13 Days To Pay Up

April 18, 2008 | 2 Comments   

April is the month of tax for most employed folks in Malaysia. How many of you are still submitting paper form? Shame on you! Try to submit through online, it is easy, fast and paperless. Opps, it is not exactly paperless because you still have to print a copy for record. You do not have to use liquid paper or worry is the entry right justify or left justify.

It is a simple 4 steps process:

Info on some of the Rebates:

Individual – RM8000
Medical for parents – RM5000
Education Fees for listed courses – RM5000 (IT courses applied)
Books/Magazine/Journals – RM1000
Computer – RM3000
Children below 18 – RM1000 per child
Life Insurance and KWSP – RM6000
Medical and Education Insurance – RM3000

By the way, do NOT cheat tax by putting RM1000 for books if you do not have any purchased receipts. It is a matter of time before the IRB audit you. If you cannot produce the receipts you will be fined.

Another tip is that if you cannot afford to pay the full amount of tax, you can always visit the tax office to request to pay by installment. You can also request them to issue a letter to your company to have deduction from your future salary.

Remember you have to submit the form and pay the tax before 30th April to avoid fine. Have a good tax month. Next month I think I can just eat roti and drink water only.

More Info on Malaysia Tax on http://www.hasil.org.my/english/eng_index.asp