Tax

credit cards

Credit Card Tax for 2010 is to stay no doubt about it. Credit card industry as a whole has come to a consensus that this tax will be borne by the cardholders and not the banks. Association of banks also confirmed on the tax payment date.

Now, banks in Malaysia are strategising to help customers pay the credit card tax by hoping that they can retain their customers.

Most banks are willing to allow customers to utilise their reward points collected to pay the tax charge. However, some banks said that consumers could easily offset the tax with the many cash rebates offered with their credit cards.

For banks that agree to use points, how much are needed?

The table below shows how much points that you need for different banks

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tax

The 5% real property gains tax (RPGT) announced during the 2010 Budget last October will now only apply to property sold within 5 years from the date of purchase. Finally, our Prime Minister listen to the complains from the many property buyers which stress their unhappiness through many medium such as newspaper and blogs.

This is indeed a very good news to property buyers or investors in Malaysia.

Prime Minister said that the decision would cause the Government to lose about RM200mil in revenue. However, the benefit of this decision country we will see a stronger growth in the property sector.

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credit cards

The credit cards tax is to stay & no changes will be done. It is will be according to the budget accouncement last October as it was approved in the parliment recently. Principal credit or charge cards holder have to pay RM50 per card while supplement card holder have to pay RM25 per card.

Starting 2010, new credit card applicants will have to pay the RM50 service tax upfront when they issued with new credit or charge cards.

For existing card holders, the charge will be imposed on the anniversary date of cards. The service tax will be pay through their issuing banks. For example, if the card’s anniversary date is in April, then you pay the tax in starting April 2010 & every subsequent anniversary date.

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tax

In Malaysia, real property gains tax (RPGT) is imposed with the intention to curb property speculations. It is imposed on the gains on disposal of Malaysian landed properties and the rate varies from 5% to 30% depends on the holding period.

With effect from April 1, 2007, the Government decided to exempt RPGT in view of the economic slowdown and it was aimed at assisting property developers in disposing of their houses, and spearheading the economic progress.

Prime Minister Datuk Seri Najib Tun Razak, who is also Finance Minister, on Oct 23, however, reintroduced RPGT to put in place a fair administration of taxes.

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lhdn

The Inland Revenue Board (IRB) will refund overpaid tax within 30 days if taxpayers submit their returns via e-filing. If the returns are filed manually, the refund will be made within 90 days.

This is what IRB committed to, IRB chief executive officer Datuk Hasmah Abdullah said.

This will add up to cost savings for the business community. IRB allows allow taxpayers who facing cash flow problem to pay taxes through instalments.