Malaysia

That's the basic thing to learn before advance further Study Candle Stick pattern first. I did it since my 1st day trading as well. If you master it... you can even trade naked. I mean just using a Candle Stick (CS) chart alone without any indicators. I know a successful trader doing that... just using CS as Signal and conformation. The higher the time frame... more accurate the signal gonna be.

[quote=savant;1937969]Well, do look into brokers page in FF. Just search for broker and u will see many NFA brokers around.

Mostly , malaysian will use interbankfx, northfinance, fxcm, etc.
If you have 2kusd to invest ,do look into ODLs. It provides quite low pip.


I'm seeking you advise on transferring the profit to malaysia- do you guys have any problem with malaysian banks? Which bank is recommended and the amount transferred - is there any min/max ? Any queries from the banks?

Use MAYBANK... hassle free Duh!!! Promoting bank Btw... I was an employee of RHB Bank before

p/s: Keep transaction below RM10K per day/month so that the watchdog flag doesn't flag up.

What concern me more is: are you going to declare the profit to income tax and are the profits taxable?

you said from you experience, the Bank negara etc.etc won't get us into any unexpected problem, rightm? I heard alot of people saying alot of problem.A few open an account in singapore, I just want to confirm is there really a need to do this.

Fiber is FREE FALL!!!! So active during Asian Session! The GreenBack really strengthening.

Strange... I've never encounter any problem in depositing or withdrawing money from Forex trading before. You've got to be smart in this.

A question about tax... anything taxable IF it is your MAIN source of income. Be smart.

When you buy a bankdraft or TT, the bank will always ask you what is it for ...

Rental income is taxable, whether MAIN source of income or not. That is why I wander if FOREX profit is?

Around 40pips on the green already from my early morning SHORT Placing SL to 1 pip on the green now

Morning...

Owh, i miss the fiber bus.. oh... its so early..
That was easy 20pips..

I dont find it a problem with profit in forex. As i withdraw, money mostly goes to vacation and u can buy some leisure stuff like gold or watches to keep. IMO.
Anyway u can declare it if u want. Setup a company and do some acc/audit on it. You can then use it for properties as long as u dont pay cash for everything.
Anyway, i heard that foreign investment is non-taxable, can anyone advice on this? Forex is just like buying mutual fund... something like that. Dont think gov tax you for the profit you made in funds.

I know some trader claimed for spare part order to fill in the blank for .. . WHAT IS IT FOR?

As for me... just wright... OVERSEAS INVESTMENT.

Do your own extensive research about this. Call LHDN or Tax Officers or Bank Negara to be sure.

Yea, I experience this also. So, what is the "safe" answer ? And just wondering, if we regularly transefr miney in our account bank , wouldn;t the bank start questining us ? or they just consider forex as a valid and legal source of income? to us, it is anyway.

currently in the fiber bus...almost missed it but luckily, managed to jump in... on green already...change SL to 1 pip....

i thought that forex income would be categorized under internet businesses which is tax free...???

not sure myself......if others can confirm it.....

woahh.... thread alive n kicking! surely u guys spent a lot on weekend so need to get it back early2 ya...???

i miss the bus for fiber and didnt see any direction yet for suppose breakout.. so, just watching u guys..

Good morning Bro It's and endless opportunity and risk in Forex. Missed 1 Bus... there's always another Bus. Use the Buy From Dip or Sell From Bounce strategy to Enter if you missed a long CS. Patience is virtue.

p/s: More charts on Triangle/Channel/Lines pls

Thats gonna be $20 bucks!

No lah... will do when i see some movement... we are in here with your effort for the endless journey in this world.. hectic but paid well!

1.TAXATION IN MALAYSIA
Income of any person including a company, accruing in or derived from Malaysia or received in Malaysia from outside Malaysia is subject to income tax. However, with effect from the year of assessment 2004, income received in Malaysia by any person other than a resident company carrying on business of banking, insurance or sea or air transport for a year of assessment derived from sources outside Malaysia is exempted from tax. To modernise and streamline the tax administration system, the assessment of income tax was changed to a current year basis of assessment from the year 2000. The self-assessment system was implemented for companies in the year of assessment 2001 and, for businesses, partnerships, cooperatives and salaried groups, in the year of assessment 2004.

