Income Tax 7.1 Q: What kind of taxes are the participants of this programme normally subjected to?
Income tax is imposed on income earned from investments in local companies and local share market. Apart from this, gains from the sale of landed property are also subjected to real property gains tax. Please refer to www.hasilnet.org.my for more details on the tax structure. 7.2 Q: Is the interest for their fix deposit taxable? Some say it is taxable, other it is not taxable. If the deposit amount exceeds RM100, 000.00 OR if the deposit period is one year. What is the exact regulation? A: Interest earned by an individual from fixed deposit account is exempted in the following situations:- 1. Period exceeding twelve months or more – any amount of interest. 2. Period not exceeding twelve months – interest on fixed deposit account of up to a maximum of RM100,000.00. 7.3 Q: Is income remitted from abroad taxable? A: Before year of assessment 2004 income remitted from abroad to Malaysia (apart from pension) is subject to tax. However, from year of assessment 2004 all income remitted from a
