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Malaysia Budget 2014 and Taxable Income

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4 years 2 months ago - 4 years 2 months ago #12 by Kap-Chew
Kap-Chew created the topic: Malaysia Budget 2014 and Taxable Income
  • Special tax relief of RM2,000 to be given to tax payers with a monthly income up to RM8,000 received in 2013, which will result in tax savings up to RM480.
  • Families with a monthly income of RM4,000 will not be subject to tax.
  • Individual income tax rates to be reduced by 1% - 3%, effective 2015. Chargeable income subject to maximum rate to be increased from exceeding RM100,000 to exceeding RM400,000. Current maximum tax rate at 26% to be reduced to 24%, 24.5% and 25%.
  • Monthly Tax Deduction will be Final Tax, effective from 2014 assessment year.
  • BR1M payment is increased to RM650 from RM500 for households with a monthly income of below RM3,000. For single individuals above 21 years old with a monthly income not exceeding RM2,000, BR1M will be increased from RM250 to RM300.

Is this a salarymen-friendly budget? What is your opinion? :whistle:
Last Edit: 4 years 2 months ago by Kap-Chew.

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4 years 2 months ago #13 by Amil
Amil replied the topic: Malaysia Budget 2014 and Taxable Income
Just feel that heavy burden that salary is not catching up with the skyrocketing inflation in our BolehLand :unsure:

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4 years 2 months ago #14 by Kap-Chew
Kap-Chew replied the topic: Malaysia Budget 2014 and Taxable Income
Can't agree more with you. Be prepared for another round of crazy price hike after sugar subsidy is stopped. Sometimes just can't imagine how many cups of coffee a kilo of sugar can produce, and a 10-sen hike would really more than compensate for it, plus a lot of profit. :sick:

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4 years 2 months ago #15 by Amil
Amil replied the topic: Malaysia Budget 2014 and Taxable Income
Change lifestyle dude! ;)

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