Different Types of Taxes in Malaysia
How many types of taxes are in Malaysia? There are two types of taxes in Malaysia which consists of direct tax and indirect tax. Direct Tax Direct tax is a tax that is levied on a person or enterprise’s income. The taxpayer is paid directly to the tax collector. Inland Revenue Board Malaysia (IRBM) is […]
Additional Lifestyle Relief for YA 2020 and 2021 (Personal Income Tax)
[vc_row][vc_column width=”1/2″][vc_column_text] ⚓ Additional Lifestyle Relief for Smart Phone, Tablet, and Personal Computers: Unclaimed amount transferrable? In order to curb the pandemic, the Malaysian government has introduced an additional lifestyle relief for Smart Phone, Tablet and Personel Computers. Effective Year of Assessment 2020 and Year of Assessment 2021, there are 2 types of lifestyle reliefs […]
Residence Status for Expatriate in Malaysia due to Travel Restriction
[vc_row][vc_column width=”1/4″][vc_single_image image=”2786″ img_size=”medium”][/vc_column][vc_column width=”3/4″][vc_column_text]Determination of your tax residency in Malaysia is utterly important as tax resident is being taxed based on scale rate (refer Chapter D) and gets to enjoy relief and rebate (refer Chapter F); whereas non tax resident is taxed based on flat rate of 30% (refer Chapter E), and are not […]
Income Tax Rate for Returning Expert Programme (REP)
[vc_row][vc_column][vc_column_text] Introduction of Returning Expert Programme (REP) Highly skilled workers play an important role in the economic innovation and growth of a country and REP is to encourage skilled Malaysian professionals to return to Malaysia, REP was administered by Talent Corporation Malaysia Berhad (TalentCorp), a government agency from 1 January 2011 in accordance with the […]
Sole Proprietor’s and Partnership’s Taxes
[vc_row][vc_column][vc_column_text] Tax Liability Upfront tax estimation In Malaysia, the tax authority collect taxes from sole proprietorship and partnerships upfront. The upfront tax estimate will be payable bi-monthly in 6 instalments. You will receive a letter from the tax authority, the CP500, informing you of the amount of taxes which you need to pay. Each year, […]
How to be a Tax Resident in Malaysia
[vc_row][vc_column][vc_column_text]Residence status is a very important question one has to question regardless whether you are a Malaysian or foreigner. It determines an individual’s liability to Malaysia income tax. Year of Assessment (YA) for Individual Liability to tax is determined on a year to year basis, i.e. 1 January to 31 December every year. The Basic […]
