Finance Minister Tengku Zafrul Abdul Aziz tabled Budget 2023 in the Dewan Rakyat on 7th October 2022. Some of the highlights include: Reduction in personal tax rate Taxable income Rate 50,001 to 70,000 13% to 11% 70,001 to 100,000 21% to 19% Women returning to work after career break Income tax exemption from 2023 until…
Tax Relief For Individuals Tax relief Current W.E.F Y/A 2021 Personal tax rate for chargeableincome range in between RM50,001 to RM70,000 14% 13% Medical treatment of serious illness(personal, spouse and child) Maximum RM6,000 Maximum RM8,000 Complete medical examination Maximum RM500 Maximum RM1,000 Parents’ medical expenses, special needs and parental care Maximum RM5,000 Maximum RM8,000 Vaccination…
August 2018 Datuk Seri Dr Wan Azizah, who is also Women, Family and Community Development Minister, said the 2% contribution by the husbands to their non-working wives would be taken from the 11% they contributed to their own EPF account from their salary. The proposal to pay Employees Provident Fund (EPF) contribution to housewives does…
Women returning to work after a minimum of 2 years away from the work force will enjoy tax exemption on their income for up to 12 consecutive months. This will be effective for assessment years 2018 to 2020. Applications for tax exemptions will have to be submitted to TalentCorp Malaysia.
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%…
Annual leave Minimum paid annual leave entitlement Number of years in employment Entitlement Less than 2 years 8 days More than 2 but less than 5 years 12 days Over 5 years 16 days Sick leave Minimum paid sick leave entitlement Number of years in employment Entitlement Less than 2 years 14 days More than…
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.
From January 2012, the Employers contribution for employees earning RM5,000.00 or less has been increased from 12% to 13%. Employees contributions remain at 11%, no change to the existing rate. Total monthly contribution to EPF would now be 24%, made up of 13% Employer contribution and 11% Employee contribution. For employees aged 55 and above,…
Prime Minister Datuk Seri Najib Tun Razak announced an allocation of RM70 million to SOCSO for financial benefit payments that is said will benefit about 6.5 million private sector employees. Under this Employment Insurance Scheme (EIS) or Sistem Insurans Pekerjaan (SIP), employees will get temporary financial assistance to support themselves while they look for employment. This…
The Employees’ Social Security (Amendment) Act 2015, tentatively due to come into force from 1st July 2016, increases the mandatory contribution from a monthly salary of RM3,000.00 to RM4,000.00. The maximum contributions by the employer and employee will also increase as follows: Employers from RM51.65 to RM69.15 Employees from RM14.75 to RM19.75