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With effective from Year of Assessment (YA) 2009, Malaysian resident who acquired any residential property are given the specially designed tax relief of up to RM10,000 a year for 3 consecutive years from the first year the interest is paid. Residential property means a house, condominium unit, apartment or flat which is built as a dwelling house. This kind of tax relief was given by the Government to counter the property market downturn, or to spur the property mart after the 2008 global financial crisis. It has proven to be a success in Malaysia for the past 2 years, where property prices skyrocketed to a not so comfortable level for most of Malaysians. People are crying foul on the high price to own a house nowadays. What is the Terms and Conditions? To qualify for the tax relief, the following conditions must be met: the taxpayer is a Malaysian citizen and a resident; limited to one residential unit ; the sale and purchase agreement is signed between 10th March 2009 and 31st Decem...

When we are having children, it's a gift from God. And, Malaysia is a blessed place to live, a place where no earthquake and volcano. Although we once hit by tsunami, but it brings minimal effect to us. Thank God. In line with the effort to increase Malaysian workforce, in achieving self-sustainable economy with strong domestic consumption, Government has laid out several tax relief especially meant for child. Dubbed as one of the " major investment " of family, a child could easily cost a family few hundred thousands (if not millions). Let's take a look at some of the tax advantages of having a child. Child Tax Relief Married couple can claim child relief of maintaining any child. The children can be their own child, step child, or legally adopted child. Then, there are subdivided into 4 different categories. Source: IRB, Finance Malaysia Blog Generally, parents can claim tax relief of RM1,000 per unmarried child per year, until he or she turns 18. An unmarried chil...

It's the month of April again, and it's time for us to file our personal income tax. Usually, people would wait until the last minute to do perform their once-in-a-year task (I myself is one of them). To encourage taxpayer to do e-filling earlier, Inland Revenue Board of Malaysia (IRB) said that those early birds can get their tax return money in 3 days. I don't know whether this is can be true, but I would like to give a try this year. For you, readers, Finance Malaysia will write more about topics related to Personal Income Tax this month. Welcome to the " Month of Tax ", and we hope that the info posted here could help you to file your income tax confidently, error-free, and wiser. Generally, any amount paid by the employer to the employee in relation to having or exercising an employment will be taxed. This refers to employment income such as salary, bonus, gratuity, commission, allowance, director fees and many other forms of remunerations. In contrast, the p...

First Home Scheme was being introduced by the Government in Budget 2011 as below to encourage home ownership among Malaysians: Specially cater for first-time house buyers with monthly household income below RM 3,000 . 100% loan for houses priced below RM220,000. 50% stamp duty exemptions on instruments of transfer on houses below RM350,000. 50% stamp duty exemptions on loan agreement instruments on houses below RM350,000. To facilitate the 100% loan, Cagamas Bhd (national mortgage corporation) will provide guarantee on the 10% down-payment to eligible house buyers. Signals sent-out by Government: 1. Enabling first-time buyers to afford their first home. 2. Developers should build more houses which is affordable for such categories. Advise to first-time house buyers: 1. The securing of such a loan is still subject to how much the banker willing to lend you. 2. 100% loan means higher monthly repayment for borrower. 3. Always buy within your means , not because of such scheme. How a...

* Please take note that this blog is for reading pleasure only, and NOT intended to offend any party. Below are some questions posted to Finance Malaysia (FM), with some interesting reply: Q    : Let's start off with the famous KL MRT project. Any comment? FM : Well, this is definitely a good public transport reformations for KL citizen. However, please bare in mind that the extensions of two existing LRT lines still not yet started. Implementation is problem, not project . Q    : How about the development of the Malaysian Rubber Board land in Sg. Buloh by EPF? FM : The project costs RM10bil for 15 years. I don't know when EPF (Malaysians' retirement fund) role has changed to being a developer? Q    : Malaysia's tallest building - 100 -storey Warisan Merdeka. Is it necessary? FM : So that Osama can either choose this or Twin-towers. Haha. Since EPF can be a developer, why not PNB? Malaysia Boleh spirit for all... Q    : Existi...

Want to save more from Tax? Read on…     Although this article is somewhat considered late for individual tax-payers this year, this could be useful next year anyway. When you buy insurance, besides getting the comprehensive protection and a worthwhile investment that will keep you financially stable should the unexpected happen, one more feature are very important for every tax payers.   Under Malaysian Income Tax Act 1967, you will also enjoy tax relief benefits provided. These tax incentives are given by Malaysia government to encourage us get have a protection plan, thus, inducing a good living life among Malaysians.   So what’s tax deductible? How much? Premiums on life insurance and/or deferred annuities. Premiums on education or medical benefits. How much tax relief? - Up to Rm6,000 for life insurance premiums and EPF contributions. - Up to Rm3,000 for medical and education policies premiums.   You may qualify for tax relief under Education policies if...