@scorgio,
Yeah.. a friend sold it to me for RM1 *grins*
Will LHDN put me into trouble?
Will LHDN put me into trouble?
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Jul 9 2008, 09:24 PM
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VIP
13,469 posts Joined: Dec 2006 From: KL, Malaysia |
@scorgio,
Yeah.. a friend sold it to me for RM1 *grins* |
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Jul 9 2008, 09:30 PM
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All Stars
23,614 posts Joined: Dec 2006 |
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Jul 9 2008, 11:14 PM
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Senior Member
4,570 posts Joined: Jan 2005 |
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Jul 10 2008, 07:05 AM
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Elite
15,855 posts Joined: Jan 2003 |
QUOTE(SKY 1809 @ Jul 9 2008, 07:24 PM) In theory , no tax. SKY 1809,But, you need to prove the source of money where it comes from. It is not logical for a poor relative to give you so much money. What is her status ? And you always have the risk of "thorough investigation." of your all assets. Who say so??? Under Malaysia tax system, you are TAXED when the money come into Malaysia. What makes you think that it is NOT taxable?? Dreamer |
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Jul 10 2008, 08:55 AM
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All Stars
23,614 posts Joined: Dec 2006 |
QUOTE(dreamer101 @ Jul 10 2008, 07:05 AM) SKY 1809, When money is given as a GIFT ( voluntary payment and non contractual ) let say from a parent to child. Who say so??? Under Malaysia tax system, you are TAXED when the money come into Malaysia. What makes you think that it is NOT taxable?? Dreamer It is not considered as SOURCE OF INCOME. One off situation rather than on regular basis. However, GIFTs from employers to employees could be deemed as employment incomes ( if not , could be abused ). Gain on Share Investments ( CAPITAL GAINS ) are not taxable in Malaysia. Likewise. applicable to gains from oversea markets brought back to Malaysia. Or it could a settlement of a debt owed to you ( whereby you sent out money earlier ). Income Tax does not tax on cashflows ( money circulating in the system ) but on SOURCES OF INCOMES. For Incomes from outside Malaysia remitted back to Malaysia , tax laws change quite often in this area. Not too sure of the latest rulings. And so the complications of non resident or resident rules. Also, Malaysia has Double Taxation Treaty signed with other countries for avoiding double tax imposed on persons or companies. Correct me if I am wrong. Added on July 10, 2008, 10:28 amTax Incentives by Legislation *8) Incentives for Malaysian Experts Abroad To Return To Work In Malaysia* To encourage Malaysians experts who are abroad to return to serve Malaysia the following incentives are granted: (i) income remitted within 2 years from the date of arrival will be exempted from income* *tax; (ii) two motorcars registered in the country of origin for at least 6 months in the name of either the husband/wife/children will be exempted from import duty and sales tax; and (iii) husband/wife and children of a Malaysian citizen will be given permanent resident status within 6 months from the date of arrival. These incentives will be effective from 1 January 2001. Applications for this incentive should be submitted to a Special Committee in the Ministry Of Human Resources. Last Update Date: 10 Jul 2008 8:36 am This post has been edited by SKY 1809: Jul 10 2008, 11:11 AM |
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Jul 11 2008, 10:31 AM
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Elite
15,855 posts Joined: Jan 2003 |
QUOTE(SKY 1809 @ Jul 10 2008, 08:55 AM) When money is given as a GIFT ( voluntary payment and non contractual ) let say from a parent to child. SKY 1809,It is not considered as SOURCE OF INCOME. One off situation rather than on regular basis. However, GIFTs from employers to employees could be deemed as employment incomes ( if not , could be abused ). Gain on Share Investments ( CAPITAL GAINS ) are not taxable in Malaysia. Likewise. applicable to gains from oversea markets brought back to Malaysia. Or it could a settlement of a debt owed to you ( whereby you sent out money earlier ). Income Tax does not tax on cashflows ( money circulating in the system ) but on SOURCES OF INCOMES. For Incomes from outside Malaysia remitted back to Malaysia , tax laws change quite often in this area. Not too sure of the latest rulings. And so the complications of non resident or resident rules. Also, Malaysia has Double Taxation Treaty signed with other countries for avoiding double tax imposed on persons or companies. Correct me if I am wrong. Added on July 10, 2008, 10:28 amTax Incentives by Legislation *8) Incentives for Malaysian Experts Abroad To Return To Work In Malaysia* To encourage Malaysians experts who are abroad to return to serve Malaysia the following incentives are granted: (i) income remitted within 2 years from the date of arrival will be exempted from income* *tax; (ii) two motorcars registered in the country of origin for at least 6 months in the name of either the husband/wife/children will be exempted from import duty and sales tax; and (iii) husband/wife and children of a Malaysian citizen will be given permanent resident status within 6 months from the date of arrival. These incentives will be effective from 1 January 2001. Applications for this incentive should be submitted to a Special Committee in the Ministry Of Human Resources. Last Update Date: 10 Jul 2008 8:36 am <<Also, Malaysia has Double Taxation Treaty signed with other countries for avoiding double tax imposed on persons or companies. >> Only with SOME countries and in some case limited to some jobs. For example, Malaysia's TAX Treaty with USA only apply to pilot and stewardess, and ship captains and workers. <<*8) Incentives for Malaysian Experts Abroad To Return To Work In Malaysia*>> Which does not apply in this case. <<Gain on Share Investments ( CAPITAL GAINS ) are not taxable in Malaysia. Likewise. applicable to gains from oversea markets brought back to Malaysia. Or it could a settlement of a debt owed to you ( whereby you sent out money earlier ). Income Tax does not tax on cashflows ( money circulating in the system ) but on SOURCES OF INCOMES. For Incomes from outside Malaysia remitted back to Malaysia , tax laws change quite often in this area. Not too sure of the latest rulings. And so the complications of non resident or resident rules.>>> Who say so?? Malaysia do not TAX on income from oversea. Malaysia TAX on remittance into Malaysia. This is different from any other countries in the world. I am just saying it is complicated enough that a person cannot just say that it is NOT taxable. Dreamer |
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Jul 11 2008, 10:44 AM
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All Stars
23,614 posts Joined: Dec 2006 |
QUOTE(dreamer101 @ Jul 9 2008, 07:19 PM) All, I talk of money given as a gift NOT as income given by the relative as per TS asked. It is not an across the board answer ( or answering to your problems directly ). I was not making any comparison with US or so bcos I am not familiar with US Tax laws. There is a diff between MONEY and Income remitted to Malaysia. And it is very risky to apply tax law across the board generally.There is a FUNDAMENTAL question that has not been asked. Is the money given by relative from Thailand taxable?? If it is and when you are queried by LHDN and you said the money is from Thailand, you will be charged with tax evasion. Dreamer I also said it is in thoery bcos, practically it is not easy for a relative to give away few hundred K . Not easy to make Income Tax people to believe also. Related to your Q. Tax Resident : Incomes received * in Malaysia from Outside Malaysia are still subjected to tax . ( I am not able to track back since when it is not taxed ). Correct me if I am wrong. Anyway, thanks for sharing yr info with us. * remittance/brought back to Malaysia. This post has been edited by SKY 1809: Jul 11 2008, 01:34 PM |
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