How to compute your income tax

FOR illustration purpose, appended below are the computations showing the tax position of a taxpayer under two scenarios, i.e, under separate and joint assessment: 1. For business and rental income, these income should be reported net of expenses wholly and exclusively incurred in the production of the said income. Lee Voon Siong 2. If entertainment expenses are incurred with the company’s business, a claim for deduction can be made....

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Malaysia’s GDP to grow 5.8% this year, says UN body

KUALA LUMPUR: Malaysia’s economic growth is expected to grow at a slower pace of 5.8% in 2008 after making gains in 2007 to 6.3% due to higher private consumption and fixed gross investment, a United Nations body said on Friday. The UN Economic and Social Commission for Asia and the Pacific (Escap) said the main factor for the anticipated slowdown in the economy is the slowing in the electronic export market “The main drag on Malaysia’s exports has been the weaker demand for semi-conductors and other electric products in the United States market,”...

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PM: Bursa’s Main, Second Boards to be combined

KUALA LUMPUR: Prime Minister Datuk Seri Abdullah Ahmad Badawi announced on Tuesday that the three boards on Bursa Malaysia would be streamlined. Speaking at the Invest Malaysia 2008 conference here, he said the Main and Second Boards would be combined to set up one board for more established companies with strong financial records. Abdullah, who is also the Finance Minister, said the Mesdaq market would also be revamped under the proposed streamlining process. He also said the government would allow a third credit rating agency to be set up...

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We Save Earth...

http://www.earthhour.org/Close electricity on 29 March, 8pm for 1hour. It is going to be simultaneouslyheld worldwi...

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A link of MSC Company....

Click here http://www.msc.com.my/cs/company/default....

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Taxable income for individuals, businesses

ALL revenue income derived from a source within Malaysia are subject to tax unless specifically exempted. Foreign source income remitted into Malaysia are exempted from tax. The classes of income that are subject to tax for an individual include the following: Employment income Employment income which must be reported in the employee’s tax return includes the following: Salary, wages, commission, bonus, gratuity, perquisite or allowances...

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Preparing personal income tax returns

WHO is required to submit a tax return? A person who is chargeable to tax is required to submit an income tax return to the Inland Revenue Board (IRB). Chargeability to tax would depend on the amount of income reported and the reliefs and deductions claimed. For example, an employee who is single and earning RM27,000 annually would be chargeable to tax if his claim for relief is limited to self relief and Employees Provident Fund.An individual who is filing his tax return for the first time will have to register a tax file with the IRB. He can...

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Our economic planning unit...

Click below:http://www.epu.gov.my/New%20Folder/development%20plan/2nd%20outline....

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