Tax


Prime Minister Datuk Seri Najib Razak, who is also Finance Minister, unveiled 2013 budgets in the Parliaments on Friday 28th September 2012. The Budget’s theme is “Prospering the Nation, Enhancing the Well-being of the Rakyat: A Promise Fulfilled.

The Budget was designed to improve the rakyat’s quality of life, ensure sustainable economic growth, spend prudently and reduce the fiscal deficit

The Government’s budget deficit estimated to improve to 4.0% next year compared with 4.5% in 2012. On top of that, the economic growth was projected to be between 4.5% and 5.5% for 2013, with this year’s growth expected at 4.5% to 5.0%.

The following are Budget 2013 highlights for Personal Finance and Investment.

Read more →



Today, 30th April is the last day for individual taxpayers to submit their Form BE. If you are not ready to submit the form, there is a good news to you.

The dateline is extended by another 15 days BUT only applicable to taxpayers who opt to submit the Form BE by e-Filing. So, the taxpayers who choose to submit their forms and pay taxes via e-filing will now have up to 15th May to do so.

The 15-day grace period was also extended to those who had their own businesses, which would allow them to submit and pay via e-filing by 15th July.

Read more →



Prime Minister Datuk Seri Najib Razak, who is also Finance Minister, unveiled 2012 budgets at the Dewan Rakyat on Friday 7th October 2011.

The RM232.8 Billion budgets are allocated to implement all government development plans, focusing on the well-being of the rakyat. RM181.6 Billion is for operating expenditure and the remaining RM51.2 Billion is for development expenditure.

The Government’s budget deficit estimated to improve to 4.7% next year compared with the current 5.4%. On top of that, the economic growth was projected to be between 5% and 6% for 2012, with this year’s growth expected at 5% to 5.5%.

The following are Budget 2011 highlights for Personal Finance and Investment.

Read more →


Tax

The easiest & most convenient way to submit income tax return form is via e-Filing. Normally, e-Filing system start to open on 1st of March for previous year tax assessment. e-Filing system can be used to submit e-BE, e-B, e-M, e-E, e-P and e-M form.

For information, the dateline to complete e-BE and e-M income tax return is on 30th April while for e-B and e-P and e-M is on 30th June.

Below are simple guides on how to do e-Filing.

Read more →


Rental House

Income derived from a rental property is taxable. If you own a rental property, the rental income obtained should be declared in your income tax return form.

Bear in mind that not all monetary transaction between the house owner & tenant is taxable. Also remember that certain expenses on the rental property are eligible for deduction to reduce the income tax.

Take a look at the following scenario.

Read more →