Masakan Tradisional Indonesia

Do you know that you can actually save up to RM 925 by paying attention to your tax even if you are only earning Rm 3,000 a month ?   The example is illustrated here ! This is a reminder last CALL for you to optimize your 2012 tax.  IRB may actually pay you a bonus this year !

Some said GST is good, some not .  The myth how we pay less tax and yet government can earn more money has already been answered .  But GST is coming regardless, so what can we do ?  If you haven't related the answer from " the prefect world " article yet, then may be this article may help ... Everyone who wants to adapt to GST need to produce REAL values to the people by large around his society. In business we will need to sell something that people really need instead of just manipulating and deceiving the market.  When you provide what people really need, GST actually helps you reduce cost, hence your profit goes up without even raising your selling price.  If you are too creative in what you are selling, you will have to increase your price to keep what you are earning now when GST comes.  You will have to harvest more money from the public without giving them any extra values.  You just provide value with the few parties you make deal...

Half of year 2011 has already passed. Have you ever thought of your next tax filing yet ? If you only take a look by next year, then it may be too late for you to optimize anything anymore. Try below widget and see how much the impact may be for you ! Just enter your total annual income and see how much tax you can save simply by planning early !! This is a FREE widget provided at http://howMuchTaxCanIsave.co.cc/

Income Tax, to plan or not to plan. Or more precisely, plan now before year end or only worry about it when you file tax next year ... How much is the difference actually ? Says my annual income in 2011 will be $40,000. If I plan well now ie. buy a $1,600 life insurance pay $5,000 for my parent medication buy $1,00 reading materials ... I would most probably end up paying $12 tax. That means I can most probably claim back quite a sum of money depends on how much my monthly tax deduction is. On the other hand, if I do none of the above to optimize my tax, I will most probably be paying $937 for my tax. That is a difference of $925 !! Will you be interested to earn or save $925 just by reading article like this to get yourself well aware of how you should spend some of your money which is beneficial to you and your family anyway ? If you annual income is $60,000 the tax difference btw plan vs not is $1,991 If you annual income is $80,000 the tax difference btw plan vs not is $3,60...

In a perfect world, everyone produce something. Farmers grow plants, feed chickens, fishermen catch fish, builder made homes etc. So we can sit together at night and enjoy a complete dinner in our nice homes. It was easy to know who is suppose to do what, who produces what. When there are too many fish caught, it has to be sold out of town. The fisherman doesn't have time to travel that far. So a delivery boy is helping the fisherman. The fisherman save time, hence catch more fishes and therefore its worth him paying the delivery boy. It is a value added chain, so service has become a part of perfect world too where everyone produce something, everyone produce some values . It gets a bit complicated cause service is not as easy to quantify as materials. But its still ok. A $1 fish may cost $2 in out of town because there are delivery cost incurred. Soon more delivery services are needed. It is not easy to decide which of the 100 delivery boys is most reliable. So a mana...

The 2 sides of GST are shown earlier, one is generally the consumer side who say NO , the other is the government side who say it will be OK . The "magic" highlighted is everyone pay less and yet the government can earn more, how is that possible ? Tax payers will pay less tax Industries will save money Government can earn more money First of all, the trick in that statement is ' tax payers '. Malaysia has about 27 millions people, only 1 million is paying taxes. So the rest of the 26 millions people who are NOT paying taxes now will be affected once GST is on. Even your underage kid buy a candy tomorrow, GST would have been included (depends on at which level of the distribution channel). So you "MAY BE" paying less tax, but everyone else in your family will be paying GST. Thats why you pay less tax and yet government can collect more, from people around you. Secondly, not ALL industries will save money. This is a lengthy strategical discussion but ...