Source: http://www.mida.gov.my/

Sweeping relaxation of forex rules
27 March, 2004

Bank Negara Malaysia yesterday announced sweeping liberalisation in foreign exchange (forex) administration to strengthen business environment.
Rules on reporting of forex transactions; maintenance of foreign currency accounts by residents; ringgit credit facilities to non-residents; investment abroad by resident individuals and domestic institutions; issuance of bonds in ringgit by multilateral development banks and foreign multinational corporations; and, forward forex contracts would be either removed, relaxed or simplified from April 1 this year.
Unit trust management companies are among the beneficiaries. They will be allowed to invest abroad the full amount of net asset value (NAV) subscribed by non-residents and up to 10% of the NAV per fund subscribed by residents.
Different funds of a unit trust company or funds of different companies may be combined when investing abroad.
Alliance Capital Management Sdn Bhd Chief Executive Officer Connie Ong said the move will allow funds to diversify more and also to manage risks to portfolios. Ong also said it will keep the fund management industry competitive to meet more liberalised conditions come 2007.
“Ten per cent may not be a lot but it is a good starting point,” she added.
Other fund managers agreed. “The move would also help the development of fund management skills locally,” says David Ng who helps manage US$230 million worth of assets at Hwang DBS Asset Management Sdn Bhd.
He said that it is a step in the right direction. “Bigger clients may want to take advantage of the relaxed guidelines,” Ng said.
SBB Mutual Bhd Chief Executive Paul Low Hong Ceong said Bank Negara’s move is “a first step towards full-blown market opening for the domestic unit trust players”.
Insurance companies and Takaful operators who have been asking for more relaxations as to what they can invest in also have something to cheer about. They will be allowed to invest abroad up to 5% of their margin of solvency and up to 5% of their total assets respectively.
They may also invest abroad up to 10% NAV of investment-linked funds that they market.
Commerce Life Assurance Bhd’s Investment Manager Maznah Abdullah welcomed the liberalisation, saying it gives insurance companies the flexibility to diversify their equity investments in other markets.
“It gives us the opportunity to look at other markets for better returns, especially in a situation when the local stock market has appreciated a lot and has little room to go further,” she added.
Meanwhile, fund and asset managers can invest the full amount of investments by non-residents and up to 10% of investments by residents. These funds may also be pooled for economies of scale.
To improve the domestic bond market, multilateral development banks where Malaysia is a member and foreign multinational corporations may issue ringgit-denominated bonds in Malaysia. The institutions will be allowed to enter into forward forex contracts with offshore licensed banks to hedge their currency risks and non-resident investors subscribing to the bonds issued by them may also enter into forward forex contracts.
Bank Negara will also allow forward sales by residents of any foreign currency receivables in ringgit with onshore licensed banks or approved merchant banks. The sales can be undertaken up to the tenure of the underlying transaction as long as there is sufficient commitment to receive such currency.
Residents may also enter into forward forex contracts to sell foreign currency yet to be received for another foreign currency with onshore licensed banks and approved merchant banks up to the tenure of the underlying transactions.
Bank Negara will also allow them to enter into interest rate swaps with onshore licensed banks, approved merchant banks and licensed offshore banks in Labuan.
Meanwhile, exporters will no longer have to submit annual reports for export of goods. Only exporters with annual gross proceeds of more than RM50 million need to submit quarterly reports and the process of submitting such reports is being simplified.
Rules on maintenance of foreign currency accounts (FCA) are also liberalised further. Overnight export FCA limit for approved operational headquarters is raised to US$100 million from US$70 million while overnight limits for export FCA of other resident exporters are also raised based on the average monthly export receipts.
The maximum limit is US$100 million for those with average monthly export receipts exceeding RM$100 million and US$30 million for those with receipts of up to RM50 million or new exporters.
Resident companies with domestic borrowings may also open FCA for non-export receivables and for resident companies without domestic borrowings they may maintain non-export FCA with licensed offshore banks in Labuan but to an aggregate overnight limit of US$500,000.
Resident individuals with fund abroad may maintain a non-export FCA onshore or offshore including with banks in Labuan without any limit.
For resident individuals with foreign currency funds, they can invest in any foreign currency products offered by onshore licensed banks.
To improve access to ringgit funds for business requirement in Malaysia, all permitted ringgit lending limits for various purposes are consolidated into one aggregate limit and raised to RM10 million.
Non-residents may use the ringgit credit facilities for any purpose in Malaysia excluding for financing or refinancing the purchase or construction of immovable properties.
Resident banks and non-banking institutions may extend ringgit credit facilities in aggregate up to three property loans to a non-resident to finance or refinance the purchase or construction of any immovable properties in Malaysia. Purchase of only land is excluded.
For non-resident stockbrokers or custodian banks, onshore licensed banks are now allowed to extend up to an aggregate overnight overdraft facility of RM200 million (RM10 million previously) to facilitate settlement for purchase of shares listed on the Malaysia Securities Exchange Bhd.

Adapted from "Business Times", 27 March, 2004