Any tax from dividend from stock in oversea market if you used local broker ?
All the dividend will be tax once remit to Malaysia broker ?
double taxation ?

No such thing double taxation, you need to declare in your annual filing as usual, include them.

if you dont intend to bring them back...
not need to declare...unless you wanna convert back to malaysia.. and spend.. then declare..

thats my stupid logic..

please any pro here.. educate us

apology..didnt read properly... the TS say .. USE LOCAL BANK>>> so ignore my message

This post has been edited by rootbeer: Oct 30 2021, 10:50 PM

You will not be taxed on foreign income.

It is consider as capital gain henceforth not taxable as it is not income derived from abroad

What until 2022 for clarity.

It's considered overseas income. And we all know overseas income will be tax. Whether the one taxable is job or investment, we won't know until 2022. Remember now govt desperate. No money already. Need to tax everything.

Tax apply when your submit your filing. All foreign income be taxed from 1st Jan 2022, for all Tax-Resident in Malaysia.

No issue of double taxation, tax shall apply in the country you make the money thats once, and tax shall apply when you bring home - once.

This post has been edited by baby_4ever: Oct 31 2021, 07:18 AM

3 % tax on foreign earning
if use local broker , dividend will deposit to your local brokerage .
so the broker will deduct 3% from that once you receive the dividend
Or , u need to declared that part when u declared tax 2022?

Wait for the finance bill tabling next week.

What day?

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

According to last year's schedule, finance bill first reading will be on the Monday one week after the second reading of the supply bill (i.e. budget). Second reading will be one month after that.

Sorry I should mean one month after next week. Second reading is when the details will be known. First reading will just be title mentioned.

https://www.sinchew.com.my/20211030/%e7%99%...b5%b7%e5%a4%96/

So, tax experts say no need to worry about double taxation as those who are already taxed overseas can enjoy tax relief, and as long as the money does not flow into Malaysia then you don't need to declare tax. Just keep it in your offshore bank accounts.

That means I can look for money changer in SG to convert money into cash and bring to MY to spend when retire, as long as don't deposit large amount in bank, then LHDN won't know and no need to pay tax.

This post has been edited by TOS: Oct 31 2021, 10:30 PM

Bro, don't use SG money changer. Use the one in Midvalley. I believed they have the best rate in Malaysia. I compared with the ones in JB, JB rates are lousy vs midvalley.

No point as there’s is restriction of 10k either way anything more still need to declare so don’t think you can get away unless you crossing into Malaysia daily

just use your sg debit card lor... mastercard spot rate zero mark up... kaotim... dont need money changer

wise debit already in Japan... soon will be in sg... sg got a few local multicurrency fintech with card too...

that time you already not Malaysian tax residence... why worry

This post has been edited by dwRK: Nov 1 2021, 07:52 AM

Mastercard fees very expensive, they earn like 8% when I pay for my HK SIM top-up using Malaysia debit card. I didn't know SG works differently?

When I retire in M'sia I am a tax resident since I will stay here more than 6 months (182 days).

It's already in Singapore. Only stupid Malaydia does not have wise card.

it's your bank lah I think... not mastercard

Mastercard has that forex conversion website... the rates about same as spot forex rates... then you add in any bank markup to calc your final bill. ..

Mastercard earn from the merchant... I forgot liau how much like 1-2%... is the bank then slaughter you with markups...

last I checked it says available... but really not yet launch

https://wise.com/sg/travel-money/singapore-dollar-card

Got revolut also.

So you guys are saying no need to move money back, but directly use the "SGD debit card" from Wise or Revolut in any POS terminal in Malaysia? So when money is deducted in buying goods, it is deducted in MYR but internally is converted to MYR from SGD via Wise/revolut from SGD money deposited in Wise/revolut earlier? (which means wise/revolut functions like a bank account?)

correct.. . just spend like a tourist here lah... by that time myrsgd maybe 6:1 cheap cheap... hahaha

income tax ask "did you transfer/remit money back"... "no"... hahaha

anyways when you retire should be premier or private banking status liao... bankcard should be zero markup fee... so just use those directly lah... don't waste time with wise, revolute, etc... not only pos, can withdraw from atm also at zero fee... hahaha

TOS

My money have never been brought back to Malaysia. It's a one way trip. Been always like that since I started.

The question is even if I don't intend to bring back the money will it be tax? If yes how much?

We only know once the bill is clear.

Unless you want to chase air miles then use bank card. If you use bank cards Vs fintech, you instantly lose like 3% but you gain like 20% provided you know how to play the miles game.

This post has been edited by Ramjade: Nov 1 2021, 02:15 PM

Got uni class on that day, cannot join.

