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Q: Jason is working overseas, and he has a property in Malaysia. If he wants to remit the money from his overseas bank account to repay his loan instalment, is he required to declare the remitted money as taxable income in Malaysia?
A: No, if the income is derived from outside Malaysia, even if the money is remitted back to Malaysia, it is not taxable under Paragraph 28, Schedule 6 of the Income Tax Act 1967.
Wishing you plentiful tax savings!
YYC Tax Guru