Chapter 5
Tax Rates For Year Of Assessment 2020 (Tax Filed In 2021)
Now that you understand how to derive your chargeable income to file for your 2021 income tax, we can calculate how much tax you will be paying for last year’s assessment.
Enjoy 40% cash back when you apply now! Alliance Bank CashFirst Personal Loan
Here are the progressive income tax rates for Year of Assessment 2020:
Chargeable Income | Calculations (RM) | Rate % | Tax(RM) |
---|---|---|---|
0 - 5,000 | On the First 2,500 | 0 | 0 |
5,001 - 20,000 | On the First 5,000 | 1 | 0 |
Next 15,000 | 150 | ||
20,001 - 35,000 | On the First 20,000 | 3 | 150 |
Next 15,000 | 450 | ||
35,001 - 50,000 | On the First 35,000 | 8 | 600 |
Next 15,000 | 1200 | ||
50,001 - 70,000 | On the First 50,000 | 14 | 1,800 |
Next 20,000 | 2,800 | ||
70,001 - 100,000 | On the First 70,000 | 21 | 4,600 |
Next 30,000 | 6,300 | ||
100,001 - 250,000 | On the First 100,000 | 24 | 10,900 |
Next 150,000 | 36,000 | ||
250,001 - 400,000 | On the First 250,000 | 24.5 | 46,900 |
Next 150,000 | 36,750 | ||
400,001 - 600,000 | On the First 400,000 | 25 | 83,650 |
Next 200,000 | 50,000 | ||
600,001 - 1,000,000 | On the First 600,000 | 26 | 133,650 |
Next 400,000 | 104,000 | ||
Exceeding 1,000,000 | On the First 1,000,000 | 30 | 237,650 |
Next ringgit | - |
Here’s how you calculate your tax based on the personal income tax rate above:
Example:
Chargeable income: RM63,850
You can calculate your taxes based on the formula above, and just make sure your total income in the first column comes up to your total chargeable income.
Up to 10 years loan tenure for existing customers!Kuwait Finance House Personal Financing-i
Leave your comment