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 ???

Initiative partially defeated ??

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.

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,....

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.

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.

Bros,... only individuals deemed to be able to pay higher taxes but NOT DOING SO will be pursued, there is no time to go after everybody ! So,... how do they decide who these individuals are ? You'll have to think like this.

You are talking as an individual,... you are missing the point. Read the article again,... are they talking abt an individual ?

Then,.. bros,.. you know what will happen ??

Then they will do a blanket taxation on ALL incoming remittances first,... see how much came from which source, then 'calibrate' at their end and refund the ones which are non-taxable.

That's why,... my suggextion is,... if possible for individual investors,... don't move first for the first 6 months of next year. But for investors into foreign funds based in Msia,... no choice,...

I think,... based on all we have discussed in the many threads here and on the articles posted here in this forum pertaining to this matter, the tax authority will go afer the bigger cashcows first and leave the retail investors last.

If you invest overseas via proxies,... like TOS, then you are at the mercy of how the fund mgmt declares and reports and income.

If you are investing overseas personally, then you are at the mercy of your own knowledge and interpretation of the oncoming events.

Bros,... further clarity or not,... there will be tax against income remitted back. There is no turning back from this now.

YOU guys just hope the buggers don't chg to residential taxation system.

You guys just hope the buggers don't ban foreign brokerages from offering offshore investment services to Msian tax residents, like what China is preparing to do to their citizens now.

Then we are still ok,... it's just abt remitting back only.

Pls pardon my impoliteness and vulgarity.

I beg to differ on ur first sentence. IRB would have a calculated knowledge on who are the entities who will be initiating remittances back to Msia on a regular basis,... as well as the size of the amts remitted in. They would have noticed quite a few things,... and decided they shld re-enact back the tax ruling that was practised prior to 1974,... I think,...

I think this regime : called Removal of The FSIE is targetted to produce a new source of income tax collection in this country. It has nothing to do with catching tax-evaders.

Catching tax-evaders is a day-in and say-out job for them.

Okay, bro,... you win,...

Which means, bro,... emm,... they think you have capacity to pay more taxes,... which in turn means you are a strong-income earner. Frankly, bro,.. if they don't suspect anyone of being a strong-income earner, they won't go after that target-lar,... right ? Waste time meh ?

Which then begs the question,... how do they decide who has the capacity to pay more taxes ? From Facebook, INstagram,... I think,....

From political standpoint and Bumiputra policies, I think PNB's vehicles will always be taxfree.

Ok,... looking fwd to it,.. and tq for ur good infos, bro,....