Individual Income Tax


Budget MalaysiaOn Friday 23rd October 2015, Prime Minister Datuk Seri Najib Tun Razak who is also Finance Minister unveiled Budget 2016 focusing on ensuring Malaysia remains a competitive economy without sacrificing the people’s needs and interests.

The Budget 2016 is to ensure inclusive and sustainable growth in the years leading to 2020 when Malaysia aims to be a high-income, advanced economy. This budget is the first of five annual budgets under the 11th Malaysia Plan. RM267.2bil will be allocated under Budget 2016, compared with the revised RM260.7bil in 2015.

The theme for the Budget 2016 is “Prospering the Rakyat” which is based on five priorities as follows:

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Please be remind that, the last date to submit the 2014 individual income tax return form is on the 30th April 2015 for individual without business income. The date for individual with business income is on 30th June 2015.

Any delay is subjected to penalty as below;

Any tax due and payable but has not been paid by the taxpayer by the due date shall be increased by 10% and any balance remaining unpaid upon the expiration of 60 days from the due date shall be further increased by 5% of the balance unpaid.

To complete tax return form, you may need to have information on tax exemption, rates, reliefs and rebates. if you are not sure what are tax exemption, rates, reliefs and rebates, you can read here.

The easiest way to submit tax return form is via e-Filing. You may see the guides on e-Filing at How to do e-Filing for Individual Income Tax Return. e-Filing system for 2014 tax return form up since 1st March 2015.

Which form to fill in?

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Budget MalaysiaPrime Minister Datuk Seri Najib Razak, who is also Finance Minister, unveiled 2015 budgets in the Parliaments on Friday, 10th October 2014. The theme for 2015 Budget “Accelerating Growth, Ensuring Fiscal Sustainability and Prospering the Rakyat.”

In 2015, economic growth is expected to remain strong between 5% and 6% while the fiscal deficit is projected to further decline to 3% of GDP.

The 2015 budget is formulated with focus on the people’s economy and outlines seven main strategies:

First Strategy: Strengthening Economic Growth;

Second Strategy: Enhancing Fiscal Governance;

Third Strategy: Developing Human Capital and Entrepreneurship;

Fourth Strategy: Advancing Bumiputera Agenda;

Fifth Strategy: Upholding Role of Women;

Sixth Strategy: Developing National Youth Transformation Programme; and

Seventh Strategy: Prioritising Well-Being of the Rakyat.

The following are 2014 Budget highlights for Personal Finance and Investment.

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REITReal Estate Investment Trust (REIT) is one of the most popular ways to invest in property as the dividend is rather stable and attractive. The most important reason why REIT investment is, the investor can access the fund invested in REIT rather quickly than conventional property investment as the units are traded in Bursa Malaysia.

However, bear in mind that, dividend received from REIT Investment is taxable.

For a REIT fund that distributed at least 90 percent of their total yearly income to unit holders, the REIT itself is exempted from tax for that year of assessment.

However, unit holders require to pay tax on the dividend income received from the REIT investment. As the income distributed by REITs tax exempt, no tax credit would be available to the unit holders.

If the tax exempt income received by REITs and subsequently distributed to unit holders, this dividend continues to be tax exempt to the unit holders.

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Now it is the time of the year again that we have to prepare and submit individual income tax return form to IRB. The last date to submit the 2013 individual income tax return form is on the 30th April 2014 for individual without business income. The date for individual with business income is on 30th June 2014.

Any delay is subjected to penalty as below;

Any tax due and payable but has not been paid by the taxpayer by the due date shall be increased by 10% and any balance remaining unpaid upon the expiration of 60 days from the due date shall be further increased by 5% of the balance unpaid.

If you are not sure what are tax exemption, rates, reliefs and rebates, you can read here.

The easiest way to submit tax return form is via e-Filing. You may see the guides on e-Filing at How to do e-Filing for Individual Income Tax Return. e-Filing system for 2013 tax return form up since 1st March 2014.

Which form to fill in?

Read more →