Guidelines on Tax Treatment on the Income of Medical Practitioners in Private Hospitals
A few years ago, there was a widespread claim on tax evasion by doctors and audits by LHDN 😨 It was mainly due to the formation of private limited companies by doctors – which is entirely legal. But that triggers a whole other dilemma – should the income be assessed under the individual or the […]
[YA 2021] Tax Relief on Medical Expenses
Our recent sharing on tax reliefs and deductions has been well received, so much so that we received even more questions from you. We always welcome your comments and our team are working to proactively share valuable information and insights – especially during this tax season. Today we are focusing on tax relief for medical […]
Guide to Filing Taxes in Malaysia – Tax Deduction for Children
Being a parent is the most rewarding job in the world, but it comes with a “price”. We all know how expensive raising kids can be – which explains the tax deductions parents are entitled to. Pay close attention to the list and tax breaks that can make a significant difference on the amount of […]
List Of Benefits-In-Kind That Are Exempted From Tax
How many of you have received your EA forms from your employers for the Year of Assessment (YA) 2021? 🤚🏼 Before you file your taxes, take some time to understand which part of your monthly remuneration can be exempted from tax 📋 One of the most common one is benefit-in-kind – basically any non-cash benefit […]
Guide to Corporate Bank Account Opening in Malaysia
What’s the next step after successfully registering your company? 🤔 🏦 It would be opening a corporate bank account for your company’s financial transactions 📑 As long as the necessary documentation is complete, foreigners are also permitted to open bank accounts in Malaysia. Of course, do take note of the different rules and regulations set […]
6 Benefits of Digital Accounting For Small Businesses
In this new norm, businesses that aren’t going digital are businesses that are falling behind. We are not just talking about e-commerce platform adoption and social media presence, but more importantly the day-to-day business processes too! Here are the 6 key benefits of digital accounting for small businesses. 1. A Streamlined System A digital accounting […]
5 Common Income Tax Filing Mistakes to Avoid
Tax season is once again upon us 💰 Some of you would have received your EA forms this week and might be anxious about the filing process – wondering where to start or trying to remember everything from the year before. Well, here are some common mistakes that most of us might have done or […]
Do You Need To Make EPF Payments for Bonuses and Cash Allowances in Malaysia?.
You see this being deducted from your gross salary on a monthly basis, but would your bonuses and cash allowances affect the amount? 🤔 Do you need to make EPF payments for bonuses and cash allowances in Malaysia? 💰 Well, this is a question I get asked very often and I have put together an […]
5 Easy Ways To Plan Individual Income Tax in Malaysia
For those who think that tax planning is just a once-a-year chore – well, sorry to burst your bubble 🤑 but it’s actually crucial to plan ahead in order to save more taxes. In fact, there are key steps you can take throughout the year to reduce your tax burden, whilst keeping within the law […]
Everything You Should Claim For Income Tax Relief Malaysia [YA 2021]
Here we go again – tax season for Malaysians who garnered an income of at least RM34,000 in 2021 is coming up soon! 🤑 With the common objective to maximise tax refund, we have listed all the tax deductions and reliefs that you can claim for YA2021. 🧾 Remember to keep your receipts for at […]