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Chat Gov hunt coinminers, LHDN

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ShinG3e
post Apr 20 2021, 12:25 PM

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QUOTE(Songlap @ Apr 20 2021, 12:20 PM)
wait so you declare crypto profit in SG?
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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%. mega_shok.gif
ShinG3e
post Apr 20 2021, 12:48 PM

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QUOTE(Songlap @ Apr 20 2021, 12:35 PM)
wow thanks

both same company?  laugh.gif
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whatchu mean? confused.gif

QUOTE(MeToo @ Apr 20 2021, 12:40 PM)
so high?

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

shakehead.gif
ShinG3e
post Apr 20 2021, 12:52 PM

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QUOTE(MeToo @ Apr 20 2021, 12:50 PM)
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...
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in planning actually. brows.gif

talking to some firms in singapork and see how they do it. brows.gif i believe the regulation there is more knowledgeable compared to here.
ShinG3e
post Apr 20 2021, 01:52 PM

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QUOTE(Computer^freak @ Apr 20 2021, 01:45 PM)
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  icon_idea.gif
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if we're talking about mining, yes i agree.

as far as i know for singapore, airdrop and hardfork coin is exempted from tax. not sure about lhdn msia part on their definition.

also, yield-farming topic yet to be decided either park under the definition of mining or airdrop. or neither. hmm.gif

 

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