Interest on loan or advance to company directors

18 April, 201416 August, 2017

From year of assessment 2014, for loans or advances to directors, the company will be deemed to have derived an interest income from it.

Interest is calculated on the the balance of the loan or advance at the end of each month and the aggregate of the monthly interests would be taken as income for the company.

The interest rate used would be based on average lending rate of commercial banks published by Bank Negara at the end of the month or the interest rate charged by the company, if any, whichever is higher.

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Income tax | Real Property Gains Tax

RPGT rates

4 November, 20134 August, 2023

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Income tax

Personal tax filing 2012

3 July, 201716 August, 2017

Taxpayers with employment income have until 15th May 2012, whereas those with business income have until July 15th 2012. However, those submitting tax returns in the conventional way will have to submit by 30th April 2012 for employment income and 30th June 2012 for those with business income. admin See Full Bio

Income tax

Lembaga Hasil income tax payment codes

10 September, 201416 August, 2017

Payment codes Payment Code Description 084 Individual tax instalment payment 086 Company tax instalment payment 090 Real Property Gains Tax (RPGT) payment admin See Full Bio

Income tax | Payroll Management

Malaysian personal income tax rates

2 May, 20123 August, 2023

Employment income is taxed at progressive rates ranging from 0% to 28%. Self assessment for individuals was introduced from the year of assessment 2004. With self assessment, the taxpayer bears the responsibility for correctly assessing his or her tax liability. The forms are issued in January of each year, and tax returns are to be…

Income tax

Personal tax rates – Y/A 2013

4 November, 201316 August, 2017

Personal Income Tax Rates Year of assessment 2013 Chargeable Income Rate Tax payable On the first 5,000 – 0 On the next 15,000 2% 300 On the first 20,000 – 300 On the next 15,000 6% 900 On the first 35,000 – 1,200 On the next 15,000 11% 1,650 On the first 50,000 – 2,850…

Income tax

Tax update for Y/A 2018

28 October, 201728 October, 2017

Personal tax rates reduced Personal tax rates for individuals earning less than RM9,000.00 per month or annual chargeable income of between RM20,001.00 and RM70,000.00 will be reduced by 2% for year of assessment 2018. Chargeable Income Current (Y/A 2016) Proposed 20,001 – 35,000 5% 3% 35,001 – 50,000 10% 8% 50,001 – 70,000 16% 14%…

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