I have a question for you. You invest now in various overseas market to prepare for retirement right? Or at least some life goals in the future, I hope?

So that means at some point later in life, say for example when you retire, you need to spend those money that you invested, obviously they have to be brought back to Malaysia for you to spend on retirement, no?

Or you plan to retire elsewhere?

Or say that money is for your wedding, (you are still single? ) then when you wed in M'sia, obviously you have to repatriate that money back to spend in the end.

So by hook or by crock, a portion of your money will have to come back to Malaysia anyhow in the future, you can't escape unless you go through the "illegal" route. Of course in the cases above, I assume the tax laws remain the same, which might not be.

he using fuzzy logic with selective memory

MasterCard has hidden FPX conversion rate and it won’t be spot rate but overnight rate which sometimes can goes to up 0.5% higher together with bank charges be prepared to at least 1.5% markup for every transaction

Wonder got U turn selection

use visa... problem solved... lol

https://www.theedgemarkets.com/article/prop...says-tax-expert

Bro, I have never withdraw my money for I think 7-8 years already. All my salary all dump overseas.

How to retire?
Simple. Use epf and savings.

I planned to move to new Zealand,, Canada or Portugal or Finland or Netherlands.

My savings rate already 75%. If I need something just save up for it. Remember my overseas investment are now self reliant already thanks to options. I don't need to transfer money overseas anymore and still can continue to invest and grow my wealth and still get cash flow to fund my investment account. Another perks of not being a dividend Investor. If I cont to be dividend Investor, I need to wait 12 years for it to happen or don't know how many donkey years.

But I do see having to pay tax on that. Hence I am going to register myself and vote after all this while. Retirement is a long journey. Say another 10 years time, 10 years time govt tax may change (highly doubt it) or govt change can happen. No one expect BN to lose right?

I expect they are going to piss off lots of online seller with that tax. So anything can happen.

This post has been edited by Ramjade: Nov 1 2021, 09:20 PM

All the best with your plan. Since you will retire elsewhere, then yes you don't need to repatriate your money back and won't likely get taxed.

It's just dream. Unlikely will happen. Might try Portugal though. Cause if US people can retire to Portugal, why not.

Anyway I am ready to pay tax even though I am bitter about it.

Cannot escape still got 0.5% on top of it

you so sure got 0.5%?

and now visa dun have hidden fpx fee only mastercard?

a lot of old folks like to retire to cheaper n warmer climates

you get a lot of old folks in Florida for example

my Dutch friend bought a boat, retired to Spain...

imho... no need to migrate if skill set is good... just become an expat enjoy big pay n benefits

Both also 0.5% hidden FPX fee so can’t escape no matter how

you can bs noobs lah... not veterans... lol

using visa and mastercard at pos/pss... where got connect to fpx?... totally different unconnected payment system... lol

Well said. well said.

As for being expat, I hope the Msia govt won't implement the new MM2H policy. It's kinda sucks.
That requirement better retire in 1st world country - why need to retire in Malaysia?

If you're a retiree and only have passive income, usually it isn't taxed (or not much) at the source but if they
keep having those requirements, it's like going back to work.

And on top of that.. that's could be an income they (the govt) want to tax as per the new budget proposals
'coz the retirees have to bring it in as requirement for staying on that visa.

i went and read up the mm2h... it is indeed nuts...

looks like it is changing from "for retirees" to "for holiday homes"... some of the requirements just too much

some of the stuff he post is ok ah... not all bs... just that almost every post makes it like he expert... and other people dumb dumb... hahaha

anyways... this time I call his bs... I show my hand... hahaha


and my bank charge me spot rate...1/0.2394601 = 4.17606 live fx rate... but I choose Saturday since no trading to lock down this variable

This post has been edited by dwRK: Nov 3 2021, 10:46 AM

Thanks for sharing , which card are you using btw ?

visa debit

as for the mark up... it depends on your bank and types of account... they will have a pdf that discloses all the fees

which SG bank are you with ? & was it applied online / without been in SG ?

I currently only have a CIMB SG account (open remotely via CIMB MY).

Thanks.

it's a US bank opened when I was there

saw this for cimb sg atm card...

Local & Overseas Cash Withdrawal

Enjoy zero service charge for overseas withdrawals with your CIMB ATM card at over 6,000 CIMB ATMs regionally and any PLUS ATM globally. Additional service fee, which may vary from bank to bank, may be imposed by the ATM bank that you use for the withdrawal.

Did you open a savings account, in Singapore branch of a US bank?

Sigh, that will be out of reach for many of us here.

