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Tax Planning 2020

1 December 2020

When it comes to Tax, not everyone is a fan. But it’s a way of giving back to the nation and eventually, for the community. The authorities have also made sure Tax isn’t all that bad by providing a few Tax Reliefs, Deductions, Rebates and Exemptions to ease our cashflows.

Here are some information to help you plan ahead with your financial plannings before the year ends.

financial-5050415_1920

Tax Reliefs

1. Education

(R) = Restricted

2. Parenthood

(R) = Restricted

3. Lifestyle

(R) = Restricted

4. Medical Expenses

(R) = Restricted

5. Insurance & Investments

(R) = Restricted

6. Disabled Person

(R) = Restricted

Tax Deductions

1. Approved Donations

2. Other Approved Donations

Tax Rebates

1. Zakat/Fitrah

Tax Exemptions

1. Gifts (from Employer)

2. Real Property Gains Tax (RPGT) – Disposal of Residential Homes

For more info visit: LHDN (to be updated)

Source: CPA Group / Matrix Taxation Agency Sdn Bhd

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