DislikedHere some resource that is helpful to answer you question. About TAX... I've ask my friend from TAX agency. As long as the whatever things you do is generating MAIN source of income... it's taxable. Small amount maybe won't alarm the watchdog... if BIG AMOUNT... where do you gonna hide the money?.... Pandai2 sendiri laaa yer
About discussing the BROKER... sorry mate... NOT here. There is another threads specifically discussing BROKERS in FF.
Perhaps... you should go to the BANK NEGARA. Ask them under what specific SECTION in the LAW saying FOREX is illegal? I know someone didIgnored
Thanks to your long and detailed replies. I sent an e-mail to hasil.com.my to enquire about the income tax policy of forex trading and this is their answer. Hope this will help others.....
QUESTION -
"To whom it may concern,
If my income is from currency trading over foreign broker, eg. Spot FOREX trading, should I declare my income to the relevant income tax body? As what I know income from the Forex Trading or any other Futures Trading is exempted from tax in other countries like England, does Malaysia follow the income tax regulations of England since it is one of the Commonwealth countires.. Please kindly clarify, thank you."
ANSWER -
"Dear Sir/Madam,
Kindly be informed it is a taxable income under section 4(a) Income Tax Act 1967; gains or profit from a business,
for whatever period of time carried on.
Therefore the income received from such activities will be treated as a business income. In accordance to that it is
your responsibility to keep and retain in safe custody sufficient documents from the activities and prepare an account
statement.
You are required to fill up form B, which can be obtained from Inland Revenue Board of Malaysia (IRBM) website at
www.hasil.org.my------->Forms--------->Form B to declare the income for every year of assessment.
For further information, kindly contact the Customer Service Centre at the following numbers:-
i) 1-300-88-3010
ii) 03-42893700
Thank You
FARIZAN BINTI ABD RAHMAN
Pusat Khidmat Pelanggan
Jabatan Pemprosesan
b/p Ketua Pegawai Eksekutif/Ketua Pengarah Hasil Dalam Negeri
Lembaga Hasil Dalam Negeri Malaysia
FAR-14112007"