TAX QUESTIONS? YOU ASK LAH!

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Q: My employment in Singapore has terminated on 31 October 2024. When I withdraw my retirement fund savings in Singapore and bring them into Malaysia, will the funds be taxable in Malaysia?

A: Any savings in an approved retirement fund in Singapore are tax-exempt in Singapore. Therefore, the retirement funds are not taxable in Malaysia when being remitted back to Malaysia as it fulfils the exemption conditions for foreign sourced income received in Malaysia. 

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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