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Search: Posts Made By: stepen
Showing results 1 to 25 of 187
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Mar 13th 2023, 1:11 am
Replies: 26
Views: 3,062
Posted By stepen

Re: Is a TransferWise exchange a 'Remittance'?

So again to conclude, I think that all funds receive to Wise borderless accounts are received in/remitted to Malaysia.
Mar 12th 2023, 9:38 am
Replies: 26
Views: 3,062
Posted By stepen

Re: Is a TransferWise exchange a 'Remittance'?

Most of them, THB, , NOK are some examples
Mar 11th 2023, 1:48 pm
Replies: 26
Views: 3,062
Posted By stepen

Re: Is a TransferWise exchange a 'Remittance'?

I believe the local bank account details are only to receive funds, it's not an actual bank account in that country.
Mar 10th 2023, 8:04 am
Replies: 26
Views: 3,062
Posted By stepen

Re: Is a TransferWise exchange a 'Remittance'?

But all is held by wise Malaysia. Do HSBC Malaysia hold usd? No, that's held by their correspondent bank in the USA (foreign banks can't hold usd directly).
Mar 10th 2023, 1:50 am
Replies: 26
Views: 3,062
Posted By stepen

Re: Is a TransferWise exchange a 'Remittance'?

Is money received in your (Transfer)Wise account received in Malaysia? Wise has a Malaysia e-money license, and the money in your Wise account for Malaysia residents are held by Wise Malaysia. What...
Mar 7th 2023, 3:55 am
Replies: 48
Views: 6,581
Posted By stepen

Re: August 2022: Malaysia now taxes foreign-sourced income not taxed at source


Are you going to file a tax return to claim this? I'd just ignore it until someone approach me. They don't even know if we're tax resident or not.
Mar 7th 2023, 12:22 am
Replies: 48
Views: 6,581
Posted By stepen

Re: August 2022: Malaysia now taxes foreign-sourced income not taxed at source

So it means that if income that's taxable in another country (for example salary income) but is not taxed, eg because you live in Malaysia and use a tax treaty to avoid paying income tax in that...
Forum: Malaysia
Mar 6th 2023, 8:07 am
Replies: 7
Views: 2,979
Posted By stepen

Re: E-Gate entry to Malaysia for expats

So only these countries? Canada, France, Germany, Italy, Japan, the United Kingdom and the United States + Singapore, Brunei, New Zealand?
Oct 14th 2022, 1:04 am
Replies: 19
Views: 2,693
Posted By stepen

Re: New Thai Visa Scheme - seeks 1 million applicants!

in the summary page by pwc they say that foreign income is only taxed if remitted to thailand the same year.

https://taxsummaries.pwc.com/thailand/individual/taxes-on-personal-income
Sep 15th 2022, 6:22 am
Replies: 5
Views: 1,094
Posted By stepen

Re: New 1 year Digital nomad visa

Also good, but higher requirements to get:
"Remote workers have to be employees of qualified overseas companies with an income of US$80,000 per year or an annual income of US$40,000 and a master’s...
Sep 14th 2022, 2:36 am
Replies: 5
Views: 1,094
Posted By stepen

New 1 year Digital nomad visa

Requires minimum $24,000 annual income.

https://mdec.my/ms/derantau/foreign/
Sep 7th 2022, 4:56 am
Replies: 48
Views: 6,581
Posted By stepen

Re: August 2022: Malaysia now taxes foreign-sourced income not taxed at source

It still refers to taxable income, not necessarily all remittances.
Sep 6th 2022, 8:42 am
Replies: 8
Views: 1,298
Posted By stepen

Re: Announcement of Premium Visa Program

Yes, it's really strange. Also, who would want to apply for this new visa instead of the new MM2H? Is it the 200K application fee that is more tempting?

Only one difference seems to be that you...
Aug 30th 2022, 3:17 pm
Replies: 48
Views: 6,581
Posted By stepen

Re: August 2022: Malaysia now taxes foreign-sourced income not taxed at source

There hasn't been released much detailed guidelines. The tax should be similar to if the money was earned in Malaysia. That means for example that dividends are not taxed as they are not taxed in...
Aug 30th 2022, 12:38 am
Replies: 48
Views: 6,581
Posted By stepen

Re: August 2022: Malaysia now taxes foreign-sourced income not taxed at source

Lots of foreign property buyers are non tax residents, and then no tax when sending money to Malaysia. Also no tax if sending capital, not salary etc. I assume most buyers of properties doesn't take...
Aug 9th 2022, 8:59 am
Replies: 45
Views: 6,759
Posted By stepen

Re: Another nail in the MM2H coffin

The 15% minimum tax refers to corporate and partnership income, its not required for personal income.
Aug 8th 2022, 4:28 am
Replies: 45
Views: 6,759
Posted By stepen

Re: Another nail in the MM2H coffin

Have a look at this EY publication.
https://www.ey.com/en_my/tax-alerts/foreign-sourced-income-fsi-exemption-orders-gazetted

They added a requirement to get the exemption they announced on Dec...
Aug 7th 2022, 9:17 pm
Replies: 48
Views: 6,581
Posted By stepen

Re: August 2022: Malaysia now taxes foreign-sourced income not taxed at source

You might be right, my point was that you need to be familiar with Malaysian laws and rulings to correctly interpret this. A "similar regime" might be the tax office in UAE etc, even if the tax rate...
Aug 7th 2022, 7:45 pm
Replies: 48
Views: 6,581
Posted By stepen

Re: August 2022: Malaysia now taxes foreign-sourced income not taxed at source

I'm not a tax lawyer but I'm not convinced that the tax free income is not still subject to a tax similar in nature. The nature can be similar even if the rate is 0.
Dec 30th 2021, 5:06 pm
Replies: 10
Views: 2,109
Posted By stepen

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.
Dec 12th 2021, 9:37 pm
Replies: 10
Views: 2,109
Posted By stepen

Re: Taxation of Remittances to Malaysia

Does DAP have a say in this, doesn't the current government have majority without DAP?
Nov 7th 2021, 2:12 pm
Replies: 45
Views: 6,759
Posted By stepen

Re: Another nail in the MM2H coffin

I think you misunderstand how the 15% minimum tax will work. Countries can still set the rate they want. However if say Starbucks Germany buys 1bn worth of beans from Starbucks labuan, and the labuan...
Nov 7th 2021, 6:47 am
Replies: 45
Views: 6,759
Posted By stepen

Re: Another nail in the MM2H coffin

Note that it says received in Malaysia, and not remitted to Malaysia.
Nov 6th 2021, 8:35 am
Replies: 45
Views: 6,759
Posted By stepen

Re: Another nail in the MM2H coffin

You get tax residence from the 4th year on by spending 90 days a year:


https://phl.hasil.gov.my/pdf/pdfam/individual.pdf
Nov 4th 2021, 5:11 pm
Replies: 45
Views: 6,759
Posted By stepen

Re: Another nail in the MM2H coffin

You also become tax resident after spending 90 days yearly from the 4th year on.
Showing results 1 to 25 of 187
 


 
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