It's income tax season now, you can perform your e-filing or m-filing for YA2016. No worry. Finance Malaysia is here with you during these difficult times :)
Below shows the complete list of tax relief for your reference:
[NEW] Tax Relief for Parental Care
The government is proposing to help individuals undertaking care of elderly and/or infirm parents by means of a new tax relief:
- MYR 1,500 for a mother; and
- MYR 1,500 for a father.
The relief will be available as a tax deduction for individual resident taxpayers caring for their qualifying parents. This relief can be shared with other siblings provided that the total relief claimed does not exceed MYR 1,500 for a mother and MYR 1,500 for a father.
The RM1,500 amount is divided equally by how many of siblings who're claiming. Discuss with your siblings and get ready with your parents' IC number. |
- The taxpayer DOES NOT claim expenses related to the medical treatment and care of parents.
- The parents are the legitimate natural parents and foster parents in accordance with the law (subject to a maximum of two persons).
- The parents are aged 60 years and above.
- The parents are tax residents in Malaysia in the current year of assessment.
- The parents have an annual income not exceeding MYR 24,000 per annum for each parent.
(Source: KPMG GMS Flash Alert reports)
[NEW] Tax Relief on Employees’ Contributions to Social Protection Scheme (SOCSO)
It is compulsory for Malaysian citizen employees to register and contribute to the Social Security Organisation (SOCSO) if their starting salary upon commencement of their first employment is MYR 3,000 or less (this threshold will be increased to MYR 4,000 as announced in the Budget (effective date yet to be announced).
The government is proposing to introduce a new relief up to a maximum of MYR 250 per year available as a tax deduction.
(Source: KPMG GMS Flash Alert reports)
Are you ready?
Click here to do your e-Filing or m-Filing...
Want to know more about other tax reliefs?
Read our previous articles below:
- Life Insurance or Medical Insurance
- Child tax relief
- Child Education tax relief
- Private Retirement Scheme (PRS)
Disclaimer: The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. You should consult with a professional tax consultant/adviser instead.
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