|May 14th, 2016, 04:24 AM||#21 (permalink)|
Futures Experience: Beginner
Platform: TC Pro, T4 and Sierra
Broker/Data: Phillip Futures
Favorite Futures: CPO, CL, GC
Posts: 156 since Oct 2013
Thanks: 821 given, 141 received
I am not a live trader yet.
However, I do not see any problem transferring the money home.
The problem you need to concern more is the tax part.
I have searched the net for more info, on the tax part. Not finding a real answer yet. Probably need to go look for a good knowledgeable accountant who knows his/her stuff in regards to these kind of trading profit.
Local brokers will tell you that profit from trading futures locally are not taxable. I also read that
" Income Remitted from Outside Malaysia
With effect from the year of assessment 2004, income derived from outside Malaysia and received in Malaysia by a resident individual is exempted from tax."
The question is how do they define the terms derived from outside Malaysia?
Some say, you are trading from Malaysia. It's kind of a gray area I guess.
If the sum is not huge, and you still have a full-time job/business in Malaysia, and pay your regular taxes, I don't think it will be a problem. It's when you decided you're good enough to trade full time, and no longer hold a job/business that pay the taxes, you need to start to worry about the income tax dept.
I would also like to hear advice from live traders who remit money into the country, esp on the tax part.
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