【MyTax Hasil】2024 Individual Tax Reliefs List
Tax season is an annual event that can be a daunting task for many employees. With various tax policies and relief programs available, it can be difficult to know where to start.
This guide aims to provide you with the latest individual tax reliefs in Malaysia. By understanding these concepts, you can ensure that you maximize your tax savings during the upcoming tax season.
2023 Individual Tax Reliefs List
In 2023, the Malaysian government will offer up to 23 individual income tax reliefs, totaling RM111,850. This means that if you fully utilize these reliefs, you may be able to completely avoid paying taxes and save a significant amount of money.
Let's take a look at what can be deducted from your taxes!
Individual Reliefs
- Self & Spouse RM9,000
- Alimony for Ex-Spouse RM4,000
- Personal Education (Masters/PhD) RM7,000----Personal Development Courses RM2,000
- Disabled Individual RM6,000
- Disabled Spouse RM5,000
Statutory Contributions & Donations
- Life Insurance & EPF RM7,000
- Education & Medical Insurance (Self/Spouse/Children) RM3,000
- SOCSO & EIS RM350
- Private Retirement Scheme (PRS) RM3,000
- SSPN Net SavingsRM8,000
Lifestyle, Medical & Related Equipment
- Parents' Medical Expenses RM8,000
- Medical Expenses RM10,000
---Vaccination, Serious Illness (Self/Spouse/Children), Full Body Checkup, Covid-19 Test, Mental Health Checkup & Consultation (up to RM1,000)
---Fertility Treatment (Self/Spouse), Early Intervention Treatment, Rehabilitation Treatment for Children with Learning Disabilities (up to RM4,000)
- Lifestyle RM2,500
---Personal Computer, Tablet, Smartphone, Books, Reading Materials, Sports Equipment & Gym Membership, Monthly Internet Fee
- Additional Sports-Related Activities RM500
---Sports Equipment, Sports Venue Rental/Entrance Fee, Competition Registration Fee
- Electric Vehicle Equipment RM2,500
---Purchase, Installation, Rental of Related Facilities, Electric Vehicle Charging Costs
- Breastfeeding Equipment (Women Only) RM1,000
---For Children Under 2 Years Old, Once Every 2 Years
- Disability Assistance Equipment (Self, Spouse, Children, Parents) RM6,000
Children's Reliefs
- Unmarried Children Below 18 (Each) RM2,000
- Full-Time Students Aged 18 and Above (Each) RM2,000
---A-Level, University Pre-U (Matriculation/Foundation), Diploma Courses (Certificate)
- Students Aged 18 and Above Enrolled in Diploma or Higher Courses (Each) RM8,000
---Diploma, Bachelor's, Master's, PhD
- Childcare/Kindergarten (Below 6 Years Old) RM3,000
- Disabled Children RM6,000
- Disabled Students Aged 18 and Above Enrolled in Diploma or Higher Courses (Each) RM8,000
---Diploma, Bachelor's, Master's, PhD
Remember to claim these 23 tax reliefs when filing your taxes to save more money and potentially reduce or eliminate your tax liability!
Notes:
- The deadline for individual income tax returns for employees is April 30th.
- The deadline for individual income tax returns with business income is June 30th.
- Filing your taxes early will help you receive your tax refund faster.
- Tax preparation: Gather all the necessary documents, such as your income tax return form, salary slips, and receipts for deductible expenses.
【FAQ】
What is MyTax?
MyTax is an online income tax management system provided by IRB. This system allows you to manage your income tax easily and quickly, without having to visit the IRB office physically. MyTax provides ease of registration and management of tax forms online.
What Is E-filing?
E-filing is an online income tax form-filling system provided by the IRB. This system makes it easy to fill out your tax form quickly and accurately without manually filling it out. E-filing also provides convenience in updating information and checking the status of tax form execution online.
What is PCB?
Salaried persons with an annual income of more than RM37,333 after deduction of provident fund are required to file a tax return, and their estimated monthly income is within the range of RM3,111. Typically, employers will deduct a portion of a tax-eligible employee's monthly salary as a withholding tax.
