Personal Tax

Inland Revenue Board (LHDN, Lembaga Hasil Dalam Negeri) has extended the deadline for personal tax return submission and balance of tax payment for employment income to 15 May 2013.

The extension of due date is only applicable to taxpayers who opt for E-Filing submission.

However, for taxpayers who choose to do it manually will have to submit their tax returns (Form BE) latest by 30 April 2013.  Read more ›

22,957 total views, 54 views today

A lot of people get confused when they thought that the income tax has already been taken care of by the deduction of PCB from their salaries. They have assumed that taxes have already been paid and no need to pay tax any more.

This is WRONG! Totally WRONG!

That’s the main reason why many people only realised that they still owe LHDN tens of thousands tax when they about to retire!   Read more ›

1,170 total views, 4 views today

Every individual is subject to tax on income earned in Malaysia or received in Malaysia from outside Malaysia. Income earned in oversea remitted to Malaysia by a resident individual is exempted from tax.

The following table is applicable to those income earned in 2012 and tax submitted to LHDN in 2013: 

7,058 total views, 53 views today

The National Education Savings Scheme (SSPN-i ) was designed by the National Higher Education Fund Corporation (PTPTN) for the purpose of higher education.

As announced in Budget 2013, it is proposed that personal tax relief for saving deposits placed with SSPN-i for the benefit of their children be increased from existing RM3,000 to RM6,000 effective from year of assessment 2012 to 2017.

Please note the proposed effective date is YA 2012 (yes, begins from this year, i.e. 2012!), even before the finance bill being gazetted at parliament.  Read more ›

1,401 total views, 19 views today

The new individual income tax rates effective from year of assessment 2013 is tabulated below and tax rate reduction gives a maximum tax saving up to RM475 for a person with chargeable income of more than RM50,000.

Read more ›

3,001 total views, 17 views today

IT’S tax season again!

Unfortunately, however, the filing procedure tends to end up being a truly “taxing” period for many individuals.

We’ve all heard the horror stories of people failing or forgetting (be it willingly or otherwise) to file their taxes only to be slapped with back-taxes so high that you’re likely to seek the help of money-lenders or psychiatrists.

The following are some simple tips to follow to help keep you on the correct path to filing your income tax.  Read more ›

287 total views, 2 views today

Click here for Malaysia Personal Income Tax Rates & Table 2012 

Every individual is subject to tax on income earned in Malaysia or received in Malaysia from outside Malaysia. Income earned in oversea remitted to Malaysia by a resident individual is exempted from tax.

A non-resident individual will be taxed only on the income earned in Malaysia.

The tax rate depends on the individual’s resident status, which is determined by the duration of his stay in the country as stipulated under Section 7 of the Income Tax Act 1967.

Generally, an individual who is in Malaysia for at least 182 days whether continuously or cumulatively in a calendar year is regarded as a tax resident.

The following table is applicable to those income earned in 2011 and tax submitted to LHDN in 2012:  Read more ›

1,390 total views, 9 views today

Every individual is subject to tax on income earned in Malaysia or received in Malaysia from outside Malaysia. Income earned in oversea remitted to Malaysia by a resident individual is exempted from tax.

A non-resident individual will be taxed only on the income earned in Malaysia.

The tax rate depends on the individual’s resident status, which is determined by the duration of his stay in the country as stipulated under Section 7 of the Income Tax Act 1967.

Generally, an individual who is in Malaysia for at least 182 days whether continuously or cumulatively in a calendar year is regarded as a tax resident.

The following table is applicable to those income earned in 2010 and tax submitted to LHDN in 2011:   Read more ›

79 total views, no views today

Every individual is subject to tax on income earned in Malaysia or received in Malaysia from outside Malaysia. Income earned in oversea remitted to Malaysia by a resident individual is exempted from tax.

A non-resident individual will be taxed only on the income earned in Malaysia.

The tax rate depends on the individual’s resident status, which is determined by the duration of his stay in the country as stipulated under Section 7 of the Income Tax Act 1967.

Generally, an individual who is in Malaysia for at least 182 days whether continuously or cumulatively in a calendar year is regarded as a tax resident.

162 total views, 1 views today

Every tax payers are allowed to claim tax reliefs to set-off against their employment or business income when calculating their personal tax.

However, based on our experience, most of the tax payers have easily believed that they can just fill in any amount as they think fit in the tax relief column, for example, books relief, at the time when filling up the tax return form.  Read more ›

422 total views, 8 views today