Claim allowed: Up to RM3,000 for self, spouse, or child. Currently, there is relief from service tax on intra-group services, provided that no such service is provided to third parties.

Claim allowed: Up to RM8,000 per individual with children. Paying life insurance premiums on your own life or your spouse is deductible under this relief, as are contributions to approved schemes such as the Employees Provident Fund (EPF). Exemption for certain early PRS withdrawals. This runs contrary to the statutory time bar of five years for normal cases.

Now, a de minimis of 5% has been introduced for services rendered to third parties. The tax treatment has been extended until 2025. There was strong public opinion for the reinstatement of the zero rate for real properties held for more than five years. My reading of the law says all religions recognised by the Committee for the Promotion of Inter-Religious Understanding and Harmony among Adherents will qualify for the rebate. There is now a proposed amendment to allow the DGIR to raise an additional assessment “at any time” in consequence of an MAP. To refresh your memory, the conditions for the tax relief for spouse are that your spouse has no source of income or elects for joint assessment in your name.

It is restricted to only two pilgrimages (presumably in one’s lifetime).

I have no doubt that they will not, indeed should not, begrudge this sharing of wealth with the community to which they belong. SMEs will continue to enjoy 100% capital allowance for all of its SVAs without being restricted to RM20,000 a year. The total deduction for a wife and alimony payments to a former life is restricted to RM4,000.

2020. This deduction is not allowed if your spouse has a gross income exceeding RM4,000 derived from sources outside Malaysia. You can claim this relief if your spouse has no source of income OR elects for joint assessment in your name. Tax rebate on departure levy for pilgrimage. For income tax filing in the year 2020 (YA 2019), you can deduct the following contributions from your aggregate income.

This is timely and will help married couples realise their dream of parenthood. Remember, claiming for tax reliefs and the like are the key to maximising your tax refund for the year, so start listing down all the reliefs you’re eligible for and start filing!

Parents must reside and treatment must be provided in Malaysia. KUALA LUMPUR, Nov 5 — An Opposition MP has suggested that the government consider allocating RM1 billion for a Rent Relief Fund (RRF) to help affected small, family-owned and independent businesses survive the setbacks caused by the Covid-19 pandemic. This means a further tax savings of RM7,000. Books, journals, magazines, printed newspapers, and other similar publications in both hardcopy and electronic forms; banned and offensive materials excluded, Personal computer, smartphone or table; additional charges for warranty or devices used for the purposes of own business excluded, Sports equipment for sports activities defined under the Sports Development Act 1997, including golf balls and shuttlecocks but excluding motorised bicycles, and payment for gym membership excluding club membership which provides gym facilities, Internet subscription paid through monthly bill registered under your own name, In full-time education (other than matriculation/pre-degree/A-Levels) at an educational establishment in Malaysia, Serving under articles or indentures to qualify in a trade or profession in Malaysia, Pursuing a full-time degree (or equivalent, including Masters or Doctorate) outside Malaysia, Gift of money to approved institutions/organisations/funds, Gift of money for any approved sports activity, Gift of money or cost of contribution in kind for any approved project of national interest, Gift of money to the government/state government/local authority, Gift of artefacts, manuscripts, or paintings, Gift of money not exceeding RM20,000 for libraries, Gift of money or contribution in kind for disability facilities in public places, Gift of money or medical equipment not exceeding RM20,000 to approved healthcare facilities, Gift of paintings to the National Art Gallery or state art galleries. Employers that pay their employees’ National Higher Education Fund Corporation (PTPTN) loans payable in 2019 are eligible for tax deduction. Here’s a more detailed look at the fine print behind each income tax relief you can claim in 2020 for YA 2019. This person must be registered with the Department of Social Welfare as a disabled person for the expenditure to qualify. The departure levy on an individual leaving Malaysia (with effect from Sept 1) will be allowed as a tax rebate where the individual embarks on umrah or religious pilgrimage provided that it has been duly certified by the relevant religious bodies/committee. Are you feeling a bit uncertain about which tax reliefs you’re actually eligible for? He also said tax exemption would be given for the vaccination cost for personal, spouse and children with a limit up to RM1,000. This means individuals can donate up to 10% of their aggregate income and be eligible for a tax deduction. The tax relief for childcare and kindergarten expenses has been increased from RM1,000 to RM2,000 in 2020. Those who have a disabled spouse are entitled to a further deduction under this relief. Qualified breastfeeding equipment are: breast pump kit and ice pack; breast milk collection and storage equipment; and cooler set or cooler bag. Malaysia Budget 2020 – Tax Incentives To encourage continuous investment in Malaysia, it is proposed that electrical and electronic (E&E) companies that have exhausted the eligibility period of 15 consecutive years to claim RA be given income tax exemption equivalent to Investment Tax Allowance of 50% on qualifying capital expenditure incurred within a period of 5 years. 7. For those with children who are unmarried, 18 years of age and above, and satisfy any one of the following conditions, a claim of RM8,000 is allowed: Claim allowed: RM2,000 per child or RM8,000 per child. When it comes to getting the biggest possible tax refund each year, the key lies in making the most of the tax reliefs, tax deductions, and tax rebates.

Technology-based companies and SMEs listing on the ACE (Access, Certainty, Efficiency) and LEAP (Leading Entrepreneur Accelerator Platform) markets on Bursa Malaysia will be allowed a tax deduction of up to RM1.5 million of their listing costs (specified). The threshold for small-value assets (SVA) is now set at RM2,000 (up from RM1,300) per asset. For income tax filing in the year 2020 (YA 2019), you can deduct the following contributions from your aggregate income. All Rights Reserved.

Stamp duty exemption will be put in place for the instruments relating to the first home under the RTO. You can make use of this relief if you are a breastfeeding mother and have purchased breastfeeding equipment for your own use to breastfeed your own child aged 2 years and below. •    Companies that organise arts and culture activities, international sports and recreational competitions to attract foreign tourists will get a tax exemption of 50% of their statutory income.

This is available during year of assessment (YA) 2020 to 2022. This article was first published on RinggitPlus. If your chargeable income (after tax reliefs and deductions) does not exceed RM35,000, you will be granted a rebate of RM400 from your tax charged.

If your chargeable income (after tax reliefs and deductions) does not exceed RM35,000, and you have been allowed the tax relief of RM4,000 for your spouse, you can claim this rebate.