Personal Income Tax 5th March 2018

Assalam and Hi!

So last 5th March our company held a talk for outsiders on the personal taxation.

So I just wish to share some of the notes:

1. Monetary Exemption - exempted allowance received Section 13(1)(a) of ITA 1967

a. RM6,000 Travelling allowance for work related, i.e. for travelling fro and to working place

b. Meal allowance (infinite - must be reasonable)

c. Parking allowance (must based on the actual cost incurred and have relevant receipt as record, not simply reimburse)

d. Handphone subscription allowance (limited to 1 line only)

e. Innovation or Long Service Award or Top Performance Award (restricted to max RM2,000 per year)

- for long service award, must be working >10 years in the same Company or within the same group

f. Subsidy on loan interest (this is for employee working with Bank or financial institution where the Co subsidize interest on loan given to employee - loan must be less than RM300,000)

2. Service Directo definition

- Holding share <5% and can be considered under employment

4. Benefit-in-kind - Section 13(1)(b)

Comments

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