General info
Page 1 of 1
General info
Income Tax
All individuals are liable to pay tax on income accrued in, derived from or remitted to Malaysia. Sources of income which can be taxed includes gains and profits from trade, profession and business, salaries, remunerations, gains and profits from an employment, dividends, interests or discounts, rents, royalties or premiums, pensions, annuities or other periodic payments and other gains or profits of an income nature not mentioned above.
Taxable income is arrived at after adjusting for expenses incurred wholly and exclusively in the production of the income.
The rate of tax depends on the resident status of the individual which is determined by the duration of his stay in the country (as stipulated under Section 7 in the Income Tax Act 1967). A resident individual is taxed on his chargeable income at graduated rates from 2% to 30% after the deduction of tax relief.
However, an individual with chargeable income of less than RM2,500 is not taxed. The chargeable income of an individual resident is arrived at by deducting from his or her total income the personal relief. Tax liability of a resident individual is reduced by rebates. Income tax matters in Malaysia are under the jurisdiction of Inland Revenue Board of Malaysia.
Tax rates
All individuals are liable to pay tax on income accrued in, derived from or remitted to Malaysia. Sources of income which can be taxed includes gains and profits from trade, profession and business, salaries, remunerations, gains and profits from an employment, dividends, interests or discounts, rents, royalties or premiums, pensions, annuities or other periodic payments and other gains or profits of an income nature not mentioned above.
Taxable income is arrived at after adjusting for expenses incurred wholly and exclusively in the production of the income.
The rate of tax depends on the resident status of the individual which is determined by the duration of his stay in the country (as stipulated under Section 7 in the Income Tax Act 1967). A resident individual is taxed on his chargeable income at graduated rates from 2% to 30% after the deduction of tax relief.
However, an individual with chargeable income of less than RM2,500 is not taxed. The chargeable income of an individual resident is arrived at by deducting from his or her total income the personal relief. Tax liability of a resident individual is reduced by rebates. Income tax matters in Malaysia are under the jurisdiction of Inland Revenue Board of Malaysia.
Tax rates
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
|
|
Wed Dec 27, 2023 7:08 am by freeforex-signals
» What Is Value Investing?
Mon Nov 27, 2023 2:09 am by freeforex-signals
» Top Companies by Stock Price
Tue Nov 14, 2023 6:33 pm by freeforex-signals
» How Financial Advisors Get Paid
Tue Oct 31, 2023 3:26 am by freeforex-signals
» What Are Soft Dollars?
Wed Oct 18, 2023 8:36 pm by freeforex-signals
» 8 Best Funds for Regular Dividend Income
Sun Oct 01, 2023 10:07 am by freeforex-signals
» Disappearing Money
Mon Sep 11, 2023 6:01 pm by freeforex-signals
» The History of NYSE
Wed Sep 06, 2023 6:21 am by freeforex-signals
» Ramadan; Month of Great Victories
Tue Aug 22, 2023 1:52 pm by freeforex-signals