Nov 1 2021, 03:43 PM
QUOTE(MUM @ Sep 4 2021, 10:24 AM)
according to this site
TAX QUESTIONS? YOU ASK LAH!
https://www.yycadvisors.com/can-claim-epf-t...ontributes.html
Q: If a self-employed person contributes EPF, can he/she claim the EPF tax relief?
A: A voluntary contribution made by an individual to an approved scheme is not eligible for tax relief. However, the 'voluntary contribution' restriction does not apply to a self-employed person who contributes to the EPF.
Is Partner or Sole Proprietor An Employee?
Under the definition of EPF, sole proprietor or partner is not an employee but self-employed person. Therefore, EPF contributions are not compulsory but they can opt for self contribution.
https://www.3ecpa.com.my/resources/human-re...sp-in-malaysia/
thus, i may be wrong, but i think it cannot be used by the "company" (sole proprietor) as tax deductible in its business financial accounting
do note, i think
there is a limit for self contribution per year
there is a limit for EPF contribution tax relief claim in form B
So meaning you can only claim the tax relief once, on the personal income side?TAX QUESTIONS? YOU ASK LAH!
https://www.yycadvisors.com/can-claim-epf-t...ontributes.html
Q: If a self-employed person contributes EPF, can he/she claim the EPF tax relief?
A: A voluntary contribution made by an individual to an approved scheme is not eligible for tax relief. However, the 'voluntary contribution' restriction does not apply to a self-employed person who contributes to the EPF.
Is Partner or Sole Proprietor An Employee?
Under the definition of EPF, sole proprietor or partner is not an employee but self-employed person. Therefore, EPF contributions are not compulsory but they can opt for self contribution.
https://www.3ecpa.com.my/resources/human-re...sp-in-malaysia/
thus, i may be wrong, but i think it cannot be used by the "company" (sole proprietor) as tax deductible in its business financial accounting
do note, i think
there is a limit for self contribution per year
there is a limit for EPF contribution tax relief claim in form B
I'm a sole prop and thinking of opening EPF account by end of year to contribute just to get the small amount of tax relief. Is this allowed?
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