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 Personal relief Income tax, legally, reduce income tax

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dreamer101
post Nov 23 2006, 10:04 AM

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QUOTE(lucifah @ Nov 22 2006, 03:25 PM)
OK. this thread is not for the faint at heart.

This thread serves the purpose to help those with an annual income exceeding RM70,000 or businessess where you can't alter your profit or loss

the question:

How do I reduce my income tax?

Of course, some of my ways would be:

1. Increase expenditure
2. Buy lots of assetts - vehicles h&p, building s&p, etc
3. Pay high salary to "family employees"
4. pay zakat
5. computer - rm 3,500 insta-rebate (sadly, every 3 yrs only)

any of you got any more ideas? i do hope LYN hs some real accountants / editors who can share their thoughts on how to reduce the taxes without breaking any law
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Perfectly legal way to reduce your income. Appoint your wife, children and relatives to be non-voting directors of your company. They get pay and they do not have to work. They only have to attend meeting/party every now and then.

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dreamer101
post Nov 23 2006, 10:33 AM

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QUOTE(lucifah @ Nov 23 2006, 10:27 AM)
exactly my plan (see tactic no 3)

is there any minimum age for a director? should the process go through lawyer and be made public thru newspaper?
moar. moar

(somehow, i sense that you are an auditor lurking inLYN forum wink.gif)
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Lucifah,

1) There is a difference. A director can still be working for someone else. Let say your son is working for company XYZ now. You can appoint your son to be director of your company while he is working for company XYZ. He cannot be a worker for both your company and XYZ company at the same time.

2) Unless you are a bumi, if your paid-up capital is 250K or higher, you have to give 30% of your company to a bumi. NEP applies.

3) What you need is a good accountant.

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dreamer101
post Nov 28 2006, 02:44 AM

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QUOTE(ts1 @ Nov 27 2006, 04:34 PM)
how true is this? for non listed company, do we need to give 30% for bumi in equity?
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1) Yes, it is true. Check with your accountant. The rule is in the book. The question is whether it is enforced or not, I have NO idea.

2) Make sure your paid up capital is less than 250K.

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dreamer101
post Nov 28 2006, 10:37 PM

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QUOTE(ts1 @ Nov 28 2006, 01:55 PM)
well, i know some company is 100% owns by chinese with P/U RM1M...unlisted...
when u said enforce or not, wat u mean? there is no such rule imposed on non listed company in general..the rule in the book?> wat book? icon_question.gif
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Ts1,

1) Is it a private limited company??

2) I talked with accountant and there is such a rule and some times the government choose not to enforce this rule. This is Malaysia.

3) It might be officially 4 to 5 companies that split the 1 million paid up capital.

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dreamer101
post Dec 1 2006, 10:52 PM

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QUOTE(ThanatosSwiftfire @ Dec 1 2006, 06:25 PM)
Can anyone clarify about how this NEP is implemented?

I mean, the 30% equity comprises of what, and how, actually?
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Please start a new thread. This is OT. I know I am guilty of that too.

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dreamer101
post Mar 24 2014, 08:56 PM

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QUOTE(Sammich! @ Mar 24 2014, 08:28 PM)

Is the pay famly members hgih salary in business thing only applicable to sdn bhd? Is it able to do for sole proprietor?

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Sammich!,

You could but you may not save tax. Since a sole proprietor do not get the special tax treatment like SDN BHD. You really need a accountant to answer this question.

Dreamer
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