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Q: My business operation is in Malaysia. I receive money from my overseas customer deposited into my overseas account. I will then transfer the money into my Malaysia account once every 6 months. Is this considered as a foreign sourced income?
A: As your business operation is in Malaysia, the income received from your overseas customer is considered as a Malaysia sourced income, hence is taxable in Malaysia when the sales were made.
Wishing you plentiful tax savings!
YYC Tax Guru