Post Budget 2014: Tax Relief..
Emmm!!! I didn't see any fair tax here.
What happen if in a family only husband working and the monthly income is at RM8500? Comparing to both wife and husband working?
What I see, Islamic Zakat is the fairest. 2.5%.
So who will benefit?
TAX RELIEF
* Government proposes a special tax relief of RM2,000 be given to taxpayers with a monthly income up to RM8,000 received in 2013.
CORPORATE TAX
* Corporate income tax rate be reduced by 1 percentage from 25% to 24%.
* Income tax rate for small and medium companies will be reduced by 1 percentage point from 20% to 19% from the year of assessment 2016.
INCOME TAX
* Government to give one-off cash assistance of RM300 to low income group
* Personal income tax rates be reduced by 1 to 3 percentage points for all tax payers.
* Individual income tax structure will be reviewed
* Chargeable income subject to the maximum rate will be increased from exceeding RM100,000 to exceeding RM400,000.
* Current maximum tax rate at 26% to be reduced to 24%.
* Measures to be effective in 2015.
What happen if in a family only husband working and the monthly income is at RM8500? Comparing to both wife and husband working?
What I see, Islamic Zakat is the fairest. 2.5%.
So who will benefit?
TAX RELIEF
* Government proposes a special tax relief of RM2,000 be given to taxpayers with a monthly income up to RM8,000 received in 2013.
CORPORATE TAX
* Corporate income tax rate be reduced by 1 percentage from 25% to 24%.
* Income tax rate for small and medium companies will be reduced by 1 percentage point from 20% to 19% from the year of assessment 2016.
INCOME TAX
* Government to give one-off cash assistance of RM300 to low income group
* Personal income tax rates be reduced by 1 to 3 percentage points for all tax payers.
* Individual income tax structure will be reviewed
* Chargeable income subject to the maximum rate will be increased from exceeding RM100,000 to exceeding RM400,000.
* Current maximum tax rate at 26% to be reduced to 24%.
* Measures to be effective in 2015.
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