Malaysian Income Tax Relief 2018
Now every individual in malaysia who is liable is required to declare their income to the inland revenue board of malaysia lhdn annually.
Malaysian income tax relief 2018. Self and dependent special relief of rm2 000 will be given to tax payers earning on income of up to rm8 000 per month aggregate income of up to rm96 000 annually. Insurance other policies. There are currently 15 personal income tax reliefs and each relief serves a worthy objective. In fact there is only one minor change which applies to the medical expenses and examination of the individual spouse or child.
Medical expenses for parents. Amount rm 1. Personal tax reliefs in malaysia. Reliefs are available to an individual who is a tax resident in malaysia in that particular ya to reduce the chargeable income and tax liability.
This relief is applicable for year assessment 2013 and 2015 only. Income tax relief malaysia 2018 vs 2017 unlike the income tax rates for 2018 and 2017 there is virtually no change in income tax reliefs for the two assessment years. Tax filing season has begun in malaysia and the task of trying to save money through claiming tax relief and rebates can be confusing. You can refer to the table of lists of the income tax relief 2018 malaysia.
How to maximise your income tax refund tax reliefs income tax in malaysia ya 2017 vs ya 2018. The conditions of entitlement for each relief must be satisfied in order to minimize the income tax liability. As the clock ticks for personal income tax deadline in malaysia 2018 like gainfully employed malaysians you may have started visiting the lhdn malaysia website to do your e filing as both a proactive and precautionary measure. For income tax malaysia tax reliefs can help reduce your chargeable income and thus your taxes.
This guide is for assessment year 2017 please visit our updated income tax guide for assessment year 2019. If planned properly you can save a significant amount of taxes. The malaysian government in its budget 2018 announced numerous tax changes including an income tax cut incentives for women to return to work and tax relief for property investors and venture capital firms. You can also find more tax related content in our income tax page.
Tax deductions for donations and gifts. During this period many people will scramble to find the receipts of the items they purchased. To help make things a little clearer we run through the list of all items eligible for tax relief with explanations for some of the more confusing entries. As march comes to a close companies and individuals get ready for tax season in malaysia.
The cap on personal income tax relief applies to the total amount of all tax reliefs claimed which is effective from ya 2018.