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If you opt for 8%, income tax payable naik?
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TSSeager
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 Jan 29 2016, 12:12 PM, updated 10y ago
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QUOTE Assume monthly basic salary is RM4000
If your monthly EPF contribution is 11% ( RM440 ), taxable income = RM3560, income tax payable = RM77
If your monthly EPF contribution is 8% ( RM320 ), taxable income = RM3680, income tax payable = RM109
Conclusion : If you choose to contribute 8%, you will end up paying more income tax to the government, which will make the government richer.
Finance Minister Najib said this measure is meant to boost up the slow-down market, but from this example we see that the money does not go into the market.
Instead the money goes direct into the government's pocket through the greater amount of income tax that we will have to pay.
Obviously this measure does not help the market at all Kawan hantar kat Whatsapp Macam logic jugak Anyone working in income tax capacity/ HR can confirm if the deductions above are right? This post has been edited by Seager: Jan 29 2016, 12:14 PM |
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debonairs91
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Jan 29 2016, 12:13 PM
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/k all no problem hit rm6k limit already
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SUSwilsonjay
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Jan 29 2016, 12:13 PM
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Hmm...good point there
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TSSeager
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Jan 29 2016, 12:15 PM
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QUOTE(wilsonjay @ Jan 29 2016, 12:13 PM) Not sure if the income tax deductions are right though. |
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wangpr
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Jan 29 2016, 12:15 PM
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QUOTE(Seager @ Jan 29 2016, 12:12 PM) Kawan hantar kat Whatsapp Macam logic jugak Anyone working in income tax capacity/ HR can confirm if the deductions above are right? Only happen to those yearly EPF less than 6k  |
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seather
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Jan 29 2016, 12:15 PM
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oso
3% put into EPF gov cannot collect GST
3% go spend Gov can collect GST
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rcracer
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Jan 29 2016, 12:15 PM
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QUOTE(wangpr @ Jan 29 2016, 12:15 PM) Only happen to those yearly EPF less than 6k but even if exceed 6k, less EPF does automatically mean more taxable income |
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Havoc Knightmare
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Jan 29 2016, 12:16 PM
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That's a lie. EPF contributions are taxed already. If EPF contributions were tax exempt, you would be calculating your income tax on your gross income minus EPF contributions. Like say a person makes 10k. If his EPF portion were tax exempted, you will only calculate tax on the 8.9k (under 11% contribution), not 10k.
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Aftermaths
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Jan 29 2016, 12:17 PM
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Money market hold up due to .....................
The money market become tight & ask u guys spend more to solve it.
everybody spend more -- > money turnaround faster for gst
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wangpr
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Jan 29 2016, 12:18 PM
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QUOTE(rcracer @ Jan 29 2016, 12:15 PM) but even if exceed 6k, less EPF does automatically mean more taxable income True only for the first 11 month, but all will reconcile at December month..... So no effect at the end of december / or doing BE |
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shin2l
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Jan 29 2016, 12:19 PM
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If you mean PCB (Potongan Cukai Bulanan) calculation, it is actually quite complicated, even though you can refer to LHDN for sample calculation
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wangpr
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Jan 29 2016, 12:19 PM
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QUOTE(Havoc Knightmare @ Jan 29 2016, 12:16 PM) That's a lie. EPF contributions are taxed already. If EPF contributions were tax exempt, you would be calculating your income tax on your gross income minus EPF contributions. Like say a person makes 10k. If his EPF portion were tax exempted, you will only calculate tax on the 8.9k (under 11% contribution), not 10k. Go learn LHDN formula properly before state a fact....  |
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mohdyakup
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Jan 29 2016, 12:20 PM
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Good point. Kena tanya kat kawan aku at LHDN. Thanks Seager for raising this question. I love you.
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blah2blah
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Jan 29 2016, 12:21 PM
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Middle class kena lagi
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dirtymartini
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Jan 29 2016, 12:21 PM
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Getting Started
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^
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TSSeager
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Jan 29 2016, 12:22 PM
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QUOTE(shin2l @ Jan 29 2016, 12:19 PM) If you mean PCB (Potongan Cukai Bulanan) calculation, it is actually quite complicated, even though you can refer to LHDN for sample calculation Deswai I asked, if anyone can confirm if the deductions are right |
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TSSeager
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Jan 29 2016, 12:22 PM
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QUOTE(mohdyakup @ Jan 29 2016, 12:20 PM) Good point. Kena tanya kat kawan aku at LHDN. Thanks Seager for raising this question. I love you.  |
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lingleeyen
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Jan 29 2016, 12:23 PM
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I long time alr hit the 6k mark. So 8%, 11% no affect me.
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shin2l
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Jan 29 2016, 12:37 PM
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QUOTE(Seager @ Jan 29 2016, 12:22 PM) Deswai I asked, if anyone can confirm if the deductions are right I am pretty sure later some people will write in a blog or forum to analyze the pros and cons of having EPF deduction to 8% |
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iwubpreve
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Jan 29 2016, 12:40 PM
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QUOTE(wangpr @ Jan 29 2016, 12:18 PM) True only for the first 11 month, but all will reconcile at December month..... So no effect at the end of december / or doing BE cash flow  |
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