Group 1 by https://padlet.com/i22022102/fzls0ebhodotgv7t en-us 2023-07-07 04:50:29 UTC 2023-07-12 11:25:04 UTC hello@padlet.com Tax Implication for Individual https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640256514 2023-07-07 05:11:09 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640256514 Tax Implication for Business https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640258448 2023-07-07 05:13:27 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640258448 Adjustment to tax deduction for qualified donations anbaraseveloo27 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640270423 2023-07-07 05:27:47 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640270423 Adjustment of personal income tax rate anbaraseveloo27 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640270951 2023-07-07 05:28:26 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640270951 Reduced Income Tax Rate For MSMEs anbaraseveloo27 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640277160 By fulfilling the Malaysia citizen's economic needs government proposed that the income tax rate for the first RM 150,000 of chargeable income be reduced from 17% to 15%.

A company having a paid-up capital in respect of ordinary shares of not more than RM2.5 million, or LLP with a total capital contribution of not more than RM2.5 million and gross business income of not more than RM 5O million.

Implication  
1. It can promote economic growth
2. It can help to reduce the burden for MSMEs]]> 2023-07-07 05:38:29 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640277160 Transfer of Real property to a former spouse anbaraseveloo27 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640277850 2023-07-07 05:39:40 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640277850 b. Drive individual decision to save and invest less limsien5 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640280571 High tax rates can limit a person's ability to work for or make investments in their company or government. ]]> 2023-07-07 05:43:45 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640280571 limsien5 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640283324 The tax rate of resident individuals for each chargeable income band between RM 35001 to RM100,000 will be reduced by 2%]]> 2023-07-07 05:47:52 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640283324 limsien5 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640283782 The tax rate of resident individuals for chargeable income band between RM100,001 to RM1,000,000 will be increased by 0.5% to 2%.

]]> 2023-07-07 05:48:32 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640283782 a. Increase disposal income limsien5 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640350408 People will receive extra money to invest or spend as they see fit. Boost the economy's purchasing power.]]> 2023-07-07 07:38:16 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640350408 b. Encourage tax compliance limsien5 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640351817 Lowering individual tax rates can also promote tax compliance because people may be inclined to pay taxes if they feel the tax system is just and the rate is acceptable.]]> 2023-07-07 07:41:33 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640351817 a. Reduce motivation to work for individuals limsien5 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640354508 Due to rising tax rates, some people may decide to work less because they believe that their efforts are not worthwhile. ]]> 2023-07-07 07:47:39 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640354508 Adjustment TAX RELIEFS i22022168 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640617544 2023-07-07 19:19:11 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640617544 Adjustment happen in tax deduction on contribution to non -profit in sports development tax cut of up to 10% on aggregate income. i22022168 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640622066 2023-07-07 19:37:29 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640622066 2. Expansion of Scope for Contribution to Employees Provident Fund (EPF) i22022168 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640622466 2023-07-07 19:38:46 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640622466 1. Expansion of Income for Medical Expenses for Self, Spouse and Child i22022168 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640622508 2023-07-07 19:38:54 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640622508 3.Extension of Period for Fees Paid to Childcare Centre and Kindergartens i22022168 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640622618 2023-07-07 19:39:29 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640622618 The disposal price is equal to the acquisition price. anbaraseveloo27 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640859830 2023-07-08 14:38:30 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640859830 No gain and no loss are not applicable. anbaraseveloo27 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640861253 2023-07-08 14:45:22 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640861253 After 6th year the rate back to NIL. anbaraseveloo27 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640862518 2023-07-08 14:51:06 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640862518 Tax implication of Malaysia Budget 2023 On Business and Personal Income Taxation i22022168 https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640897519 2023-07-08 17:42:00 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2640897519 Tax Incentive for Rental of Electric Vehicles (EV) nathankuhk https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2641623833 • Previously, companies renting non-commercial motor vehicles are given tax deduction of up to RM50,000 or RM100,000 depending on the cost of the motor vehicle. 
• To encourage the utilization of low-carbon vehicles, it is proposed that tax deduction of up to RM300,000 be given for the rental of electric vehicles.
 • The proposal is effective from YA 2023 to YA 2025. ]]> 2023-07-10 06:39:56 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2641623833 Adjustment of Double Deduction nathankuhk https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2641627267 • Previously, double deduction is given to employers on remunerations paid for the employment of Senior Citizens, Ex-Convicts, Parolees, Supervised Persons and Ex-Drug Dependants. 
• It is proposed that the scope of the double deduction be expanded to include the employment of inmates and ex-inmates of Henry Gurney School under the Malaysian Prison Department, protection and rehabilitation institutions and registered care centres under the Social Welfare Department. 
• The proposal is effective from YA 2023 to YA 2025. ]]> 2023-07-10 06:45:34 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2641627267 Henry Gurney School nathankuhk https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2642522370 -Established in 1949 under Juvenile Courts Act 1947.
-Known as High Moral School before 15 May 1950.
-To care young offenders in Malaysia. (Murder, Rape and House Breaking)
-14-21 years old. ]]> 2023-07-11 06:58:32 UTC https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2642522370 Electric Vehicle nathankuhk https://padlet.com/i22022102/fzls0ebhodotgv7t/wish/2642543401 -Decrease pollution. 
-Corporate and shopping centres provide free charging station. 
-In addition, EV charging equipment manufacturers get 100% income tax exemption for YA 2023 to 2032.

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