March and April are the months to file your taxes for employees across Malaysia. This time of year, everyone is busy filling out tax forms and fulfilling their responsibilities as office workers.
Although employees need to pay taxes when their annual salary reaches a specified amount, the government also provides tax relief benefits as a way to reduce the burden on the people.
The government has released the personal income tax relief which includes up to 26 tax relief incentives, totaling up to RM109,350. Let’s have a look at what can be deducted!
|Personal tax deduction||RM9000|
|Individual Tuition Fees (Master/PhD)
|Life Insurance (Individual and Spouse)||RM3000|
|Education or medical insurance||RM3000|
|SOCSO & EIS||RM350|
|Private Retirement Scheme (PRS)||RM3000|
|SSPN Net Savings||RM8000|
|Life, medicine and health-related equipment|
|Parents’ medical expenses||RM8000|
|Serious illness medical expenses:
|Additional sports-related activities
|Domestic tourism spending
|Electric vehicle equipment
|Breastfeeding equipment (female only)
|Assistive devices for persons with disabilities (individuals, spouses, children, parents)||RM6000|
|Unmarried children under the age of 18 (per person)||RM2000|
|Unmarried, full-time students over the age of 18
|Unmarried student over the age of 18 studying for a higher education diploma or above
|Nursery / Kindergarten (under 6 years old)||RM3000|
If you’re thinking of saving more money, remember to fill in these 26 tax deductions when you file your tax returns – and you get to pay either less tax, or no tax at all!
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