Malaysia is a country with high standards of living, and as such, the government collects income tax from its citizens. For those who are looking to stay on top of their taxes, understanding the Malaysia income tax rate 2018 table is essential. Having this information at hand can help individuals and businesses make informed decisions on how to properly pay their taxes.
It is important to note that the Malaysia income tax rate 2018 table applies to both resident and non-resident individuals, as well as companies. Resident individuals are taxed based on their income earned in Malaysia, while non-residents are taxed on their income earned in the country. Companies are also taxed based on their profits, which are determined by the company’s overall performance.
The Malaysia income tax rate 2018 table consists of several different brackets, each with varying income tax percentages. The lowest bracket, 0%, applies to those earning up to RM25,000 a year. The highest bracket, 28%, applies to those earning more than RM500,000 a year. Individuals can use the table to determine how much they owe in taxes.
In addition to the standard income tax rate, there are several other tax reductions available for those who qualify. These include deductions for pension contributions, housing loan payments, medical expenses, and child education, among others. Individuals should consult the Inland Revenue Board or the Ministry of Finance to find out if they qualify for any of these deductions.
Finally, individuals should be aware of the deadlines for filing and paying their taxes. All taxes must be paid by June 30th of every year, although late payments may incur additional charges. Filing deadlines vary depending on the individual’s income level, so it is important to check the due date prior to filing.
Overall, understanding the Malaysia income tax rate 2018 table is essential for both individuals and businesses looking to stay compliant with the law. With the right information, individuals can ensure that their taxes are paid on time and accurately. Knowing the tax rates and deductions can also help them maximize their savings, allowing them to keep more of their hard-earned money.
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