QUOTE(ronnie @ Apr 13 2009, 11:16 PM)
Get to reduce your taxable income by 7% only... thus reducing the tax bracket.
You don't get back the 7% in monetary value.
allow me to rephrase that; you get to reduce 7% from your yearly salary thus reducing the taxable income. You don't get back the 7% in monetary value.
Meaning: yearly salary - 7% x yearly salary (donation) = total salary
then; total salary - deduction = taxable income.
Added on April 14, 2009, 5:13 pm
QUOTE(calvynlee @ Apr 14 2009, 09:06 AM)
I guess all foreign company conducting business at malaysia must be register, except illegel business.
i think your company has register, just that they does not provide you epf...
currently standard salary more then RM2401 must declare income tax. You no need to declare if you do not plan to buy property... if you do, better declare.
careful.. if you don't declare when supposed to, you can get penalty.. and it accumulates i think your company has register, just that they does not provide you epf...
currently standard salary more then RM2401 must declare income tax. You no need to declare if you do not plan to buy property... if you do, better declare.
if he is taxable (since income derived in malaysia), he wasted the exemption from paying the epf, thus increasing his tax bracket...not to mention that he also losses his EPF money which should be rightfully paid by his company..or not.
This post has been edited by attahun: Apr 14 2009, 05:13 PM
Apr 14 2009, 05:10 PM

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