No need to declare unless looking at chart is your full time job

Not even if big profit. like Bitcoin suddenly raise from RM50K to RM230K (profit like more then RM100K++)

Not even if big profit. like Bitcoin suddenly raise from RM50K to RM230K (profit like more then RM100K++)

Hi all crypto fans,
Just asking has anyone declare your crypto earning on LDHN? Mostly, like LUNO is SC licensed.
If yes, is it declared under Form B or just declare on form BE (still under employment but invest in crypto) will do?

how about huge losses? many in loss status

Loss or gain, you declare both. Don't give them a reason to hold you by the balls.

If they tax you on your loss, then you can fight about it later. But if you don't declare anything at all, they have the right to summon you to court. Yes, it's mafan AF either way but declaring your loss first is the easier way out.

Loss or gain, you declare both. Don't give them a reason to hold you by the balls.

If they tax you on your loss, then you can fight about it later. But if you don't declare anything at all, they have the right to summon you to court. Yes, it's mafan AF either way but declaring your loss first is the easier way out.

Hi all crypto fans,
Just asking has anyone declare your crypto earning on LDHN? Mostly, like LUNO is SC licensed.
If yes, is it declared under Form B or just declare on form BE (still under employment but invest in crypto) will do?

Tax Matters – Retail investors in shares, are your gains taxable?

RETAIL investors made big waves on Bursa Malaysia in 2020 and at different times of the year; their participation went up as much as 43% of the daily trading volume. With the rise in the local stock exchange, retail investors made substantial gains last year.

Retail investors are individual, non-professional investors who invest in small amounts of shares from time to time with the objective of selling the shares either in the short term or long term. In majority of the cases, their intention is to build up their capital for retirement purposes, for their children’s education or for their future health needs.

The underlying intention of building up their wealth is to ensure that they have the funds for a rainy day since Malaysia does not have a comprehensive social security net when you are unemployed or retired.

Can the gains be taxed?

In Malaysia, only income is subject to tax. Capital gains on shares are not taxed.

When is the gain income and when is it capital?

Factors such as the intention of the individual retail investor at the time of the purchase, the frequency of the transactions, the holding period and source of funding the transactions will be some of the determining factors in deciding whether the profits are income or capital.

If the investor had bought the share to sell it shortly (say within days or a few months) and the investor regularly buys and sell shares, the gain could be treated as income and taxed accordingly. Financing the shares with borrowings may support speculation and therefore bringing the gains to income tax.

Is profit-seeking motive part an individual’s investment strategy?

If the shares have been bought with an intention to build up an investment, the gains on the realization of the investment should not be subject to income tax. Individuals should be distinguished from a company because the main reason for an existence of a company is normally to make profits. However, the individual’s intention of trading in shares is usually to build up his capital. Here, the taxpayer has to show that he is attempting to build up his capital over a long term whenever the opportunity arises to realize profits.

What are the tax authorities doing?

There is no specific guidance issued by the Inland Revenue Board on this matter. The underlying basis on whether an individual should be taxed or not is based on case laws. Under the current situation, the taxpayers cannot be certain whether they will be taxed or not.

Generally, the tax authorities have not been taxing individual retail investors on their gains. The exception is when individuals are subjected to tax audits and tax investigations or when they are requested to produce capital statements or net worth statements, the gains from such transactions are usually raised as a matter to be taxed.

The problem is that the isolated individual retail investors selected for scrutiny are subjected to tax while the majority of the individual investors are not subjected to tax on such gains.

Our suggestion

As mentioned above, individual retail investors in the stock market generally tend to invest in the stock market with the intention of building up capital as opposed to benefiting from the short-term gains.

Unless it is evident from the taxpayer’s actions that there is an organized activity to trade in shares to realize gains, individual taxpayers should not be brought to tax on such gains. It is timely for the tax authorities to provide guidance or a public ruling on this matter.

https://www.thesundaily.my/business/tax-mat...xable-JC6163597

You trade as a trader or investor?

Should be investor as 1 year buy/sell few times only.

Should be investor as 1 year buy/sell few times only.

Been paying total 6 digits to LHDN for the past 3 years for my crypto trading.
As long as the trading is your active income then the profits is taxable. NOTE: Capital gain is not taxable so as long as you did not convert crypto to fiat money for profits, it is still not consider profit because you still facing risk like exchange hacked, price drop, and others.
If you trade full time, remember record down how much money u invest in crypto. Check how much positive cash flow after you convert to fiat at the end of year.

SO you are filing form B right?

Profited from trading bitcoin? Find out if you need to pay taxes
Tan Zhai Yun/The Edge Malaysia
March 01, 2021

https://www.theedgemarkets.com/article/thew...-need-pay-taxes

This one say is like no say. How frequent is frequent. Even blur after reading.

I think mostly ppl buy low sell high within a few hour or day is consider active trading.
If ur crypto is accumulate within  a few year n sell should b ok.

Can try email lhdn n ask if u berani enough 😁

But the thing is, how do they know is few hours or months? Not like we can print out transaction buy sell history from binance?

But the thing is, how do they know is few hours or months? Not like we can print out transaction buy sell history from binance?

They can request for bank transactions on your personal savings account. If yesterday night you keluar myr10k, then today you receive myr15k, and this happens several times a week, you think they will buat bodo? If you're using a business account, then that's a different story because then they will ask for your annual account audit.

Then you will have declare where that money is coming from and where it is going to.

Of course if you never cash out from binance or any other exchange, then they can't do shit because crypto on an exchange is just paper currency until it becomes fiat.

what if i only cash out from exchange after few months or years? will that attract attention ?

But the thing is, how do they know is few hours or months? Not like we can print out transaction buy sell history from binance?

This one say is like no say. How frequent is frequent. Even blur after reading.

