Malaysia Personal Income Tax Guide For 2020
As for the additional tax reliefs introduced in the government’s various economic recovery prograpmmes in response to the pandemic, they will only be applied to your tax filing in 2021.
Preparing and filing your income tax in Malaysia can be a challenging and anxiety-inducing experience every year for most people, but it doesn’t have to be if you understand how income tax works in this country.
Do you know how your tax is calculated? Are you aware that Malaysia adopts a progressive income tax rate system, which means that you only pay the higher rate on the amount above the rate? Do you know what the differences between tax exemptions, tax reliefs, tax rebates and tax deductibles are? How can you get higher income tax return?
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If you have no clue what the answers for these questions are, plus many other income tax-related questions, you will have no idea how to plan your taxes well. Without planning, you won’t be able to maximise on the tax reliefs available, and get the tax savings you are eligible for.
Well, it is never too late to find out. With this simple and easy-to-understand Malaysia income tax guide 2020, you will be filing your tax like a whiz in no time.
Now, let’s get started and find out what’s chargeable income!