Income Tax Act 1967
Autor: Mikki • January 5, 2018 • 579 Words (3 Pages) • 650 Views
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Medical Expenses (Parents)
$5000
Basic Supporting Equipment
$5000 for self/spouse/child/parent if they are disabled
Course fee
($5000 for self only – technical, vocational, industrial, specific or technological skills or qualifications)
Serious Diseases
($5000 for self/spouse/child suffering from serious diseases, including $500 for complete medical examination)
Book/Journal/magazines/publication
($1000 for self/spouse/child)
Life Insurance (Self/wife ) and contribution to approved funds, an additional $1000 is given for annuity scheme premium from insurance companies
$6000
Medical and education insurance
$3000
EPF insurance policy (annuity)
$1000
Personal computer
$3,000 restricted to once every 3 years
Purchase of sport equipment
$300
Amount deposited into skim Simpanan Pendidikan Nasional for child
$3,000
TAX REBATES
Personal Rebates(Only if chargeable income is $35000 or less)
Self $400
Spouse $400
Zakat, Fitrah
- Original receipt must be submitted
- Based on amount paid
Rebate for levy on foreign workers
- Levy paid to Government for the issue of an employment or work pass
Capital Allowances :
Initial Allowance (IA) 20%,
Initial Allowance for Industrial building 10%
Annual Allowances (AA):
- Rate depends on the type of assets
- Office equipment , Furniture and fittings 10%
- Heavy Machinery , Motor Vehicles 20%
- Computer Hardware and Software 80%
- Other Plant and machinery 14%
- Industrial building 3%
- Other Special assets Based on gazette order if applicable
Qualifying Expenditure for Motor Vehicles
- Restriction on non- commercial motor vehicle
- Per motor vehicle – up to $ 100,000 or amount incurred, whichever is lower if the following is satisfied:
- Cost of Motor Vehicle
- New Motor Vehicle
- Car Purchased on or after 28 /10 / 2000
if above are not satisfied, the Qualifying expenditure will be restricted to $50,000, or amount incurred, whichever is lower.
Value of benefits in kind
Car and fuel scale
Cost of car Prescribed annual value of Fuel per
(when new) private usage
of car annum
$ $ $
Up to 50,000 1,200 600
50,001 to 75,000 2,400 900
75,001 to 100,000 3,600 1,200
100,001 to 150,000 5,000 1,500
150,001 to 200,000 7,000 1,800
200,001 to 250,000 9,000 2,100
250,001 to 350,000 15,000 2,400
350,001 to 500,000 21,250 2,700
500,001 and above 25,000 3,000
The value of the car benefit equal to half the prescribed annual value (above) is taken if the car provided is more than five (5) years old, but the value of fuel provided remains unchanged.
Where a driver is provided by the employer, the value of the benefit per month is fixed at $600.
Other benefits Per Month
Household furnishings, apparatus and appliances _
Semi-furnished with furniture in the lounge, dining room, or bedrooms 70
Semi-furnished with furniture as above plus air-conditioners and/or curtains
and carpets 140
Fully furnished premises 280
Domestic servant 400
Gardener 300
Telephone (fixed or mobile): Bills full exemption
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