![\"Employee](\"https:\/\/www.nbc.com.my\/blog\/wp-content\/uploads\/2012\/02\/Employee-Benefits-and-Income-earned-by-Staff-exempted-from-Income-Tax.jpg\" "\\"Employee")
With effect from YA 2008, employees are given tax exemption on allowances, benefits in kind and perquisites that received from their employer as follows:<\/p>\nWith effect from YA 2008, employees are given tax exemption on allowances, benefits in kind and perquisites that received from their employer as follows:<\/p>\n
(a)<\/strong> perquisites in relation to travel allowance, petrol card, petrol allowance or any of its combination\u00a0for travelling between the home and work place up to RM2,400 per year.\u00a0<\/p>\n (b)<\/strong> perquisites in relation to travel allowance, petrol card, petrol allowance or toll rate or any of its\u00a0combination for travelling for official duties up to RM6,000 per year.<\/p>\n (c)<\/strong> parking rate or parking allowance.<\/p>\n (d)<\/strong> meal allowance.<\/p>\n (e)<\/strong> child care allowance of up to RM2,400 a year.<\/p>\n (f)<\/strong> gifts and monthly bills for fixed line telephone, mobile phone, pager, or broadband.<\/p>\n (g)<\/strong> the amount of subsidy on interest of housing, education or car loan shall be determined in accordance with the following formula: \u00a0 \u00a0A x (B \/ C)\u00a0<\/strong><\/p>\n A<\/strong> – difference between the amount of interest to be borne by the employee and the amount\u00a0of interest payable by the employee in a basis period for a year of assessment;<\/p>\n B<\/strong> – the total aggregate of balance of the principal amount of the housing, education or car\u00a0loan taken by the employee in a basis period for a year of assessment or RM300,000.00,\u00a0whichever is the lower; and<\/p>\n C<\/strong> – the total aggregate of the principal amount of the housing, education or car loan taken by\u00a0the employee.<\/p>\n (h)<\/strong> medical benefits exempted from tax be extended to include expenses on maternity and\u00a0traditional medicines.<\/p>\n (i)<\/strong> discounted price for consumable business products of the employer up to RM1,000 per year.<\/p>\n (j)<\/strong> discounted price for services provided by the business of the employer and for the benefit of the\u00a0employee, spouse and child of the employee.<\/p>\n The above exemptions are not extended to an employee where the employee has control over his\u00a0employer. All the above proposals are effective from Y\/A 2008 except for item (a) which is effective\u00a0from Y\/A 2008 to Y\/A 2010.<\/p>\n <\/p>\n
![\"Hot](\"http:\/\/www.nbc.com.my\/images\/nbc-hot6.gif\")
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