Oversea Business Earning & Income Tax Issue

sparrow1 — Mon, 28 Dec 2015 19:04:44 +0800

Dear all,

I have some queries on Income tax and business earning oversea. Hope bros/sister here with similar experience can offer their opinion on what is best to do..much appreciated.

Over the past 5 years I have been working in Thailand running own business. Late last year I have decided to rent out my business oversea and return to Malaysia. All this while my business earning is keep in Thai Local bank.
At the moment, I also have business rental income send back to malaysia monthly( from property i rent out)
I plan to take a break for about 6 months to a year to look for opportunity in Malaysia.

Currently, I plan to buy a property in Klang valley (450k), as i am not currently employed and I do not have regular income in Malaysia, I can't obtain a loan ( have tried to talk some mortgage officers)

Since I am not eligible for a loan, the other option is to buy by cash, i know this is not a wise option even if you have money. I understand that business income from oversea business will not be taxed again if repatriate back to Malaysia.

My questions :
1. Do i have to inform LHDN/Income tax department on my intention to bring back my money oversea, and to buy property

2. What is the best way to bring back, TT back via multiple transactions ( there is a daily limits u can TT imposed by some bank), need to declare ( to Bank Negara? etc)

3. If i buy the property by cash, will I be taxed since the income is from business oversea ( I have business documents to show them the ownership prior before I sell off). I am sure it will alert Inland Revenue Department

As I have previously employed (before 2008) in Malaysia prior to running business oversea, I also have a tax file number with LHDN. Every year, I never fail to file my income tax too (april), but mostly just submit zero taxable income (as I don't have employment income derived in Malaysia, I just has rental from an apartment about RM700 a month).

I am not trying to evade tax, just checking what option do i have. Let me know if you need further info to clarify the situation.

Thanks in advance
Vin

CI to go for correction soon?

sparrow1 — Thu, 11 Jun 2009 12:07:53 +0800

With the daily trading volume still sustainable above 1.5 bil share, will the CI have moment to sustain the upward trend?

It has been up quite a lot since 2 months ago.

anyone?

SCOMI

sparrow1 — Thu, 11 Jun 2009 11:55:44 +0800

I bought this share when it was over RM1, now this share had shot up to RM0.80 .

Just wonder if i should sell it and buy back when it drop. Anyone hold this stock?

COMMERZ VS PBB, which one is better?

sparrow1 — Thu, 11 Jun 2009 11:51:31 +0800

Anyone mind to offer some thought?

SHould i swap my Commerz with PBB?

The price now Commerz is RM9 and PBB Is RM8.9

Lowyat.NET: Latest topics by sparrow1

Oversea Business Earning & Income Tax Issue

CI to go for correction soon?

SCOMI

COMMERZ VS PBB, which one is better?