Tax Reliefs For Year Of Assessment 2016

This relief is applicable for year assessment 2013 and 2015 only. The basis period for a year. The limit will be set at 80 000 from year of assessment.

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Special relief of rm2 000 will be given to tax payers earning on income of up to rm8 000 per month aggregate income of up to rm96 000 annually.

Tax reliefs for year of assessment 2016. You should continue to claim the personal reliefs if you have met the qualifying conditions. Reducing profits tax salaries tax and tax under personal assessment for the year of assessment 2019 20. The financial secretary proposed a one off reduction of profits tax salaries tax and tax under personal assessment for the year of assessment 2019 20 by 100 subject to a ceiling of 20 000 per case. The provisional tax paid will be applied to pay the final tax for the year of assessment 2015 16 and the provisional tax for the year of assessment 2016 17.

The year of assessment is the year of which the income tax is charged after calculation. The relevant legislation for the tax reduction was passed by the legislative council and. Under the penjana recovery plan there will also be an increase in income tax relief for parents on childcare services expenses from rm2 000 to rm3 000 however this is not applicable when you file this year as it only applies to the year of assessment. Excess balance if any will be refunded.

The tax reduction will only be applicable to the final tax for the year of assessment 2015 16 but not to the provisional tax of the same year. A personal income tax relief cap of 80 000 applies to the total amount of all tax reliefs claimed for each year of assessment. However please evaluate whether you would benefit from the tax relief and make an informed decision. Each year of assessment ya or statutory tax year starts on the first date of the year ie 1 january and ends on 31 december.

For example the 2016 year of assessment is the period from 1 january 2016 to 31 december 2016. The tax system will be more progressive under a new measure that caps the amount of personal income tax relief an individual can claim. There really are a lot of tax reliefs and if you plan your reliefs effectively every year you could be saving thousands in taxes every year.