Your Definitive Guide To Cutting Your Income Tax 2015

Written by Iris Lee

In Budget 2014, the Prime Minister Datuk Seri Najib Tun Razak, has announced his commitment to lessen to burden of the people running up to the implementation of GST and the subsidy rationalisation exercise.

For the assessment year 2014, we see a reduction in tax rates between 1% and 3%. We also see the income bracket of RM2,501 and RM5,000 rate reduced from 1% to 0%. This means, we won’t be taxed for the first RM5,000 of our annual chargeable income.

It’s important to understand the tax reliefs available and identify which are applicable to you to ensure you spend wisely and save on your income tax. There are also some tax reliefs that no longer apply this year.

This definitive income tax guide will help you cut your income tax by hundreds!

For e-filing users, the submission deadline has been extended to May 15, 2015, while the traditional filing method ends on April 30, 2015.

According to Tan Sri Dr Mohd Shukor Mahfar, chief executive officer of the Inland Revenue Board (IRB), said there were 3.8 millions users on e-filing last year.

The projected amount of tax collection for this year was RM142.6bil, he added.

This year, to ease the process of tax payments for taxpayers, the IRB has introduced a new mode of payment, using credit card.

With GST coming in less than a month, every single sen saved can make a huge difference. Start planning your spending with income tax reliefs in mind!