GST from April 2015 Prime Minister Datuk Seri Najib Tun Razak announced GST at 6% to be introduced from 1st April 2015, with the existing sales and services tax to be abolished. Some of the items excluded from GST include: Government services Public transport Food items such as cooking oil, spices, salted fish, rice, flour….
Year of assessment 2017 Company with paid up capital of RM2.5 million and below at the beginning of the basis period: On first RM 500,000 chargeable income 18% On subsequent chargeable income 24% Company with paid up capital above RM2.5 million at the beginning of the basis period – 24% Year of assessment 2016 Company…
Prime Minister Datuk Seri Najib Tun Razak announced, on 30th April 2012, the introduction of Malaysia’s first minimum wage that will cover employees in all sectors excluding those employed as domestic help. For Peninsular Malaysia, the minimum wage has been set at RM900.00 while that in East Malaysia and Labuan is RM800.00 The rates will…
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…