How to file your income tax when you are freelancing
There isn’t too much that separates employees from freelancers. In fact, both might even use the same form depending on whether a business has been registered or not. — RinggitPlus pic
But there are a couple of differences, for one, employees receive a document called an EA form which details their total salary earnings as well as total EPF and SOCSO contributions for the year. When it comes the time to actually file taxes, an employee may only pay a small amount because of the MTD or even receive a refund if they’ve overpaid.
50per cent exemption of statutory income derived from research findings that have been commercialised.It’s not uncommon for freelancers to earn income from foreign companies . Moreover, you could enjoy better tax rates , claim for business expenses and deductions; and perhaps even demonstrate greater credibility to your clients.While this is not a must, you’d be wise to hire a professional to help you with your taxes at least for the first time.
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