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Personal relief Income tax, legally, reduce income tax
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jeremy0
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 Nov 22 2006, 03:46 PM
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hehehe...have lotsa children....each children will get u rm1000 deduction...
it depends on whether ur a fixed income earner or running a business...if ur doing business, then there are more ways of tax avoidance...if ur under employment, just make sure to:
-make sure ur EPF+life insurance is rm6k and do not exceed
-educational insurance/medical insurance around rm3k
-buy shares, in which u can use the sec 110 setoff to deduct ur tax payable...
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jeremy0
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Nov 23 2006, 09:40 AM
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QUOTE(mxxuang @ Nov 23 2006, 12:26 AM) Actually I doubt the IRB would ever knock on your house door asking you to produce the receipts. They rather go after the big guns tax evaders and(of course) ask some duit kopi from them. There are desk audits for Self-Employed (BE Category) & external audits for Businesses (B & P)...No, tax officers won't take any money on the spot nor accept any other offerings...  ...heck, they even bring the Hasil brand mineral water to maintain independence... The best way to reduce tax for self-employed is still thru dividends....this is especially the case for company director's and important personnel within the company who earn 5 figure monthly salary....anyway, just remember, having a higher level of annual income would allow u to purchase more property/assets without triggering an investigation. |
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