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The Definitive Guide To Personal Income Tax In Malaysia For 2020

Find out everything you need to know about filing your personal income tax in Malaysia by June 2020

Introduction

Malaysia Personal Income Tax Guide For 2020

income tax malaysia

Have you filed your income tax?
Image from Forbes

Covid-19 Update
In lieu of the Movement Control Order due to the pandemic, IRB has extended the income tax deadline for this year until 30 June 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.

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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!

iMoney's Income Tax calculator
Check how much income tax you’ll pay with the latest tax rates here.

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Next: What Is Chargeable Income?

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