New stuff from the Edge:

https://www.theedgemarkets.com/article/taxp...individuals-tax

It is reported in Sinchew today: https://www.sinchew.com.my/20211210/%e6%97%...9d%a1%e6%96%87/

nothing new... but I don't like the example 1 line of thinking... also no counter arguments...

imho... foreign sourced income and foreign savings before 2022 should be tax free when repatriated...

the taxable clock should only start on January 1 forward basis on new income...

anyways...

So long as Msia does not adopt the Residential Taxation System, it is fine, meaning, we shld not be taxed if we don't remit back anything.

Them Knowing what we have overseas is no big deal if we are clean in our holdings and what we have have been earned in the right way.

https://www.thestar.com.my/news/nation/2021...in-dewan-rakyat

Supply bill passed, still waiting for finance bill

https://www.parlimen.gov.my/bills-dewan-rak...uweb=dr&lang=en

even if clean in holdings .. its a lot a lot alot....of paper work to justify xxxxxx amount for a certain year.

unless like my friend portfolio year 2000 start invest with 3 banks.. reach 2021 also the 3 banks then easy to justify.

but i like open one long street ac. take me almost 1 year to get clearance...

so i also dunno moving forward how..

Sis,... if you don;t bring back or remit back,... no headache, right ? It becomes a headache IF YOU NEED TO BE ASSESSED on that foreign oncome even though you leave it all out there. Like the ATO,... international taxation,... then the problem starts.

But still there was a fella here once that displayed all his wealth in many threads,... and then suddenly disappeared when he was warned by another forummer. That big-mouth claimed that the Aussie ATO would still not tax him on his international income.

So,... there is always a way, sis,.... call it tax-planning,....

https://www.sinchew.com.my/20211215/2021%e8...bc%b4%e7%a8%8e/

Finance bill 2021 passed.

Deputy finance minister confirms that those who work in overseas like Singapore, if repatriate their income back to Malaysia, will need to pay tax in Malaysia.

This post has been edited by TOS: Dec 15 2021, 02:48 PM

So similarly for those who work in UK, Aus, etc?

No details given. I tried looking for news report on Google for the "past hour" and found nothing.

But should be the case for "employment income". No details on tax on dividends/interests etc.

Foreign pension fund savings like CPF repatriation still under consideration by MoF.

Rather messy. But this is Malaysia.

wow it is a clusterf*ck considering the amounts of MY expats working in SG

Foreign Sourced Income tax confirm passed liao? Means year 2022 any incoming funds to Malaysia that has profit will be taxed? follow our individual income tax bracket?

If you are classified as a Msian Tax Resident, then yes, the above repatriation will be assessed and then taxed. Whether from SG, or UK, etc,... all will be taxed.

They will even check our bank accounts? Isn't that against bank privacy rules? Wah no privacy laws like that gov/LHDN can korek our bank accounts as they like.

^What he said.. Finance minister don't care just simply come out with this plan without seeking advise or providing clarity.

Yes,... they can start doing the 'korek' from next year without getting approval from us and the banks must cooperate with them.

But frankly,... I believe they have always been doing this,... in a subtle way behind our back.

Even if put money in overseas, AEOI will ensure exchange of bank accounts information. So if they can know your foreign assets, there is no reason they can't know your own onshore assets.

Anyway, I will put less money in Malaysia, privacy reasons plus lack of investible assets. Hansel Can I hide my money in shares/brokerage accounts? I know they can check your money in foreign banks, but what if I hide them in my shares/bonds? Does the AEOI apply to brokers?

You cannot hide AEOI applies to all financial institutions including broker firms.I need to fill in the AEOI form from my Australian and SGX broker

this one i can loudly answer a big YES!