Actually GST is good , at least in theory. In practice, it could really go either way. And either way could mean good or bad for somebody and not everybody. This has already been proven in many countries who has adopted GST for ages. But one thing for sure, GST gives the government full Flexibility . Now or in the past, it started with "I will tax this and that". So sales tax, service tax, government tax, custom tax etc. were introduced. With GST, it started with " I will tax everything " except those I give exceptions. So system wise, GST is also better. Or in another word, GST is more systematic . Most people may have known the devil of GST from many blog posts by now, but seriously if you look at the topic with a clear mind and NOT just from consumer point of view, you may realize those are really just purely speculation. However, it may still happen but when it does, it is because the consumers ourselves are making it happen . By thinking it might happ...

List of Tax Relief for Resident Individual 2010 No. Individual Relief Types Amount (RM) 1 Self and Dependent 9,000 2 Medical expenses for parents 5,000 (Limited) 3 Basic supporting equipment 5,000 (Limited) 4 Disabled Individual 6,000 5 Education Fees (Individual) 5,000 (Limited) 6 Medical expenses for serious diseases 5,000 (Limited) 7 Complete medical examination 5,00 (Limited) 8 Purchase of books, journals and magazines 1,000 (Limited) 9 Purchase of personal computer 3,000 (Limited) 10 Net saving in SSPN's scheme 3,000 (Limited) 11 Purchase of sport equipment for sport activities 300 (Limited) 12 Subscription fees for broadband registered in the name of the individual. 500 (Limited) 13 Interest expended to finance purchase of residential property. Relief of up to RM10000 a year for three consecutive years from the first year the interest is paid. Subject to the following conditions: (i) the taxpayer is a Malaysian citizen and a resident; (ii) limited to one residential unit; (ii...

Below shows an extraction from Malaysia Income Tax department. Some of the highlights are; maternity expenses, traditional medicines exemption are UNLIMITED ! if you were terminated with compensation, some are exempted ! Scholarship is exempted, so study Hard ! Income derived and remitted from oversea is exempted, so globalize your business ! Do take time and go through below details, I am sure it will spark some innovative ideas if you are in the midst of optimizing your tax plans. source Leave passage Leave passage within Malaysia not exceeding three times in a year and one leave passage outside Malaysia not exceeding RM3000. Medical and dental benefit With effect from the year of assessment 2008, medical benefits exempted from tax is expanded to include maternity expenses and traditional medicine like ayurvedic and acupuncture without limit. Retirement gratuity The full amount of gratuity received by an employee on retirement from employment is exempt if: i. The Director General ...

When your personal income increases, you start to pay more taxes too. It was mentioned before there are certain income Stepping that one should watch out for to optimize tax planning . For example, as your total annual income is approaching MYR 100,000 in Malaysia, you are most likely to be paying maximum taxes like a company's ie. 27%. So you pay about MYR 15,000 taxes so your net income become MYR 85,000 ( exclude other deductions for the purpose of this article ). Then you will proceed paying your due diligences like house loan, car loan and all your other expenses etc. Lets say those total up to MYR 73,000 so you would have a remaining income of MYR 12,000; Or MYR 1,000 a month. As mentioned before, if the taxation laid upon a business is similar ie. 27%, then perhaps you can create a business of your own. Then sell yourself back to your current employer doing exactly the same stuff so that it has no impact what so ever to your employer's operation (*1). As a busines...

It was mentioned before Malaysia's government initiative to charge RM50 tax on credit card to 'reduce' debt is a plain zany act . When confronted by many institutions and experts, Najib ( some of his photos here ) even goes public exercising his power to enforce his budget 2010 . Just in case you haven't heard, the time to pay this RM50 tax is the same as your annual fee due month . So if your cards are due in December 2010, you can hold it for another year before cancelling it out. But if your cards are due in Jan 2010, you better find out when the statement date is. You HAVE TO cancel your cards before the statement is generated. Once this RM50 tax is imposed, the banks will NOT be able to waive it for you even if you cancel your cards AFTER the statement is printed. So far I only know UOB and EON banks will waive this RM50 tax for real. You have to use your EON cards for 36 times to waive this RM50 tax. Normally you will have to use 24 times to waive its annua...