Budget 2014 Proposals - Changes Affecting Individuals

BUDGET 2014 PROPOSALSHIGHLIGHTS ON CHANGES AFFECTING INDIVIDUALS

CHANGES AFFECTING INDIVIDUALS

3 Key Areas

Reduction in income tax rates and changes in income tax structure

Special tax relief for middle income taxpayers

Monthly tax deduction as final tax

REDUCTION IN INCOME TAX RATE AND CHANGES IN INCOME TAX STRUCTURE

LIKELY TAX EFFECT AND IMPLICATIONS

Chargeable Income BracketPresent tax

rate

Proposed

tax rate

Present tax

payable

Proposed tax

payableTax Savings

(RM) (%) (%) (RM) (RM) (RM)

On the first 20,000 2 1 300 150 150

On the next 15,000 6 5 900 750 150

On the next 15,000 11 10 1,650 1,500 150

On the next 20,000 19 16 3,800 3,200 600

On the next 30,000 24 21 7,200 6,300 900

On the next 150,000 26 24 39,000 36,000 3,000

On the next 150,000 26 24.5 39,000 36,750 2,250

Total 400,000 91,850 84,650 7,200

Exceeding 400,000 26 25

With effect from

Y/A 2015

A TAX SAVING of

RM7,200/- for income at

RM400k

SPECIAL TAX RELIEF FOR MIDDLE INCOME TAXPAYERS

“Awoke from

nightmare

could be a

relief”Quoted from http://www.goodreads.com/quotes/tag/relief

SPECIAL TAX RELIEF FOR MIDDLE INCOME TAXPAYERS

IF your INCOME is RM8k per month RM96k per annum.

A Special Relief is Granted

A Special Tax Relief of RM2,000/- is given to middle income taxpayers

Effective only for

Y/A 2013

MONTHLY TAX DEDUCTION AS FINAL TAX

MONTHLY TAX SUBMISSION AS FINAL TAX

With effect from

Y/A 2014

If the following conditions are met:-

Has only ONE source of income;

Tax deducted by employer in accordance with Income Tax (Deduction From Remuneration) Rules 1994;

Was employed by the SAME EMPLOYER for 12 months;

Tax liability not borne by employer;

Spouse did not elect for combine assessment.

NO APPLICATION REQUIRED TO OPT FOR NON-SUBMISSION

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“The changes affecting Companies and Unincorporated Businesses”

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13th December 2013

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