What are the SOPs?

Is this different than normal people?

Are these Millionaires pay full cash?

How they evade from LHDN?

Any experience, gossip or tea?

This post has been edited by MaybachS600: Jan 29 2024, 01:19 PM

I might be wrong, but they use their company name to buy those luxury cars. It's cheaper, i don't know how much. But roadtax or insurance might be much expensive compares to if you buy under your own name. Then after like 3-5 years, the owner can buy off the car cheap from their own company and then changed ownership to their own name. Again i might be wrong though, see if there's some real experts here might able to correct me.

not wrong.

I read about tax saving. Let t20 here enlighten us

Smart way actually

the powerful and rich don't need to evade LHDN.... LHDV evade/avoid them.

haha

Additionally, they put the cost of maintenance, loan and petrol as their company's expenditure, so they evade tax even further. My opinion only la, I'm not T20

Use runner, ask runner to buy under company name, declare as company expenses/asset (for tax relief). All vehicle expenses under company (company expenditure) for further relief.

After xxx years, declare asset released due to EOL, transfer to xxx individual (again via runner), ???, profit.


Some lagi jahat, guna Labuan shell company to buy car duty free and pay with undeclared wealth. Cibais.

This one need the company to report their revenue in order to get loan also, right? Also, even if its 'company' car, the director of the company are still held responsible when the company defaults on the payment?

Not just register at SSM can directly buy the Lambo, right? Else, every pps in the world will start doing thar.

All R&M claim under company expenses, company pay lesser taxes. End of life depreciation, fix everything under company expenses, sell back to direct owner. Should be like this.

Purchase price can deduct tax up to RM150k.
Maintenance, fuel & tol claim from company.
Annual depreciation.

ok its not so direct

technically you can buy using company and let it finish capital depreciation in 5 years, then buy for rm1 as disposal. but allowance for company for new cars above 150k is only cap at 50k. so if u buy a 500k bmw, you only can claim for 50k.

some companies prefer leasing( through their company), as leasing can park under operating costs, reduce revenue, pay less tax. end of lease, return car and start new lease, thats why you see they change car frequently after 3/5 years.

all this is possible if your company is making money and you want to reduce tax , but dont mind paying 'benefit in kind 'on your own income tax.


edit: typo 50k, not 150k

This post has been edited by pisces88: Jan 29 2024, 03:34 PM

Use company to borrow loan on pretext of expanding business , but the money used to invest in other companies and shares or stock market , then the earnings take to buy car

if car is bought by company, technically company is owner, not individual. even if company shares is owned by individual, it would be strnge to declare the company's asset as individuals. otherwise even copany stationery also need to declare?

I think I would wait for more info.

You’re talking about T1, not T20.

T20 are the average /ktards, still taking loan like everyone else albeit at lesser amount and shorter tenure.

PMX & TPM already teach u la..
Register it under yr friend name, yr yayasan & company...
U need to refuse to take yr salary.
Others will pay for U....

Nothing wrong with being rich as long as they make the money the halal way.

Taxation code favour businesses to encourage more people to do business.

Always remember Gaji doesn't fall from the sky.

Gaji came from entrepreneurs who took risk and succeeded in their business. Many failures

not entirely correct. a business can only claim tax deductible expenses if the business declared benefit in kind to the user. Ie, user of the car need pay more personal tax because of the BIK.

Buy G1M number plate to drive luxury cars in KL / Selangor.. Open secret loophole

500k bmw claim 150k CA? sure or not? Don't mislead la wei.