KWSP has made available the schedule of EPF contributions payable under the revised Employee contribution rate of 8% which is effective from March 2016. The schedule can be downloaded from here. Employers will continue to contribute 13%. Notis KWSP 17A Khas 2016 This is for employees who prefer to continue contributing 11% instead of the…
SOCSO Contributions Mandatory salary bracket for contribution to SOCSO raised from RM3,000.00 to RM4,000.00 Minimum wage West MalaysiaFrom RM900.00 to RM1,000.00 East MalaysiaFrom RM800.00 to RM920.00 Read more… Income tax – Personal reliefs Spouse reliefFrom RM3,000.00 to RM4,000.00 for those with spouse not working. ParentsRM1,500.00 for those with parents as dependents. ChildrenRM8,000.00 for children above…
Overtime is the number of hours an employee works in excess of normal hours of work per day. The total hours of overtime is limited to 104 hours per month excluding rest days and public holidays. Rates for overtime payment are as follows: Normal days : 1.5 times the hourly rate for each hour Rest…
Personal Income Tax Personal income tax rates reduced by between 1% to 3% Chargeable income subject to maximum rate increased from exceeding RM100,000.00 to exceeding RM400,000.00 Maximum tax rate reduced from 26% to 24%, 24.5% and 25% Tax payers earning RM4,000.00 or less will no longer need to pay income tax for the year of…
Payment codes Payment Code Description 084 Individual tax instalment payment 086 Company tax instalment payment 090 Real Property Gains Tax (RPGT) payment
Payroll involves time consuming tasks that will need to be repeated every month. It is a non revenue generating function of your business, but needs to be handled on a timely and efficient way if you are to keep your employees motivated and happy. Four reasons to outsource your payroll administration are: Saves money, Is…
Lower your operational costs Focus on core business and revenue generating activities Leverage on our skill sets and expertise – you don’t need to hire experts in payroll or accounting functions Flexibility – expand or downsize quickly without having to worry about employing or retrenching staff Efficiency
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…
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…