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.

Aiyah sekali buy bank draft full value hand deliver when take car sudahlah. Then give ang pow to sales person. Why so susah? Just remember to take the free gift payung.

This post has been edited by Capt. Marble: Jan 29 2024, 02:33 PM

LHDN dont evade and always want to visit

thats we have accountants , auditors to settle all this troublesome thing

Buy under company and park at Langkawi.

And few years, you submit request to government that want bring out the car from Langkawi island. They will ask to pay tax but by this time the tax amount have might have dropped in compare to brand new car.

This post has been edited by GOPI56: Jan 29 2024, 02:39 PM

Typical rich ppl does that.

Or parking luxury car under Langkawi few years before transfer out. If not mistaken

what to ask, if you sell of your elite car, say for 100k, how do you settle the payment? ask for bank cheque?

later get fake bank cheque how?
wait for cheque to clear before hand over car? buyer sure dont agree, cause later dont get the car how?

If don't declare as BIK then it's company car right unless its only for commercial vehicle. Even if BIK, it's up to RM12,000 per annum right, anything over consider income.

google lo. QE for car is 50k for new cars above 150k.

sorry ah i typo, not 150k is 50k.

New motor vehicle which cost more than RM150,000 the qualifying expenditure is RM50,000

https://www.sql.com.my/accounting-software/...ital-allowance/


hope you learn something new today

this is why if gov got balls

they should put 50% extra surge tax to car register under company.

deswai. you said 500k bmw can claim 150k CA.

Not many ktard pandai. Most here think business owner = direct lambo.

oh sorry i typo lol. edited initial post. no wonder u surprised

buy using company name,.. put it as expenses in account,..

Car prices in Malaysia is b40 working in Singapore. You T20 here also guessing years what to get. B40 Singapore earner in Malaysia just walk in showroom point and pay.

Can apply this method in Penang?

This post has been edited by MaybachS600: Jan 29 2024, 11:52 PM