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 Best way to receive USD income

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BenChiew
post May 14 2024, 11:48 AM

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Junior Member
347 posts

Joined: Dec 2023
From: Kuala Lunpur


QUOTE(dwRK @ May 11 2024, 04:47 PM)
open rhb multi currency account... it can receive usd without conversion

it has good usd fd rates and usd to myr conversation rate

and please pay your taxes... don't be a tax evader... tq

edit... yours is not foreign sourced income... irb considers it local souced income, so it doesn't matter if the usd is kept overseas or local, its subject to your normal income tax
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what if the originating country is one that has a double taxation agreement with Malaysia, and income tax was paid at the source country, would he still have to pay income tax in Malaysia?
BenChiew
post May 14 2024, 01:45 PM

Casual
***
Junior Member
347 posts

Joined: Dec 2023
From: Kuala Lunpur


QUOTE(dwRK @ May 14 2024, 12:25 PM)
on rhb side, inward receiving no fees... wire in $100, you get $100...
source company doesn't pay income tax... they may pay a withholding tax that you can claim credit for... you always have to check if the tax paid is enough or not, so to top up or claim credit...

fyi, irb has very clear guidelines on how you do your taxes for countries with and without tax treaty
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what I meant was the source company pays the income tax according to the rate in that country, once the taxed money is repatriated to Malaysia, is it subjected to tax in Malaysia?

I will look up for the guidelines you mentioned. Thanks.

 

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