Individual Income Tax


budget

On 23rd October 2009, Prime Minister Datuk Seri Najib Tun Razak has tabled Budget 2010 with the theme “1Malaysia, Together We Prosper”.

These are the main highlights that interest me in the area of Personal Finance

  • 5% property gain tax will be imposed on gains from the disposal of real property from Jan 1, 2010. Existing tax exemption will be retained for gifts between parent-child, husband-wife, grandparent-grandchild.
  • A service charge of RM50 a year to be imposed on each principal credit card and charge card and RM25 a year on each supplementary card including those with free for life effective from Jan 1, 2010.

Read more →