Crypto miner didn't pay taxes??

habislah inkambing bankrupcy notice

So many millionaire miners with curi elektrik some more of course tax will avoid lols

They think lhdn can't trace thru bank kot

Hahaha

Maybe selling asic

Trading ?

As long as the money is in the banking system it is traceable

kaya but cannot pay tax.

ikan bilis level je

kaya in bitcoins, can pay taxes using bitcoins?

if lost, can we claim back the money?

Good
Ikankering can open new factory to mine coins
No more spm workers.

how u know its miner and not trader

anyway, always cash out offshore

thats the whole point of crypto... borderless transactions made easy

But but but... SPM workers cheaper than graphic cards....

The letter said cryptocurrency income, it didn’t said mining. Most probably referring to trading income.

Banyak tu ex bitfuckingdom masih bebas

Maybe IRB stalk their social media for anyone bragging about their crypto wealth

LHDN agents lurking in k too, habislah all the crypto sifu in k

If you really earn that much from trading and convert back to myr, then just pay tax lar...

Why he goes declared?

Is he dumb?

He didn't declare la..it was IRB findings

If you declare, you pay (at most) 25% of the income as tax.

If you no declare, and LHDN find out, you pay 25% of the income, plus 80-300% of that, so effectively govt will take up to 75% of your profits. And it is pay first talk later, so good luck hiring a lawyer when you need to hand over 3/4 of all your gains, especially if you already "reinvest" it and the market turn into another years long bear market.

In the end you still need to convert your crypto to fiat like USD or MYR. That's when they catch you.

Not kenot, but dun wan

i likeeeeee this

Only income from trading are taxable. Those who bought earlier is consider capital gain i think.

This case seems "under-declared"

So easy can find out meh? Oversea trading account let u access meh.

lhdn can just ask the tax payer to provide le..even foreign bank account also they got access..

don't have to la. can't talk too much coz i have a non-disclosure in effect. suffice to say, u will be surprised on the technology they used. it is far more sophisticated than you think

Can check all your accounts on all bank and some formula to detect the abnormal and consistent transfer.

I belif it is the same method/tech that LDHN use to check on share trader's activity (on share market) on whether their profit gained from the trade is a capital gain (non-taxable) or taxable income.

when it comes to tax sampai lubang cacing pun buleh cari

when it comes to refund krik krik kirk kirk............................

no u dumb. this is the only beginning. you think bank negara has no agenda or motive legalising luno etc in malaysia? it's for the long term tax

capital gain is not taxable. keep your proof of records. as long u dont do day trading or short term shud be okay

This post has been edited by jyll92: Apr 20 2021, 09:13 AM

Probably cash out via lunoo. Easy to trace

This post has been edited by yiporan: Apr 20 2021, 09:17 AM

Cukur penjanaan kewangan

I dont think IRB is able to find out.

As long got a paper trail of any transactions locally, BNM and LHDN can track them down.

must be golden 2 5 finger

Ok

Bitcoin traders in here suda sked liao

But how LHDN knows ?

Want untung banyak but don’t want pay tax. Then complain our country is backwards. Lemaooooo

This post has been edited by WaterBuffalo: Apr 20 2021, 10:28 AM

Fake. Photoshop.

you sell usdt directly to other buyer, how they can determine it is gain ?? its just like you transfer money to friend like that.

ambil sikit2 suda la

The profits made by individuals who occasionally trade cryptocurrencies or shares may be viewed as capital gains, which is not taxable in Malaysia. But the profits earned by individuals who trade frequently may be viewed as revenue and thus, deemed as taxable income.

https://www.theedgemarkets.com/article/thew...20in%20Malaysia.


On topic : Government need moolah okay if you slowly cash out or at very low intervals (once a month) then u can claim you doing it for hobby and not get taxed? Since apparently they want to clamp down based on frequency of use.

This is the outcome from tax audit on the tax declaration submitted for YA 2018-2019 and then IRB found out there were some incoming funds which were not declared (probably checked through the bank accounts) and noted that as profit....

Tracing this is like kacang putih to IRB la..they have their own way as long it involve money and banks.

And people think that pay first, challenge second tax rules not gonna affect them.

Nowadays a lot of offshore banks require us to give them permission to share our details with the country of our residence.

I was recently requested to submit my proof of residence and also sign papers to give the banks permission to provide the country of my residence with my bank statements.

It’s very easy to check on gains when all banks all over the world are interlinked.

They confiscated all the mining machines and then mine themselves.

No problem to include crypto in taxing for day-trading but how they count losses? If the fella gain 100k on his portfolio but dropped 200k, still need to pay 100k tax? Die lo

This post has been edited by whyamiblack: Apr 20 2021, 11:28 AM

this is incorrect, it depends on your frequency of buy/sell transaction to determine business income or capital gain

Maybe he wire the money into Malaysian bank and raise red flag? or SC recognized platform provide information

actually trade also consider capital gain kan. i think mining should be kena tax but not trading.

all depo/withdrawal over certain amount is submitted to BNM and of coz LHDN got eyes on it as well.

srsly ppl tink they can escape? just depends the gov agency have enuf resources or rajin anot only

Is it?
But why 1mdb take so long to trace, and still lot of thing unexposed?

