Beginning from year of assessment 2010,under the proposed legislation,the top personal tax rate has reduced by 1% (i.e. from 27% in YA 2009 to 26% effective from YA 2010). This means that,in respect of chargeable income above RM100,000,for every RM1,000 a person earns,he will be paying RM10 less in taxes.
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An individual can claim a maximum of RM500 of the monthly Internet broadband bills issued under his name in his tax return. In the current self-assessment taxation system,he will be required to maintain receipts for such expenses paid for up to seven years in the event of an audit by the Inland Revenue Board. [...] If a person apply and commence his or her employment in Iskandar Malaysia between Oct 24,2009 and Dec 31,2015,provided that he or she is qualify as a Malaysian tax resident,his/her employment income will be taxed at the flat rate of 15%. This could be substantially lower compared to the effective tax [...] As usual,before we do our personal income tax planning,we need at least to understand the latest tax law legislations on employees tax exempt benefit-in-kind and perquisites.
Append below in this article are the latest/up to-date benefits-in-kinds and perquisites (cash related) [...] |  FCCA,CA(MIA)with more than 26 years of post-qualifying working experiences. Previous working stints with one of the big accounting four,Regional GFC & Group Treasurer in a group of Malaysian and Group CFO in Singapore public listed concern.Also author to another very popular free educational accounting cum finance blog:http://basiccollegeaccounting.com under the branding of College Accounting Coach. | |||||
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