04-Jul-24 12:00

Saravana Kumar, Tax Lawyer, RDS Partnership

Individuals dealing with cryptocurrency trading in Malaysia are subject to income tax, this is a quote from LHDN CEO Datuk Dr Abu Tariq Jamaluddin following a special operation dubbed Ops Token that happened a few weeks back. In collaboration with the police and Cyber Security Malaysia, the operation was done to curb tax revenue leakage in cryptocurrency trading and improve the country's tax administration.

Considering the exponential growth in value and popularity of digital assets, understanding the tax implications is crucial for both individuals and businesses, and with that we explore the intricacies of taxation on digital assets in Malaysia with Saravana Kumar, Tax Lawyer at RDS Partnership, a full-service commercial law firm.

Among other things, we get into when crypto is taxable, the difference between income and capital gain, as well as the difference between tax avoidance and tax evasion, and much more.