Find the forex vs saham mortgage deal on your dream house or apartment, or simply discover great promotions and discounts. We will help you at every step of your application, from form submission to approval. Malaysia Income Tax Guide 2016We are getting to the deep end of income tax season and there is virtually no time to procrastinate filing.
Here is a complete guide to help you get it right from start to end. This guide was written for the January – December 2015 tax year, but we will be sure to update this whenever the Government decides to make any changes throughout 2016. April 2016 for the 2015 calendar year of income and expenses. Tax rates are on Chargeable Income, not salary or total income. First off, we start with the table for personal income tax rates in Malaysia for the Assessment Year 2015, so everyone would be able to cross-check the tax bracket and the amount of tax needed to pay. Malaysia regardless of your citizenship or nationality.
However, there are some exceptions to the matter. What is Chargeable Income in Malaysia? You are earning a RM40,000 salary, you have a RM2,000 local bank interest income as well as RM13,000 from property rental income a year. That should bring your chargeable income to RM55,000 correct?
Nope, that’s not the way to go about it. Even without taking into account the many tax reliefs available, every taxpayer gets the standard RM9,000 individual tax relief as well as a maximum relief of RM6,000 for EPF contributions. A much lower figure than you initially thought it would be! Malaysian taxpayers have to pay for, but which is reduced by expenses and other deductions. If your employer pays your utility, mobile phone, income tax, road tax or car insurance tax bills for you, then the amounts paid are considered to be perquisites and are taxable. Example: John’s company pays his RM100 mobile phone bill.