This post has been edited by Zhik: Apr 20 2021, 11:37 AM

Meh

U scared?

the problem is not crypto tax

the problem is who can do crypto tax for me in accordance to LHDN requirements

i ask two small account/tax company and they dont know, so who know? can LHDN do crypto tax for me?

i put my profits in USDT, is it taxed? or it get taxed only when the money transfer to my bank account?

This post has been edited by crecar: Apr 20 2021, 11:42 AM

Okay. They should pay it. Pc peripherals price are on rising because of them

This post has been edited by unixcorp: Apr 20 2021, 11:40 AM

example of cashing out offshore?

Probably the local regulator (SC) will need local crypto exchange to file anyone who deposits and withdraw for the year 2019, 2020, so they have the trace record.
Then SC will send the report to LHDN.

You go IRB tell them you got big crypto income surely they will calculate for you

as far as i know, capital gain no tax. so thanks god im not trader.
hodler no need to worry.

Hodl for how long only consider capital gain

Hold since 2017 sure no problem.

Fuck so long

Small don't know, then go find bigger firm.

HODL to the moonnn!

Curious to know this as well. What's the minimum?

Is 30 days considered as capital gain? I wanna liquidate but I sked.

Doesn't look genuine to me.

I think its made by some gamer who's upset he can't afford a graphics card.

That's one of the reasons why I don't use Luno or any of the SEC approved crypto trading platforms.

I trade through Singapore where the tax is lower and at least the taxes paid isn't wasted on making another crony wealthier.

Mining? Catch me if you can.

Halu TNB
Halu Sarawak Energy
Halu Sabah Energy Corp
Halu Lembaga Letrik Negara

those who use luno to cash out will kena first

Malaysia no capital gain tax. If want to go through it, must pass parliament.
Helang will be the one who oppose first.
Capital gain = income from rental / sold property, stocks, investment, etc.

wait so you declare crypto profit in SG?

Tgk trend bitcoin dulu... downtrend = cash... uptrend = bitcoin

capital gain mana ada tax...

this could be miners...

every month ada income.

open a pvt ltd in singapore. sell your crypto and money masuk singapore company.

first $100,000 profit tax = 4.25%

$100,001 to 200,000 profit tax = 8.5%

around RM600,000 only max 8.5%.

in msia, first RM500,000 profit already 17%.

You forgot to add SPRM and PDRM to that list.

My reply would be :-

eh eh lama tak jumpa.

Hari ini nak buka puasa kat mana ya?


Yes as I have a company set up in Singapore for this purpose.

wow thanks

both same company?

If you arent using residential area with residential tariffs for large scale mining they wont disturb you.

But an interesting test case would be industrial (not commercial) area mining. Industrial rates are cheaper than commercial with off peak discounts to encourage ...well industry. I dont think bit coin mining can be considered as such

So my friend...where is your farm?

There are many such companies in Singapore.

You don't necessarily have to start one as there's plenty about for sale too.

I've been using a SG company for trading and receiving income for many years else the tax is too high.

local share market, commodities gains is not taxable.

overseas crypto i'm not sure.

i have overseas bank acocunt for my overseas trade. I dont convert it back to RM.

so high?

Big company in SG under certain scheme only get taxed 5% despite billions in turnover

That’s bullshit bro. Unless you are a citizen in Singapore, you pay taxes in your home country. Even if you trade in Singapore, you need to declare taxes Malaysia.

Just like an American expat working in KL who pays taxes to the American government and not to Malaysia.

whatchu mean?

under certain scheme that is deemed worthy ma. i don't think i can find any scheme under crypto yet lol

last time 2016/2017 lagi best wey. first $100,000 no tax at all.

open multiple pvt ltd, sell crypto max $100,000 each company, no tax. declare as dividend to director (again, not tax on dividend like MY which is witholding tax).

MY sdn bhd if reached RM500,000 need register for SST/GST. for singapore, hit $1mil baru apply GST/SST/VAT.

thats personal tax la, if company follow the country i suppose.

U rugi u tanggung......

Not only company tax.

Even employee income tax also Msia value nearly double SG side for most ppl. Unless u earning millions then it works out to be more or less even...

in planning actually.

talking to some firms in singapork and see how they do it. i believe the regulation there is more knowledgeable compared to here.

Under declared, IRB have no direct access to bank record

That assquake/ass collector i was replying to was referring to personal tax from trading gains.

Haha, 20 pages inkambing.....

Lotsa crypto pppl in /k

This post has been edited by Hobbez: Apr 20 2021, 12:55 PM

this is when large crypto traders who made a windfall should watch breaking bad on how to detergent your money

open shell company, and payout small amounts monthly

Parked it in SG or TH lah bodo.
You bring back to Malaysia via Malaysia banking/Financial system sure will triggered the LHDN.

This post has been edited by ApocalypseSoon: Apr 20 2021, 12:56 PM

coinminers that steals electric should be punished. thats all

ikankering

I can do for you but the fee/charges is not cheap.

If you mine it in Malaysia, you still need to pay tax.
Even if you transfer your crypto to your SG company and sell it in SG.
You can read this under transfer pricing in IRB's public ruling.

So far, what I can say. Even though people have the perception that Malaysia's civil service is incompetent.
However, their taxation department is actually very effective in countering loopholes and tax avoidance