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Working overseas but paid to local bank
Working overseas but paid to local bank

New MessageWorking overseas but paid to local bank (modified 0 times) Freelance
I'm Malaysian citizen.
If i work as freelance overseas, but paid directly into my local bank in Malaysia,...

1) do i need declare for tax?
2) what if i already pay tax overseas, do i still neeed to declare in Malaysia?
3) what if i work in free-tax country, do i still need to declare tax in Malaysis?

What is the 'smart' way in order to pay less tax or better none?

19 Apr, 2008 16:19:48

New MessageRE:Working overseas but paid to local bank (modified 0 times) IQ Legal
If you are working overseas and have been resident in that country for a period of more than half the year unbroken, you would be deemed to be a non resident in Malaysia (if the non resident qualification is 6 months or more). If your money is paid into a Malaysian account certain things change. The interest on your Malaysian account could be taxable in Malaysia.

If you pay tax in the foreign country in which you work, check to see if they are part of a dual tax agreement with Malaysia. What happens in such circumstances is that what you have paid there (subject to threshold levels) will be offset against any tax liability you accumulate for the relevant period in Malaysia.

Otherwise, if you work abroad, don't remit your money to Malaysia if you will be taxed there. Tax is calculated if your interest income exceeds the minimum threshold for tax purposes.

If you want to properly plan your tax affairs, you should contact us. Saves you a lot of pain and potential problems with tax authorities. They all cooperate these days to recover lost tax revenue.

lawyerqld@gmail.com

01 Jun, 2008 18:08:49


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