In accordance to s4(b) of Income Tax Act 1967, there are several gains and profits from an employment, which includes salaries, wages, bonuses, commissions, and other monetary benefits. However, it’s not just limited to monetary remuneration – benefits in kind, living accommodations provided by employers, and compensations for loss of employment are also taxable under this section. Understanding the types of taxable employment income is crucial for employees and employers alike to ensure compliance with the law.
Section 13(1)(b) :Benefits in kind (BIK)
These are non-monetary benefits or amenities provided by or on behalf of an employer that cannot be converted into money. They are for the personal enjoyment of the employee and their immediate family. For Example: Motor Vehicle, Utility bills in employer’s name, Medical Expenses, Dental Treatments, Free Services, and Local and Overseas Leave Passage, etc.
Tax consulting is the core service of ANC Group. Our tax professionals provide clients with comprehensive tax support and guidance. We offer tax consulting and compliance services for expatriates, entrepreneurs, and listed and non-listed companies.
Our tax consulting services include business tax, transaction tax, personal tax, and corporate income tax. We don’t just guide you in interpreting and applying complicated taxation rules, but to explore new opportunities and business trends.
We keep you abreast with Malaysia tax updates and any changes in the local regulations.
We work closely with industry specialists, authorities, and associated professionals within ANC Group to provide the best-in-class integrated tax planning solutions. ANC specialists coordinate the accounting and taxation services to bring your business to success.