INCOME EXEMPT FROM TAXES - AN EMPLOYEE

PAYMENT RECEIVED PURSUANT TO A SEPARATION SCHEME

Effective Y/A 2007:
Income tax exemption, where employees are given an option for an early retirement of an employment contract, on condition, such schemes do not expressly or impliedly provide for the employee to be reemployed under any other scheme of employment by the same employer or any other employer.

ACP1967 Sch 6 Para 15(3): In this paragraph,“compensation for loss of employment” shall include any payment made by an employer to an employee of his pursuant to a separation scheme where employees are given an option for an early termination of an employment contract provided that such scheme from which payment was made does not expressly or impliedly provide for the employee to be reemployed under any other scheme of employment by the same or any other employer.

INCOME EXEMPT FROM TAXES - AN EMPLOYEE

PERQUISITE IN RELATION TO SERVICE AWARDS

Income tax exemption of up to a maximum amount or value of RM1000 for each year of assessment. In respect of long service award, shall only be given to employees who have served the same employer for more than 10 years.

Effective Y/A 2008: The exemption will be increased from RM1000 to RM2000 and is extended to awards related to innovation and productivity awards.

ACP1967 Sch 6 Para 25C: Perquisite consisting of long service, past achievement, service excellence, innovation or productivity award, whether in money or otherwise, provided to an employee pursuant to his employment, limited to a maximum amount or value of two thousand ringgit for each employee for a year of assessment provided that exemption in respect of long service award shall apply only after the employee has exercised an employment for more than ten years with the same employer.

INCOME EXEMPT FROM TAXES - AN EMPLOYEE

PERQUISITES AND BENEFITS-IN-KIND - PU(A) 152/2009

Effective Y/A 2008 to Y/A 2010:
a. Perquisites in relation to travel allowance, petrol card, petrol allowance or any of its combination for travelling between the home and work place up to RM2400 per year.

Effective Y/A 2008:
b. Perquisites in relation to travel allowance, petrol card, petrol allowance or toll rate or any of its combination for travelling for official duties up to RM6000 per year.

c. Parking rate of parking allowance
d. Meal allowance
e. Child care allowance of up to RM2400 per year
f. Gifts and monthly bills for fixed line telephone, mobile phone, pager or broadband
g. The amount of subsidy on interest of housing, education or car loan shall be determined in accordance with the following formula:
               
                     A x B
                            C

    A = Amount of Interest to be borne by employee (-) Amount of Interest Payable by employee
     B = Total aggregate of balance of principal amount of loan taken by employee or RM300,000 (whichever is the lower)
    C = Total aggregate of principal amount of loan taken by employee

h. Medical benefits exempted from tax be extended to include expenses on maternity and traditional medicines
i. Discounted price for consumable business products of the employer up to RM1000 per year and
j. Discounted price for services provided by the business of the employer and for the benefit of the employee, spouse and child of employee

The above exemptions are not extended to an employee where the employee has control over his/her employer.

INCOME EXEMPT FROM TAXES - INDIVIDUAL RESIDENT

INCOME FROM TRANSLATION OF BOOKS OR LITERARY WORKS

Effective Y/A 2007: Income of RM12,000 for a year of assessment received by an individual resident in Malaysia in respect of any translation of books or literary works at the specific request of any agency of the:
1. Ministry of Education or
2. Minister of Higher Education or
3. The Attorney General's Chambers

ACP1967 Sch 6 Para 32A: Income of twelve thousand ringgit for the basis year for a year of assessment, derived by an individual resident in Malaysia, being payment received in that year in respect of any translation of books or literary work at the specific request of any agency of the Ministry of Education or Ministry of Higher Education or the Attorney General's Chambers: Provided that the exemption shall not apply where the payment arises to the individual as part of his emoluments in the exercise of his official duties.

INCOME EXEMPT FROM TAXES - INDIVIDUAL RESIDENT

INCOME FROM MUSICAL COMPOSITION OR TRANSLATION

Effective Y/A 2000:
Income of up to RM20,000 received by an individual resident in Malaysia in respect of any musical composition.

ACP1967 Sch 6 Para 32D: Income of twenty thousand ringgit for the basis year for a year of assessment, derived by an individual resident in Malaysia, being payment of any musical composition: Provided that the exemption shall not apply where the payment arises to the individual as part of his emoluments in the exercise of his official duties.

