income wouldn't be taxed twice. I suppose you can just leave the money there and eat some interest. In Malaysia if you are not in Malaysia for more than 90 days per calender year, then you are not considered as a tax resident. If you are not considered a tax resident for the year, then all of your income derived overseas (with proof of course) is not considered taxable in Malaysia. For example in year 2008, your total earning is AUD$ 50,000 for example and you have been in Malaysia for only 50 days for example, you can bring all the money back to Malaysia and declare to LHDN, with no tax whatsoever, EVEN though you did not pay Australia's tax.  This post has been edited by gark: Mar 30 2010, 05:31 PM |
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gark
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Mar 30 2010, 10:59 PM
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QUOTE(jphlau @ Mar 30 2010, 06:38 PM) hm... need to dig out all my tax income summary. I guess the best thing is i open a foreign currency account here locally and transfer all my money back from australia. Then exchange it when the rates are better. Yep, I was employed a couple of years by country A, working in country B, paid by country C into a bank account in country D, which then auto remit back to Malaysia. The tax officer also "pening" when i declared my income, in the end i 'proved' that i am not in the country for more than 90 days, and he declared no taxes need to be paid.  This post has been edited by gark: Mar 30 2010, 11:05 PM |
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gark
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Mar 31 2010, 01:19 AM
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QUOTE(MilesAndMore @ Mar 31 2010, 12:00 AM) No. Foreign income is not taxable even if you're an eligible tax resident of Malaysia. Confirmed by my dad. He was a senior assistant director at LHDN Pusat Damansara. Left many years ago due to better prospective elsewhere. My dad's sister is still working there at LHDN Pusat Damansara, also as a senior assistant director. Heh my case is more complicated, set up by my company, end up pay no tax.  Untimately the foreign income was remitted to my malaysian bank account on a monthly basis. Anyway here is a passage from the malaysian tax law... QUOTE Income tax is generally imposed on a territorial basis in that only income accruing in or derived from Malaysia is liable to tax. However, resident individuals and other non-corporate entities are also taxed on foreign-sourced income remitted into Malaysia. Foreign-sourced income received by resident companies are not subject to tax even if such income is remitted to Malaysia.
Income derived by tax residents from businesses of banking, insurance and air/sea transport operations are assessable on a world income scope.
Relief from double taxation of foreign-sourced income is available by means of bilateral credit if there is a tax treaty or unilateral relief if there is no tax treaty. The relief is restricted to the lower of Malaysian tax payable on the foreign-sourced income or foreign tax paid if there is a treaty or one-half of the foreign tax paid there is no treaty. This post has been edited by gark: Mar 31 2010, 01:33 AM |
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gark
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Apr 27 2010, 11:43 AM
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QUOTE(tpl @ Apr 27 2010, 10:54 AM) I heard that if we transfer any amount more than rm200k we will be question by BNM? I have HSBC acc but never use it to transfer to overseas as their rates are always higher than PBB. If you transfer more than 10K then you must make declaration to BNM. I have made several declarations, so far no problems. |
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gark
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Apr 27 2010, 10:50 PM
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QUOTE(tpl @ Apr 27 2010, 11:51 AM) 10k as in USD10k rite? and that is cash. I'm refering to TT. 10K RM, that's the rules set by BNM, wonder if there is any changes nowadays, been a couple years since the last transfer. |
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gark
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Apr 28 2010, 11:59 AM
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QUOTE(wodenus @ Apr 28 2010, 11:32 AM) The bank staff will fill it out for you, don't have to do it yourself. Wah your bank so good ah? Stupid CIMB bank need me write the whole TT form and then take 20 mins to process it. Then pass around for bank officer to sign it. Really slow service. |
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gark
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May 27 2010, 02:14 PM
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Too bad currency/forex swaps are not common here in Malaysia for retail investors, or not it will be easy to hedge our foreign investments.  This post has been edited by gark: May 27 2010, 02:17 PM |
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gark
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Aug 14 2010, 11:20 AM
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QUOTE(cherroy @ Aug 14 2010, 10:38 AM) None of move will reduce currency risk, it is nature of it and depended on one's risk appetite and comfortable level. Even we holding RM, we still have currency risk on RM, whereby RM can appreciate/depreciate against others major currency. Hmm, yalor, I have a lot of remaining Rupiah (many years liao) in FD earning 6.25% now (previously 8.5%-10% + chance to win prizes), wonder how can hedge the conversion rate. Rupiah is not exactly widely available in foreign FD in local banks. Any ideas? This post has been edited by gark: Aug 14 2010, 11:36 AM |
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gark
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Sep 14 2010, 09:17 PM
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QUOTE(David83 @ Sep 14 2010, 06:35 PM) Hi all sifus, May I know the advertised per annum rate is overall return rate or the return in the denominated currency before converting back to MYR? I'm a little confused. Take AUD as per example from PB Campaign: 6.5% p.a for 1-month tenure. The promotion is only valid for denominated rates. For example the 6.5% AUD rate, it is only applicable for the funds converted from 12 month PLUS FD in RM to AUD, then you will get 1-12 months of promotion, but the rate differs. The 6.5% promotion is for the first month only, then after that you get the standard rate. If you do not convert the money from RM to Foreign currency, you will not get the promotion rate. Expect to lose about 1%-2% each time you convert. This post has been edited by gark: Sep 14 2010, 09:18 PM |
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gark
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Sep 17 2010, 05:44 PM
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IDR FD is 5.75%-6.25% pa for 1 month deposit.  . Good potential for this up and coming country, but still relatively unstable.  This post has been edited by gark: Sep 17 2010, 05:46 PM |
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