Tax on digital currency Part 2 Read the full story in our blog https://lnkd.in/gpKzprDS Read past Tax on digital currency Part 1 https://lnkd.in/gUtUjK9Q Source IRB Guideline on tax treatment on digital currency transactions @ 26/8/2022 𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru 𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3jZuZuI Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn 𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs

1. Tax on Crypto
#AskKtpTax
#AskThkAcc
13/09/22
IRBM
GUIDELINES ON TAX TREATMENT OF
DIGITAL CURRENCY TRANSACTIONS @
26/8/2022

2. #AskKtpTax
#AskThkAcc
13/09/22
Tax on Crypto
Crypto transactions fall under
the scope of Malaysia income
tax if
1. the key activities and operation
business operations are performed
in Malaysia or

3. #AskKtpTax
#AskThkAcc
13/09/22
Tax on Crypto
Crypto transactions fall under
the scope of Malaysia income
tax if
2. where there is a business
presence in Malaysia

4. #AskKtpTax
#AskThkAcc
13/09/22
Tax on Crypto
Trading of digital currencies
Profit from business of trading are
taxable

5. #AskKtpTax
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13/09/22
Tax on Crypto
Mining of digital currencies
Profits from mining of digital
currencies are subject to income tax
if the mining activity are carried out
with a profit-seeking motive

6. #AskKtpTax
#AskThkAcc
13/09/22
Tax on Crypto
Business transactions carried
out using digital currency
Record based on the open market
value of the underlying goods or
services in RM.

7. #AskKtpTax
#AskThkAcc
13/09/22
Tax on Crypto
Realisation of digital
currencies from business
transaction
The tax treatment of the subsequent
disposal of the digital currency
received will depend on the analysis
of the capital and revenue (ie badge
of trade)

8. #AskKtpTax
#AskThkAcc
13/09/22
Tax on Crypto
Realisation of digital
currencies investment
The tax treatment will depend on
the analysis of the capital and
revenue (ie badge of trade)

9. #AskKtpTax
#AskThkAcc
13/09/22
Tax on Crypto
Free distribution
The mere purchase of digital
currencies as a result of free
distribution/spilting is not taxable.

10. #AskKtpTax
#AskThkAcc
13/09/22
Tax on Crypto
Exchange of digital
currencies
The tax treatment will depend on
the analysis of the capital and
revenue (ie badge of trade)