INCOME EXEMPT FROM TAXES - ANY PERSON

REMITTANCE OF FOREIGN SOURCE INCOME TO MALAYSIA

Effective Y/A 2004:
Income arising from sources outside Malaysia and received in Malaysia by any person (Not-Resident, resident individual, a trust body, a co-operative and a Hindu joint family).

ACP1967 Sch 6 Para 28(1):  Income which is exempt is income of any person, other than a resident company carrying on the business of banking, insurance or sea or air transport, for the basis year for a year of assessment derived from sources outside Malaysia and received in Malaysia.

BAYARAN ZAKAT

Dear Reader,

Friendly reminders. If you are an individual or an organization and have planned to pay zakat for this year, please do so in this December month which is the last month in the calendar year of 2012. This would enable you to enjoy the income tax rebate for zakat for Year of Assesment 2012.

Year of Assessment 2007 onwards, tax rebate granted to cooperatives and trust bodies for payment of zakat perniagaan to Islamic religious authorities be allowed subject to a maximum of 2.5% of the aggregate inocme. [Source: 2012 Budget Commentary and Tax Information]

LHDN20121004: ZAKAT / FITRAH

Di antara lain-lain Rebat Cukai yang boleh dimanfaatkan oleh Individu adalah Zakat / Fitrah.

Fakta penting:

1. Amaun zakat yang dibenarkan rebat adalah amaun maksimum yang  tertakluk kepada jumlah cukai pendapatan yang dikenakan.

2. ACP1967 Section 6A(3):  A rebate shall  be granted for a year of assessment for any zakat, fitrah or any other Islamic religious dues payment of which is obligatory and which are paid in the basis year for that year of assessment to, and evidenced by a receipt issued by, an appropriate religious authority established under any written law.

LHDN20121004: PENYIMPANAN REKOD

Pembayar cukai tidak perlu menghantar dokumen-dokumen berikut bersama Borang Nyata Cukai Pendapatan (BNCP), sebaliknya dokumen ini hendaklah DISIMPAN selama 7 TAHUN:

1. 1. Borang EA/EC,
2. 2. Baucer dividen,
3. 3. Resit premium insurans,
4. 4. Resit pembelian buku,
5. 5. Resit perubatan,
6. 6. Resit derma,
7. 7. Resit premium zakat,
8. 8. Sijil kelahiran anak,
9. 9. Sijil nikah,
   10. Dokumen-dokumen sokongan lain.
   11. Helaian kerja (jika ada)

Pengiraan tempoh tujuh tahun adalah bermula daripada akhir tahun dalam mana BNCP tersebut telah dikemukakan.

APAKAH JENIS PENDAPATAN YANG DIKENAKAN CUKAI

Pada amnya pembayar cukai dikehendaki membayar cukai atas semua jenis pendapatan yang diperoleh, iaitu:

• Perniagaan atau profession
• Penggajian
• Dividen
• Faedah
• Diskaun
• Sewa
• Royalti
• Premium
• Pencen
• Anuiti
• Lain-lain

Apa itu Skop Pengenaan Cukai

Pembayar cukai yang bermastautin di Malaysia dikenakan cukai atas semua pendapatan yang diperoleh di Malaysia dan pendapatan yang diterima dari luar Malaysia. Skop penggenaan cukai seseorang individu adalah bergantung kepada taraf permastautinannya.

Mulai tahun taksiran 2004, pendapatan yang diterima di Malaysia dari luar Malaysia adalah dikecualikan daripada cukai. Dengan itu, pembayar cukai sama ada yang bermastautin atau yang tidak bermastautin di Malaysia dikenakan cukai atas pendapatan yang diperoleh dari Malaysia sahaja.

ADAKAH SAYA LAYAK DIKENAKAN CUKAI

Individu yang mempunyai pendapatan penggajian tahunan melebihi RM25,501 (selepas potongan KWSP) perlu mendaftar fail cukai pendapatan.

Mulai Tahun 2010 individu yang mempunyai pendapatan penggajian tahunan melebihi RM26,501 (selepas potongan KWSP) perlu mendaftar fail cukai pendapatan.

Sekiranya pekerja layak dikenakan potongan PCB, pekerja dinasihatkan mendaftar fail cukai pendapatan terlebih dahulu sebelum potongan PCB dibuat.