Been paying total 6 digits to LHDN for the past 3 years for my crypto trading.
As long as the trading is your active income then the profits is taxable. NOTE: Capital gain is not taxable so as long as you did not convert crypto to fiat money for profits, it is still not consider profit because you still facing risk like exchange hacked, price drop, and others.
If you trade full time, remember record down how much money u invest in crypto. Check how much positive cash flow after you convert to fiat at the end of year.

who is bodoh to pay tax?

Zero capital gains tax is basically a hoax because you need to HODL for more than 1 year or even 5 years, and it's all up to the taxman.
If you big fish they definitely will say you fall under the badges of trade and want to charge income tax on all your capital gains.
So in your case, you will owe (1million - the cost of the initial 10 BNB) * 30% tax rate when you converted to stablecoin even no MYR is involved.
Any crypto-crypto transactions, crypto-fiat transactions, airdrops, hardforks, staking are all subjected to income tax.
Don't easily show your crypto trading transactions and do full opsec when interacting with the local regulated watchdog exchanges.
You'd rather pay tax on what you cash out on zero-cost basis than the taxman going through all your crypto transactions and want to tax it all.

You can always collaterize your crypto and take out a stablecoin loan and cash out. They can't tax you on loans.
Or You can move to places which are crypto-friendly like Dubai or Singapore and don't stay in Msia for more than 182 days, then you won't be liable to Malaysian income tax.

Let's say :
2021 : You have around $150k of usdt after TP on the bull run and you want to wd RM100k using p2p.So we declare the RM100k of our additional income in borang B?

Im curious about this too, i've read that we need to be taxed at the point of conversion into stablecoin which means entire $150k usdt. But ive also heard some people managed to get taxed on what they converted to MYR only. Rules and regulation about crypto is so not clear in Malaysia

Tax when converted to MYR is logic.Already asked my tax agent regarding this, hope will get some clarification soon

Let's say :
2021 : You have around $150k of usdt after TP on the bull run and you want to wd RM100k using p2p.So we declare the RM100k of our additional income in borang B?

You can always collaterize your crypto and take out a stablecoin loan and cash out. They can't tax you on loans.
Or You can move to places which are crypto-friendly like Dubai or Singapore and don't stay in Msia for more than 182 days, then you won't be liable to Malaysian income tax.

hey there.
this is my 1st year trading crypto futures, and i have made heavy losses. Higher end of 5 digits

Its via binance, not via any regulated platform. Can i keep track this losses to offset future gains ar?

Sounds stupid if let say next year if i manage to say, earn enough to break even 2021's losses , then i pay income tax on that. Do i need to declare losses in my income tax return form YA 2021?

How future works,?

Yes, you can offset tax losses against your 2022 profit and you do not need to declare so but for your YA 2021, you need to declare tax losses...then 2022, tax profit berapa then minus out tax losses b/f berapa.

Futures is leveraged trading. No real crypto. Only contracts.

Can i safely cash out without lhdn knocking my door, my eth that i gain from this situation?

Bought a single nft item an manage to sell it at higher price ( example bought at 0.07eth and sold at 3.5eth )

Can i safely cash out without lhdn knocking my door, my eth that i gain from this situation?

Bought a single nft item an manage to sell it at higher price ( example bought at 0.07eth and sold at 3.5eth )

crypto is not acceptable activities to banks, by declaring you are doing crypto as ur job and apply loan from bank, is it even possible? they might as well close all ur banks for that matter. Coz i hav few circles all blacklist from it after they known you are on crypto.

Yes declare. Under borang BE, pendapatan lain lain.
A lot of people will advise you and say no need to declare because still no guideline or whatever. But better you declare to be on safe side.

David is right. You can't declare "terang2" to banks.
Only declare the gains if it is due to trading gains and not capital gains.

Better to declare whatever gains. It will not be easy to differentiate between trading gains and capital gains. LHDN may have their own interpretation of it.

if your purpose is to use reported earnings to apply bank facilities like high end credit card or loan, better forget it, coz once they find out it is derived from crypto, you are gone for good, they start send out mail to close relationship with you and you cant use any bank facilities for life coz you are flag as high risk profile in their system. you can't undo and you will regret it...

So hypothetically if I kena jackpot from one of those x1000 altcoins and made RM500k now and I want to 'cash out' to buy a house or car. What is the best way? Since we can't "declare" it the normal way.

So hypothetically if I kena jackpot from one of those x1000 altcoins and made RM500k now and I want to 'cash out' to buy a house or car. What is the best way? Since we can't "declare" it the normal way.

You can contact me. I can help you.

Are you an accountant or lawyer??

accountant

Ic..nice to meet you. Freelancer?

Anyone know how much we can withdraw per month before banks starts noticing? Eg rm20k per withdrawal will  trigger them?

Someone reported my replies here.... Huhu
So I won't contribute anymore

So hypothetically if I kena jackpot from one of those x1000 altcoins and made RM500k now and I want to 'cash out' to buy a house or car. What is the best way? Since we can't "declare" it the normal way.

Just curious, to all of you that had withdrawn via Luno, there should be no worries about tax records and blacklist or frozen account all right? Just fill in tax form like normal right? Planning to withdraw my initial BTC invested in 2017 via Luno early next year. (Have 3x)

My good friend kaya gila doing crypto. Ssm some IT and travel agency business then declare tax. Purchased properties in dubai and cyprus, driving new aston martin. Emirates first class flight evertime. But very lay low. Followers on ig <20. Planning to launch own blockchain and crypto coin soon.

I asked him how he move money, he answered make money first then he will show the way. Hahaha

wow, what is the blockchain name

If you have large volume to be liquidated, the best deal to avoid all queries is via cash or connection.

Ideal but very hard wen no good jln