Cryptocurrency income is required to be reported on tax returns.
Pay attention, active crypto investors! Income from cryptocurrency investments is subject to personal income tax reporting.
Cryptocurrency investors must submit their investment income in cryptocurrencies to the Inland Revenue Board when filing their personal income tax returns, according to the Ringgitplus financial platform. This measurement, however, is only available to active cryptocurrency investors.
Physical or non-physical cryptocurrency transactions are considered ordinary income as long as a profit is made, and the specific tax may be computed based on the cryptocurrency’s worth at the time of the transaction or estimated based on the transaction’s physical value.
Buying and selling cryptocurrencies, as well as using cryptocurrency for shopping and accepting it as a form of payment, are all examples of cryptocurrency transactions and businesses. Despite the lack of clarity about the amount of money received, the Inland Revenue Board, with the help of several regulatory bodies, can accurately calculate the profits from these transactions.
Luno, SIEGY, Tokenize, and MX Global are four virtual currency trading platforms that have been approved by the government. Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH) are the virtual currencies that may be traded.
Last year, it was also reported that the Inland Revenue Board had questioned someone about up to RM100,000 in cryptocurrency income.