Another method is to apply for BigPay Prepaid Card from BigPay Singapore. However, many of us cannot use this method, since we do not have residency status in Singapore.

no. des why I don't talk about it because useless info for most ppl here

I've looked high n low...and no way to open a foreign bank account anywhere because we don't meet conditions... there are crypto/fiat wallets and cards but fees are no good

the only virtual bank ppl have had some success opening is N26 Bank...

Agreed, I have look at plenty of virtual banks, basically no way to open account. Only way is fly to that country and open account. That also not confirm can get.

This post has been edited by Ramjade: Nov 5 2021, 02:38 PM

https://www.sinchew.com.my/20211108/%e8%94%...a8%8e%ef%bc%9f/

In short, wait for finance bill.

The terms in Mandarin is not so accurate, but what they said is right : Msia practises the Territorial-based Taxation System and should not be taxing at source. At most, things shld be with reference to 'Remittance Base (RB)'. This RB method is not new, there are already models out there. Msia just needs to replicate that for this ctry.

If Msia starts to 'select' who gets what,... then becomes IRS ? Which ctry wants to implement Msia-styled W8-BEN ?

Call it W8-MAT ???

https://www.thesundaily.my/business/how-is-...taxed-AB8535064

So fast some tax consultants already can provide info... I think they are based on the older day laws.

The stupid thing with the LHDN income declaration form is that even if you have non-taxable source of funds (capital gains or profit distribution), putting it into any column of income will incur taxes.

The problem and biggest hurdle need to reform the taxation laws as it is really outdated with those info by tax consultants

How come? Since it is non-taxable then cannot be taxed...

Because there’s no column for non taxable income.

only need to declare taxable lah... non taxable why need to put?

dun waste time n energy reading all these vis-a-vis the new law... they still writing it... everyone is just speculating... hahaha

my simplistic view is... got foreign sourced kangtao... good lah... tax exempted until ye2021... enjoy while it last...

I asked LHDN before on the phone and via email. They told me to declare. I already emphasised that I have funds coming from overseas but they are capital gains. I get some boiler plate answer. I called and same thing. Sumber kewangan yang tidak dikenakan cukai perlu dilaporkan. Ask where to put, they say put at lain-lain pendapatan. But put there will increase tax payable. Then I gave up. Anyone can give a clearer answer will be appreciated.

That is why this is stupid.

- (Wrong reading)

This post has been edited by TOS: Nov 8 2021, 11:45 PM

i c...stupid answer lah

IRB told my mrs in a face to face meeting if non taxable no need to declare in ea form and submission...

Yeah that’s why I keep all my investment statements properly so that it can be proven that those are capital gains and not from active income.

https://www.sinchew.com.my/20211109/2021%e5...90%88%e6%98%8e/

Finance bill first reading today.

https://www.theedgemarkets.com/article/budg...balanced-manner

Mastercard set to launch Asia’s first crypto-linked cards that you can use anywhere

lets see if this works for us, no need remit back, put into this, spend in Malaysia? sounds too good to be true

You do use crypto for paying. That's just silly.
https://www.marketwatch.com/story/bitcoin-p...pto-11621714395

haha just sharing, ramjade got buy crypto?

I don't trust crypto.

just sharing, seems WISE has multi-currency card launching in Msia soon.

Sad. Don't have this offer

just give it a shot
u try login and see if have this



This post has been edited by tadashi987: Nov 11 2021, 01:55 PM

Nope. Don't have this

You must be "big customer". I don't get that offer either.

lol in facts, no, i hardly use their service since their rate is not as good as BigPay/SunwayMoney

i think ppl who has borderless gets the invite...

No la. I have borderless and never get any invite.

Borderless is the one where we can transfer foreign currency to RM right? If so, I also have and no invite for me too

No. It's account where you can received and send foreign currency like a local in that country. You will even have a virtual bank account with your own account number.

You worry about exchange manipulation right?

Ramjade Hmmm... I have some USD in my Wise account. And my USD has an account # (checking account). So I guess I have borderless?

Most likely. But if you want to confirm, check and see if you have banks cciunt inside wise or not. If you can view your bank account, it is confirm you have borderless account.

https://www.theedgemarkets.com/article/delo...xation-malaysia

Initiative partially defeated ??

Most likely will failed because cross border workers will be affected the most

maybe they purposely target these ppl... and those migrate overseas then come back to retire because cheap...

anyways it's stupid and I wish it fail...

Right now I have funds tied to a foreign equities (US) brokerage. I happen to have a SG bank multicurrency account. Would it make sense to just leave it all outside the country? I was thinking of just directing my profits to Singapore after I sell my US stocks instead of bringing it back

depends how much and what you need it for... unless you migrate, eventually excess you probably want it back...

decision is move some now... or wait n hope the law changes in future in your favor

Don't really need in a hurry. Maybe I'll just leave it there for the time being