Malaysia Tax Agency Posts Updated Guidance on Tax Treatment of Digital Currency Transactions

The Malaysian Inland Revenue Board Aug. 26 posted online updated Guideline No. LHDN.AG.600-1/7/3, on the income tax treatment of digital currency transactions. Topics covered include: 1) relevant definitions; 2) types of digital currency transactions, such as acquisition, disposal, mining, and use as payment for business transactions, salaries, or wages; 3) the sourcing of taxable income; 4) the determination of the fair value if digital currency doesn’t have a published value; 5) the receipt of digital currency for free through promotions or splitting; 6) recordkeeping requirements; and 7) the taxation of revenue gains on digital currency but not of taxable gain. ...