Lowyat.NET: Latest topics by cyanbleu

Here's a crazy tax question.. (SG)

cyanbleu — Sun, 05 Jul 2020 02:53:53 +0800

Hi everyone, this question is directed specifically to tax experts..

Scenario:
Malaysian, stay in Malaysia, work in Malaysia with a SG bank account. I export goods to the US but all returns go to the SG bank account (planning to invest here).
Because these are physical goods, am I liable to sales tax (or any other form of income tax)? Let's say the goods amount to $100,000 (large amount example because I'm not sure if there's a tax-free limit).

I am aware of GST 7% for SG. Not sure if this applies.

*Note from IRAS:
"Overseas income derived outside Singapore, Singapore dividends and bank interest are tax exempt in Singapore." Not sure if this applies in this situation.

Let me know if anyone has experience in a similar scenario, thanks in advance!

Opening SG bank account

cyanbleu — Wed, 24 Jun 2020 04:26:42 +0800

Is it still possible to open a POSB/DBS account as a Malaysian who doesn't have a work permit/ student visa/ PR?

I'm looking to open a SG bank acc but don't know how. Looked up MBB's iSavvy but not keen on depositing $500 just yet. Anyone has experience in opening accounts in SG mind sharing?

Many thanks

International Shipping Costs

cyanbleu — Sat, 30 May 2020 12:51:31 +0800

Anyone know which courier offers cheapest for international shipping (Malaysia to other countries)? Thinking of selling products overseas but the shipping fees are really killer for most delivery services like DHL, UPS, even Pos Malaysia quite ex. Anyone with experience can share?

Paypal Dispute & Chargeback

cyanbleu — Tue, 26 May 2020 12:49:36 +0800

I've been selling alot of virtual goods for some time and my customers are usually from US and EU. I used Paypal as my trading platform because I didn't do enough research on how shitty it is.

So one day I received an email stating my customer has opened 3 disputes, on the account of not receiving his items when I have enough screenshot and everything of that transaction. Despite sending those to Paypal I have received my first email today stating that the buyer's credit card company has issued a successful chargeback. The amount is $300, I know it's not a lot to some but I'm just a young student, it's very hard for me to pay back this. This is some unfair shit scam which I can't do anything about and I've had my nights feeling awful shitty about this.

I've read on similar issues and my question is, what happens if I just remove or close the bank account registered to my Paypal account? Will Paypal still be able to chase me? Some sites claim that even though it's out of US they will send debt collectors to get the funds from me. One specific lowyat post in 2015 claimed that 'police will raid' due to my debts.

Anyone has been through a similar situation can advise? Will I be able to prevent any police involvement by first reporting this to the police? Please help me

Paypal Dispute & Chargeback

cyanbleu — Tue, 26 May 2020 12:46:29 +0800

RakutenTrade Contra Account

cyanbleu — Wed, 20 May 2020 12:33:57 +0800

Hi all sifu, new to Contra account and would appreciate if someone can explain to me my most recent transaction. I decided to register for Contra because of the day trade rebates.

So I bought 500 lots of Stock A (x5 contra value) for 1.000 and immediately sold for 1.005 via limit order. I only have RM10,000 and due to contra value my trade limit is increased RM50,000.

My gross would be 0.005x50000 = RM250
Nett (after brokerage fee, stamp etc) = ~RM230

How come under Outstanding Position, my contra gain only amount to RM100+? Is there some hidden fee that I am unaware of or is there a separate mathematical calculation for my gain because I used contra funds?

Would appreciate it if someone explained this! Thank you! Still newbie here ._.

Limit trade below market value (RakutenTrade)

cyanbleu — Fri, 08 May 2020 14:30:19 +0800

Hi all sifu, im still new to the trading market. I've just registered with rakutentrade as my broker.

I want to ask, hope someone can clarify with me.

Market/Limit Definitions
1) If Stock X price at 0.800 per lot currently, if I use Market Order I can get my lots at exactly 0.800 immediately, right?

2) If Stock X price at 0.800 per lot currently, if I use Limit Order at 0.750 for 100 lots, I can only get my lots if SOMEONE is willing to sell 100 lots at 0.750. Right?

Best Buy/Sell
1) If Stock X price at 0.800 per lot currently, how come some people are selling at 0.750 under Best Sell?

In this instance, why don't this person sell with Market Order for 0.800, but choose to sell at Limit 0.750? They are essentially losing (0.05)(X lots) no? This part seems confusing and fishy to me.

Hope someone can teach and clarify with me. Thank you!