About the Video
Here’s everything you need to know about the removal of the foreign-sourced income tax exemption – especially if you are investing in the foreign markets (U.S., Hong Kong, Singapore, U.K., etc.)
🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ https://www.interactivebrokers.com/mk...
🟠 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗺𝗼𝗼𝗺𝗼𝗼 ➡️ https://j.moomoo.com/00JRcf
✉️ Free bi-weekly newsletter on all things finance ➡️ https://www.ziet.co/newsletter/
⬇️Timestamps:
0:00 Introduction
0:47 Summary of the Income Tax
2:40 Double Tax Agreement
5:11 Capital Gains
7:43 My Personal Take (Summary)
🔴Press release statement by LHDN in BM (16 Nov): Click Here
🔴PwC’s TaXavvy Budget 2022 Edition Part 2: Click Here
🔴Deloitte’s Tax Expresso Special Edition Part II: Click Here
🔴Article by The SUN daily: Click Here
🔴Article by 3E Accounting Malaysia: Click Here
🔴List of DTAs by LHDN: Click Here
As announced during the tabling of Budget 2022, foreign-sourced income (FSI) received in Malaysia will be taxed. All types of income will be taxable, and this will include dividend income, interest income, rental income, pension income, employment income, and annuities.
The charge-ability of income is governed by Section 3 of the Income Tax Act, 1967 (ITA) which states that “income shall be charged for tax for each year of assessment (“YA”) upon the income of any person accruing in or derived from Malaysia or received in Malaysia from outside Malaysia”. The phrase accruing in or derived from Malaysia connotes the source of income must be in Malaysia. – 3E Accounting Malaysia
As a transition, it is proposed that the FSI received in Malaysia from 1 January 2022 until 30 June 2022 will be taxed at 3% on a gross basis. The FSI received in Malaysia from 1 July 2022 onwards would be subject to tax, based on the prevailing income tax rate.
❗️USEFUL LINKS❗️
✅Beginner’s Step-By-Step Playlist to Start Investing 👇🏻
• Beginner’s Guide to Investing
✅Moomoo Complete Playlist👇🏻
• Moomoo Trading
✅Full Interactive Brokers Playlist👇🏻
• Interactive Brokers Guide
✅Start Investing in the U.S. market now!👇🏻
• Investing in the US market
✅Exchange-Traded Funds (ETFs) Playlist 👇🏻
• Exchange-Traded Funds (ETFs)
✅🎥All the gears that I use to make my YouTube videos: https://kit.co/Ziet/youtube-gears
Follow Ziet
Disclaimer: This content is provided by a paid Influencer of Interactive Brokers. Influencer is not employed by, partnered with, or otherwise affiliated with Interactive Brokers in any additional fashion. This content represents the opinions of Influencer, which are not necessarily shared by Interactive Brokers. The experiences of the Influencer may not be representative of other customers, and nothing within this content is a guarantee of future performance or success.
None of the information contained herein constitutes a recommendation, promotion, offer, or solicitation of an offer by Interactive Brokers to buy, sell or hold any security, financial product or instrument or to engage in any specific investment strategy. Investment involves risks. Investors should obtain their own independent financial advice and understand the risks associated with investment products and services before making investment decisions. Risk disclosure statements can be found on the Interactive Brokers website.
Interactive Brokers is a FINRA registered broker and SIPC member, as well as a National Futures Association registered Futures Commission Merchant. Interactive Brokers provides execution and clearing services to its customers. For more information regarding Interactive Brokers or any Interactive Brokers products or services referred to in this video, please visit www.interactivebrokers.com.
