°µÍø½ûÇø

Menu
°µÍø½ûÇø
Search
Magazine
Search

Reduced income tax in 2018

Gravitas

Today the 2018 Budget is being presented. So far regarding the Resident stepped tax system, the following reductions in percentage have been announced:

Tax Bracket 20,001 - 35,000 reduction to 3% from current 5%
Tax Bracket 35,001 - 50,000 reduction to 8% from current 10%
Tax Bracket 50,001 - 70,000 reduction to 14% from current 16%

See also

The tax system in MalaysiaTaxes for °µÍø½ûÇøs in MalaysiaSwiss pension in MalaysiaMalaysia Income Tax°µÍø½ûÇø living in another country while doing the Malaysian job remotely
iskandarhack

Are those monthly are annual amounts?

4ndr3_4g4

This is really great to hear, thanks Gravitas. :-)

Gravitas

Income tax liability is worked out on annual salary (then deducted monthly i.e. divided by 12).

iskandarhack

Thanks very much, doesn't help me any then. OTH I may retire before the end of next year anyway. Working is overrated :)

xicond

Is this Resident tax ?

Gravitas

Yes, of course. Non-resident is a flat rate

mohideen221992

My annual income in 78,000 so how much will be for me

Gravitas

Non-Resident - 1820 per month
Resident - about 380 per month

Page 7

However, housing is also taxable

mohideen221992

Accomadation provided by company still need to pay housing tax?

GuestPoster00978

As an °µÍø½ûÇø, can we invest in Malaysia for tax rebate or otherwise while working in Malaysia. Thank you.

Gravitas

Yes about the housing

Check about the deductions possible at the link provided above for any other allowances.

How did you come to the 6280? There is a RM9k p.a. personal tax free allowance and it is a graduated system.

mohideen221992

Gravitas ,

My salary is 6500 apart from this Accomadtion and transport provide by company expense.

Gravitas

Mohideen, the company provide the accommodation and sometimes food as well, but it is a taxable benefit.

mohideen221992

Okay clear

xicond

@Gravitas, what's the RM9k p.a. stand for ?

Gravitas

Malaysian Ringgit 9,000

xicond

so @Gravitas, what's the graduated system you said above ?
:kiss:

Gravitas

See page 7