Sunday, January 3, 2010

Malaysia Individual Income Tax Table For Year 2010

The reduction in income tax from 27% (maximum rate) to 26% for residents chargeable income exceeding RM 100,000 and applicable for income earned in calendar year 2010 onwards.


Chargeable Income 
RM
Rate
Tax (RM)
On the first
2,500
0%
0
On the next
2,500
1%
25
On the first
5,000
-
25
On the next
15,000
3%
450
On the first
20,000
-
475
On the next
15,000
7%
1,050
On the first
35,000
-
1,525
On the next
15,000
12%
1,800
On the first
50,000
-
3,325
On the next
20,000
19%
3,800
On the first
70,000
-
7,275
On the next
30,000
24%
7,200
On the first
100,000
-
14,475
On the next
50,000
26%
13,000
On the first
150,000
-
27,475
On the next
100,000
26%
26,000
On the first
250,000
-
53,475
Exceeding
250,000
26%
-

Malaysia income tax range for year 2010 is 0% - 26%.

Those not able to enjoy the 1% reduction due to not being tax on the maximum income tax rate, they still able to benefit from the personal relief increased from RM 8,000 to RM 9,000.

Also, individual is allowed relief on premiums for Life Insurance and contributions to EPF increased from RM 6,000 to RM 7,000.

A tax relief of RM 500 per year on broadband subscription fees from year assessment 2010 to 2012 to enhance usage of broadband in line with government’s effort to establish a knowledge based economy and narrow the digital divide.

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