Mar 20 2008, 05:09 PM
QUOTE(jack2008 @ Mar 17 2008, 01:11 PM)
Dividend income
The tax treatment will be as follows:
Normal dividends: Dividends are received net of tax by individual shareholders. The gross amount of the dividend is declared in the tax return.
A Section 110 tax credit (27%) can be claimed against the income tax suffered on the dividend income. If a resident individual's marginal tax rate is lower than 27%, the excess tax credit can either be refunded or used to set off against the tax payable on other sources of income.
Tax exempt and foreign dividends: These dividends are exempted from income tax and need not be declared in the tax return.
Expenses which are deductible against the dividend income are:
# Commission or brokerage fee;
# Stamp duty on transfer of shares; and
# Interest on loan obtained to purchase the shares.
Sorry, I've 1 question regarding this dividend taxation. I've invested in mutual funds and they declared distribution during 2007. I chose to re-invest them and I received the tax voucher. There are several columns in the voucher there, which column is my taxed amount, and which column I should add into my form when filing my borang? THanksss.The tax treatment will be as follows:
Normal dividends: Dividends are received net of tax by individual shareholders. The gross amount of the dividend is declared in the tax return.
A Section 110 tax credit (27%) can be claimed against the income tax suffered on the dividend income. If a resident individual's marginal tax rate is lower than 27%, the excess tax credit can either be refunded or used to set off against the tax payable on other sources of income.
Tax exempt and foreign dividends: These dividends are exempted from income tax and need not be declared in the tax return.
Expenses which are deductible against the dividend income are:
# Commission or brokerage fee;
# Stamp duty on transfer of shares; and
# Interest on loan obtained to purchase the shares.
p/s: I'd like to claim back my portion of taxed amount, as my tax bracket is small compare to 27/8% ..
This post has been edited by lifeless_creature: Mar 20 2008, 05:12 PM
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