Personal income tax
All workers in Malaysia must pay taxes and all types of income, including business activities and dividends, are taxable. However, the length of your stay in Malaysia and the type of work you can understand depends on the tax category you are in. If you work for more than 60 days and less than 182 days a year, you are considered "non-resident" and a fixed interest rate of 28% applies. Residents are not eligible for tax credits. If you work in Malaysia for more than 182 days, the government considers you a "taxpayer" and you can pay a gradual tax rate and get a tax credit. Malaysia's progressive personal income tax system increased to 0% of RM5,000 with an increase in personal growth, up to $ 28 million with an annual income of more than RM1 million.
You must apply for a tax clinic if your employment contract is terminated or you leave your job or leave Malaysia for more than three months. Make sure that you have a letter or letter from the Malaysian Inland Revenue (LHDN) that paid the tax. Upon receipt of this letter, the employer must initiate the unpaid tax and issue the balance stated below.
Corporate Income Tax
If you are a Malaysian tax-based company, your employer must be managed and controlled in Malaysia and pay corporate income tax. The resident company is subject to 24% tax, RM 2.5 million is the paid capital, or 18% for RM 500,000 and 24,000% for RM 500,000 income. Generally, taxes are levied every 12 months and begin in the second month of the company's fiscal year, which can reduce the cost of incomes when calculating taxable income. Click here to know more about company registration number malaysia.
Goods and Services Tax (GST)
Goods and Services Tax (GST) is imposed on consumers at the purchase price of certain goods and services and is currently 6% in Malaysia. Imports of goods and services are also charged at this rate. The first 300 units of rice, dough, some medicines, and electricity are taxed at 0%. A complete list of taxable and non-taxable goods and services can be found on the Royal Malaysian Customs website. GST earned $ 4 billion a year and will continue to use Malaysian solvents during the recent financial crisis. In some stores and restaurants, it is cheaper than the price displayed in an item or menu, so it's important to decide when you decide to buy an item or service.
Road tax and car insurance is mandatory in Malaysia. Malaysia's road tax structure depends on the type of car, engine capacity, area and ownership. At least 1.6 cars charge a fixed base speed of 1.6 liters engine and are company-registered or private vehicles, depending on the type of car. Vehicles larger than 1.6-liter engineering are subject to progress and base rates. Basically, a car can be too expensive and expensive. I have to pay the street tax.