|
Taxation of Remittances to Malaysia
Perhaps some glimmer of hope on the horizon?
"DAP MPs will oppose the Finance Bill to be debated next week unless that there is clarity that the FSIE will not be withdrawn or substantially reviewed to not affect hard-working individuals and companies wanting to bring back their foreign earnings back to the country. Not only will this withdrawal of Foreign Sourced Income Exemption (FSIE) result in capital flight and reductions in capital inflows but it is also unfair for individuals who are compelled to work overseas due to better pay prospects and higher opportunities." DAP opposes the withdrawal of tax exemption of foreign sourced income (FSIE) |
Re: Taxation of Remittances to Malaysia
Does DAP have a say in this, doesn't the current government have majority without DAP?
|
Re: Taxation of Remittances to Malaysia
DAP has nothing to say. Even majority as unclear as usual.
|
Re: Taxation of Remittances to Malaysia
From what I can gather the Budget 2022 was voted in on the 13th.
Looks like the DAP objection got nowhere. |
Re: Taxation of Remittances to Malaysia
Some information about the SIRP in this PDF: LHDN Newsletter
In line with the cancellation of tax exemption on income from foreign sources, as announced by the Minister of Finance through Budget 2022, IRBM offers a Special Income Remittance Program (SIRP) to Malaysian residents with income deposited abroad. This program will be implemented based on the set criteria, such as : i) The implementation period of SIRP is from 1 January 2022 to 30 June 2022 (SIRP period); ii) A tax rate of 3% (gross) on income brought in during the period, as proposed under the Finance Bill 2021; iii) No audit review, investigation or penalty on the income brought in during the SIRP period, all income brought in will be accepted in good faith by IRBM; and iv) Income must be brought in / remitted within the SIRP period. IRBM will issue a list of frequently asked questions and guidelines related to the SIRP to the public, which can only be obtained from the IRBM Official Portal starting January 2022 |
Re: Taxation of Remittances to Malaysia
You may want to subscribe to PwC's newsletter about the tax system in Malaysia, and the upcoming changes:
https://www.pwc.com/my/en/publicatio...y-issue31.html |
Re: Taxation of Remittances to Malaysia
This sounds like good news: https://www.freemalaysiatoday.com/ca...es-until-2026/
|
Re: Taxation of Remittances to Malaysia
Un - fricken - believable!
What a bloody charade. |
Re: Taxation of Remittances to Malaysia
Was it all just a bate to get everyone to remit funds to Malaysia this year?
So much for stability and a stable business environment. |
Re: Taxation of Remittances to Malaysia
Originally Posted by stepen
(Post 13084856)
Was it all just a bate to get everyone to remit funds to Malaysia this year?
So much for stability and a stable business environment. Either they were being sneaky clever - or just plain stupid. Neither is a good conclusion. |
Re: Taxation of Remittances to Malaysia
Originally Posted by Flyguy
(Post 13080550)
Perhaps some glimmer of hope on the horizon?
See the other thread here titled "August 2022: Malaysia now taxes foreign-sourced income not taxed at source" In other words, it is no longer possible to live a tax-free life in Malaysia. |
| All times are GMT. The time now is 10:43 am. |
Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.