Go Back  British Expats > Living & Moving Abroad > Far East and Asia > Malaysia > Retirement and MM2H
Reload this Page >

Taxation of Remittances to Malaysia

Taxation of Remittances to Malaysia

Old Dec 12th 2021, 6:43 am
  #1  
Forum Regular
Thread Starter
 
Joined: Jan 2019
Posts: 38
Flyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant future
Default 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"DAP MPs will oppose the Finance Bill to be debated next week unless that there is clarity that the FSIE will not be withdrawn or substantially reviewed to not affect hard-working individuals and companies wanting to bring back their foreign earnings back to the country.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)
Flyguy is offline  
Old Dec 12th 2021, 9:37 pm
  #2  
Forum Regular
 
Joined: Dec 2016
Posts: 173
stepen is on a distinguished road
Default Re: Taxation of Remittances to Malaysia

Does DAP have a say in this, doesn't the current government have majority without DAP?
stepen is offline  
Old Dec 13th 2021, 10:22 am
  #3  
BE Enthusiast
 
Joined: Oct 2015
Posts: 461
eCdD has a reputation beyond reputeeCdD has a reputation beyond reputeeCdD has a reputation beyond reputeeCdD has a reputation beyond reputeeCdD has a reputation beyond reputeeCdD has a reputation beyond reputeeCdD has a reputation beyond reputeeCdD has a reputation beyond reputeeCdD has a reputation beyond reputeeCdD has a reputation beyond reputeeCdD has a reputation beyond repute
Default Re: Taxation of Remittances to Malaysia

DAP has nothing to say. Even majority as unclear as usual.
eCdD is offline  
Old Dec 16th 2021, 12:24 am
  #4  
Forum Regular
Thread Starter
 
Joined: Jan 2019
Posts: 38
Flyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant future
Default 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.
Flyguy is offline  
Old Dec 22nd 2021, 1:10 am
  #5  
Forum Regular
 
Joined: Jun 2015
Posts: 260
Epicurious has a reputation beyond reputeEpicurious has a reputation beyond reputeEpicurious has a reputation beyond reputeEpicurious has a reputation beyond reputeEpicurious has a reputation beyond reputeEpicurious has a reputation beyond reputeEpicurious has a reputation beyond reputeEpicurious has a reputation beyond reputeEpicurious has a reputation beyond reputeEpicurious has a reputation beyond reputeEpicurious has a reputation beyond repute
Default 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
Still no definition of what counts as foreign income, as far as I have seen.
Epicurious is offline  
Old Dec 23rd 2021, 10:16 am
  #6  
BE Enthusiast
 
Joined: Aug 2015
Location: Penang
Posts: 925
SushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond repute
Default 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
SushiFan is offline  
Old Dec 30th 2021, 11:54 am
  #7  
BE Enthusiast
 
Joined: Aug 2015
Location: Penang
Posts: 925
SushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond reputeSushiFan has a reputation beyond repute
Default Re: Taxation of Remittances to Malaysia

This sounds like good news: https://www.freemalaysiatoday.com/ca...es-until-2026/
SushiFan is offline  
Old Dec 30th 2021, 4:18 pm
  #8  
Forum Regular
Thread Starter
 
Joined: Jan 2019
Posts: 38
Flyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant future
Default Re: Taxation of Remittances to Malaysia

Un - fricken - believable!
What a bloody charade.
Flyguy is offline  
Old Dec 30th 2021, 5:06 pm
  #9  
Forum Regular
 
Joined: Dec 2016
Posts: 173
stepen is on a distinguished road
Default 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.
stepen is offline  
Old Dec 31st 2021, 7:36 am
  #10  
Forum Regular
Thread Starter
 
Joined: Jan 2019
Posts: 38
Flyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant futureFlyguy has a brilliant future
Default Re: Taxation of Remittances to Malaysia

Originally Posted by stepen View Post
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.
Same thought crossed my mind Stepen.
Either they were being sneaky clever - or just plain stupid.
Neither is a good conclusion.
Flyguy is offline  
Old Aug 7th 2022, 8:44 am
  #11  
Just Joined
 
Joined: Aug 2022
Posts: 14
MM2Hresident is an unknown quantity at this point
Default Re: Taxation of Remittances to Malaysia

Originally Posted by Flyguy View Post
Perhaps some glimmer of hope on the horizon?
No hope. The order has been gazetted and all foreign-source income remitted to Malaysia that has not been taxed by the source country will now be taxed by Malaysia effective immediately.

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.

Last edited by MM2Hresident; Aug 7th 2022 at 8:46 am.
MM2Hresident is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.