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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Trade

Malaysia’s international trade experienced tremendous growth throughout the last 4 decades with total trade from merely RM 9.45 billion in 1970 to RM 1.4 trillion in 2014. The trade it plays a large role in Malaysian economy.

Malaysia has managed to maintain a positive trade balance, exporting more goods than it imports except in 1982, 1991 and 1994 – 1997.

In 2014, Malaysia post a trade balance of RM 83.11 billion. The highest was recorded prior to global recession in 2008 at RM143.21 billion.

The table below shows statistical figures on total export, import and trade balance since 1970.

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Ringgit MalaysiaBank Negara Malaysia (BNM) was established on 26 January 1959 and it is the sole issuer of Malaysian Ringgit. On 12 June 1967, the first Malaysian Ringgit issued to replace the Malaya and British Borneo dollar.

In 1993, the currency symbol “RM” (Ringgit Malaysia) was introduced to replace the use of the dollar sign “$”.

Since the first issuance, the value of gradually increase as Malaysian economy prospers. Do you know how much is printed Malaysian Ringgit Currency Note in circulation?

The table below show the total the of Malaysian Ringgit Note circulated in the economy since 1975 excluding RM500, RM1,000 notes and coins valued about RM2 billion.

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EPF

The Employees Provident Fund (EPF) announced dividend rate of 6.75 percent for the financial year ended 31st December 2014. It was the highest since year 2000 and higher than 6.35 percent announced in 2013.

Kindly refer to “Historical Employees Provident Funds (EPF / KWSP) Dividend Rate” page for EPF dividend rate table & chart since 1952. You may want to calculate the dividend received by using EPF Dividend Calculator.

The total dividend payout stand at RM36.60 billion from RM39.08 billon investment income.  The remaining are used for investment expenses, operating expenditures, statutory charges and net impairment allowance on financial assets. The payout representing an increase of 17.31 per cent compared to RM31.20 billion recorded in 2013.

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Ringgit MalaysiaThis article is an adaptation from a section of Sharif Rahman’s latest book which concluded his detailed explanation on gold’s multitude of failures.  His latest book is titled, “Kegagalan Emas Sebagai Matawang” and is sure an exciting read because he also took the time to explain the justice of “interest”.

Ever wonder why the money in your hand is considered valuable, even if the paper it’s printed on is just that, mere pieces of beautiful paper? Many gold bugs made the silly accusation that these pieces of paper have no value and are no match when compared to their shiny gold bars and coins.  They claimed that the Ringgit’s value is simply being dictated by the government and the government is forcing the people to accept it.  Thus the typical word they used to badmouth the currency is “fiat”.  Fiat means decree, and a long time ago, that was the case.  However today, our paper money is no longer a mere fiat currency, it is a currency that is soundly backed, and the backing is far superior to using gold as the support.

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