Lowyat.NET: Latest topics by shinzu23

Local Business with Foreign Income Source

shinzu23 — Wed, 24 Jun 2020 15:12:06 +0800

I'm in the midst of incorporating a Sdn Bhd and will begin a contract with an Australian company. It will be on a retainer basis where I'll then hire vendors that will be partly local and partly from outside of Malaysia.

I've been reading and saw that foreign sourced income for businesses are tax free. But would be great to hear from anyone of you here who run a Sdn Bhd but with foreign sourced income.

For the tax rate, the effective corporate tax rate is 23% if I'm not mistaken. But I also read that for revenue of less than RM500k the rate is 17%? Do correct me if I'm wrong.

Thanks!

Have you gotten this scam call?

shinzu23 — Tue, 26 Nov 2019 12:17:53 +0800

I got a few missed calls from +6017277777132 today. First time received a few missed calls in September, and now again this morning. I tried calling back but the number said the number is not in service.

Have any of you gotten calls from this number?

Selling large amount of crypto

shinzu23 — Thu, 13 Jun 2019 18:22:35 +0800

Has anyone sold large amounts of crypto (>RM10k, or >RM50k) at once? Or regularly in a month or span of a few months? I'm wondering if I do that will I get flagged by the bank or will they stop the transaction.

I'm also wondering about whether we need to pay taxes on these types of withdrawals. I use Remitano for trading, but have only done once and sold USDT for RM700+.

I know one option is to open a current account. Someone once told me I could open a sole proprietorship and a company current account, and do my peer to peer crypto transaction there, then can legally file for taxes (to add to my credit history). But how will bank view transactions from personal savings accounts (eg. from Malaysian Remitano users) to a company current account?

Any help or advice would be appreciated!