Boring Income Tax Question(s) - Zzzzz.. Sorry, nodded off
Jun 30th 2009, 7:45 pm
#1
Forum Regular
Thread Starter
Joined: Jan 2009
Posts: 40
Boring Income Tax Question(s) - Zzzzz.. Sorry, nodded off
Hi Guys,
Been rummaging again. I've a couple of taxing (I do apologise!) questions.
Being moved to Malaysian Manufacturing arm of UK company.
Seems that if I go to Malaysia in Oct 2009 I will not qualify for resident tax status until June 2010? (as there will be only 90 days left in 2009 which can't count towards the 183 days necessary to be consideren resident for tax).
Malaysian Gov states that the 183 days necessary to be considered resident for tax purposes needs to fall with in the defined "year of assessment" which runs from Jan to Dec.
I presume therefore I must pay 28% tax for the months Oct - June 2010 as I'm presuming that I must also pay 28% for the 1st 183 days of 2010?
So, by arriving in Oct 2009, I will end up paying 28% for 9 months (270 days?). I hope someone can confirm that my understanding is correct - or better still, tell me that I've lost it and that I need only pay 28% until March 1010!!
Second question. I also understand that Malaysia operates on an incremental tax system. Can you please confirm that after I have been accepted as a resident for tax purposes, I will pay up to 54975 on the first 250,000 ringit and 25% on earnings over and above this?
Third. To complicate matters, if my hunch is correct and I do need to pay 28% for 270 days, that means that I will have only 6 months left in the 2010 tax year to be taxed at the local rate. How does that work in terms of the incremetal tax?
Lastly, are there any other mandatory contributory schemes that I need to be aware of outside simple income tax?
Boo!!! - I hope that woke you up! sorry for the bore, but need to know where I stand as much as possible on the Tax side of things before moving
Been rummaging again. I've a couple of taxing (I do apologise!) questions.
Being moved to Malaysian Manufacturing arm of UK company.
Seems that if I go to Malaysia in Oct 2009 I will not qualify for resident tax status until June 2010? (as there will be only 90 days left in 2009 which can't count towards the 183 days necessary to be consideren resident for tax).
Malaysian Gov states that the 183 days necessary to be considered resident for tax purposes needs to fall with in the defined "year of assessment" which runs from Jan to Dec.
I presume therefore I must pay 28% tax for the months Oct - June 2010 as I'm presuming that I must also pay 28% for the 1st 183 days of 2010?
So, by arriving in Oct 2009, I will end up paying 28% for 9 months (270 days?). I hope someone can confirm that my understanding is correct - or better still, tell me that I've lost it and that I need only pay 28% until March 1010!!
Second question. I also understand that Malaysia operates on an incremental tax system. Can you please confirm that after I have been accepted as a resident for tax purposes, I will pay up to 54975 on the first 250,000 ringit and 25% on earnings over and above this?
Third. To complicate matters, if my hunch is correct and I do need to pay 28% for 270 days, that means that I will have only 6 months left in the 2010 tax year to be taxed at the local rate. How does that work in terms of the incremetal tax?
Lastly, are there any other mandatory contributory schemes that I need to be aware of outside simple income tax?
Boo!!! - I hope that woke you up! sorry for the bore, but need to know where I stand as much as possible on the Tax side of things before moving
Jul 1st 2009, 12:22 pm
#2
BE Forum Addict
Joined: Apr 2005
Posts: 1,755
Re: Boring Income Tax Question(s) - Zzzzz.. Sorry, nodded off
Why not consult the Malaysian arm of your company.
You can't be the first to be transferred.
You can't be the first to be transferred.
