The period of filing in Income Tax returns is here again. In recent years, the IRB has been engaging with the public providing good feedback answering taxpayer queries on what can and cannot be claimed.
I came across an item in the Q&A on The Star today which may clear a doubt for Malaysian bloggers who are making money online, i.e., income from overseas. Let me know if I'm understanding it incorrectly.
Q: I have a full-time job but I also do some overseas stock option investment and I was wondering if the gain is taxable. If the gain is taxable, how about the losses?
IRB: With effect from the year of assessment 2004, income received in Malaysia from outside Malaysia is exempted from tax.
Hence, an individual is taxable only on income accruing in or derived from Malaysia.
There is more where the above came from. You can check out answers to taxpayer queries that may apply to you, e.g., purchase of sports equipment, education and medical insurance, etc.
- It does not have to be taxing
- Make use of ‘goodies’
- Tax rebate for those who pay zakat (tax calculation included).