what about the 5% tax ? i know i seen the tax thing somewhere.
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This post has been edited by wingcross: Sep 1 2008, 10:14 AM
Anyone know about foreign FD?
Anyone know about foreign FD?
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Sep 1 2008, 10:02 AM
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what about the 5% tax ? i know i seen the tax thing somewhere.
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Sep 1 2008, 10:14 AM
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QUOTE(cherroy @ Sep 1 2008, 10:05 AM) Simple and free site can be obtained through Yahoo finance Interest earned will be subject to a 5% withholding tax.http://au.finance.yahoo.com/currency/conve...=MYR&amt=1&t=5y Added on September 1, 2008, 10:10 am Witholding tax on interest gain of 5% is minimal compared to overall amount you are potentially getting. Don't worry about the witholding, more attention should be paid on the particular currency strength against RM and the interest spread. The main purpose on investing in this kind of FD is to hedge against RM depreciation through asset diversification. I don't know the lastest budget to abolished tax on interest getting on saving/FD is including Forex FD or not. Need to check out first, anyway, it is next year issue. does this mean if i get return of 8%, i have to minus 5% from it ? means left only 3% returns ? i can only see the bank profts when we do the currency exchange when we start the deposit and this 5% tax thing. Added on September 1, 2008, 10:15 amif i were to get only 3%, i think the risk is too high and simply not worth it. This post has been edited by wingcross: Sep 1 2008, 10:15 AM |
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Sep 1 2008, 10:22 AM
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QUOTE(aloony @ Sep 1 2008, 10:17 AM) if not mistakenly, 5% withholding tax only imposed if your FD is over RM100K or equivalent to other foreign currency in FCFD. it seeems not like tat woh. i try to find the info i got from public bank, but they take the info off already. Normally, if you have such amount of money, the banker will recommend you to split your deposit to a few accounts in order to avoid the tax. so below 100 K is free from the 5% tax ? can more ppl comfirm this ? Added on September 1, 2008, 10:23 amhttp://kclau.com/investment/fca-banks-list-terms-conditions/ i got the tax info from this website after googling. that not my website. This post has been edited by wingcross: Sep 1 2008, 10:23 AM |
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