Counter Offer

wadzee95 — Tue, 27 Jul 2021 16:10:11 +0800

My situation :

Been working with this company (MNC) for close to 8 months now as Software Engineer and earning roughly 7k basic + 500 (if im the weekly offhour support). no allowance. company culture is seriously awesome, friendly college and manager. the only downside i could see is that i'm not growing as fast as i would like to see myself grow in term of technical knowledge. there isn't just much to do and i'm getting way too comfortable here. task are based on sprint goal (bi-weekly) and there isn't just much excited things to work on which kinda lower my overall job satisfaction (getting more lazy/low motivation).

Earlier this Jun, a recruiter reached out to me asking if i'm open to new opportunity which i said yes to. (i set myself to at least attend 1 interview per year, just to see how marketable i am without any intention to actually leave - i set a high 30% increment just to throw any company off ). long story short, the company actually offered me exactly the amount i asked for which is RM 9k + 300 allowance (with joining bonus of 1 month salary). which i accepted and gave my notice of resignation to my current company. I'll be joining the new company on 1/9. Company is SME (HQ is at US with branch here in MY) which i think i can contribute and work more on new exciting stuff.

So here's the kicker, yesterday. I had a meeting with my manager and the director of engineering. we talked on the reason for leaving, salary package offered, etc... and after close to 30 minute meeting. they decided to counter offer at RM 9.5k basic (no allowance) which will be effective immediately if i accept it and the kicker is that it will be reflected on my bonus which will be given at the end of sept. (125% approved bonus which translate to RM 11875 before EPF/Tax deduction).

This kinda throw me off because i was hoping my joining bonus can offset the 125% bonus i'm eligible for later this september (which is why i'm willing to leave earlier).

Just to give more clarity i'll just list few benefit of each company.

current :

No allowance
Annual Leave - 16 Days
Flexi Leave - 3 Days
Sick Leave - 14 Days (Allow max 5 days of SL without MC)
RM 600 claimable benefit (telco/gym/optical/dental)
max 2 month bonus
14% EPF

new :

Allowance - 300 (150 travel, 150 connectivity)
Annual Leave - 18 Days (up to 25 prorated depending on performance)
Flexi Leave - none
Sick Leave - 14 Days (Must have MC)
RM 2000 claimable benefit (optical/dental)
max 2 month bonus + company share (prorated)
14% EPF

I'm leaning forward towards the new company as i feel i can grow more there but the prospect of bonus (3k extra from joining bonus) and higher basic is very enticing . Would like to get a second opining from you guys.

Overseas Income Tax

wadzee95 — Thu, 31 Dec 2020 18:33:46 +0800

As titled above. hows taxation for overseas income?

QUOTE

Section 3 of the Income Tax Act, 1967 (ITA) states that “income shall be charged for the income of any person accruing in or derived from Malaysia or received in Malaysia from outside Malaysia”. The phrase accruing in or derive from Malaysia means the source of income must be in Malaysia

With effect from YA 2004, foreign source income derived from sources outside Malaysia and received in Malaysia by any person is NOT subject to Malaysian income tax

statement above is quoted from LHDN which clearly stated that i wont be paying for any income derived overseas right?

I'm earning roughly $3k/month freelancing for a company in UK and I get paid through Transferwise which i then transfer out to local bank.

This is my will be first time filing tax for this year so just wondering if anyone with this experience can provide some insight on this. Also do i need to declare it too?

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Counter Offer

Overseas Income Tax