TAX QUESTIONS? YOU ASK LAH!

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Q: I terminated my employment in Singapore on 31 March 2024. On 1 May 2024, I withdrew my savings from the Central Provident Fund (CPF) Singapore and transferred them to Malaysia. These savings are tax-exempt in Singapore. Are these funds transferred taxable in Malaysia?

A: No, the funds brought into Malaysia are not taxable as the savings are tax-exempt in Singapore. However, although this income is exempted from tax, you are still required to declare it in your Form BE under the section "Tax Exempt Income from Sources Outside Malaysia Received in Malaysia.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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