Cryptocurrency Q&A
Do virtual currencies in Malaysia need to be taxed?
Do virtual currencies in Malaysia need to be taxed?
Gianluca
Wed Dec 18 2024
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5 answers
1060
I'm wondering if virtual currencies, such as those used in Malaysia, are subject to taxation. Are there any specific tax regulations or guidelines that apply to these digital assets in Malaysia?
5 answers
SsangyongSpirited
Fri Dec 20 2024
The Inland Revenue Department has issued a statement regarding the taxation of cryptocurrency-related businesses in Malaysia.
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RiderWhisper
Fri Dec 20 2024
Despite the fact that cryptocurrency businesses are not currently regulated in the country, they are still subject to Malaysian taxes. This applies to all businesses that involve cryptocurrencies, regardless of their size or nature.
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isabella_cole_psychologist
Fri Dec 20 2024
Section 3 of the Income Tax Act is the relevant legislation that governs the taxation of income earned in Malaysia. This section outlines the rules and regulations for determining what constitutes taxable income and how it should be reported.
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EchoSoulQuantum
Fri Dec 20 2024
Cryptocurrency traders, investors, exchanges, and miners who operate in or from Malaysia are all required to comply with these tax laws. This means that they must keep accurate and up-to-date accounting books and business records in Malaysia.
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IncheonBlues
Thu Dec 19 2024
BTCC, a top cryptocurrency exchange, offers a range of services to its customers. These services include spot trading, futures trading, and wallet management. By providing these services, BTCC is helping to facilitate the growth and development of the cryptocurrency market in Malaysia and beyond.
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