Income tax Malaysia 2017 vs 2018 for individuals: What’s the difference in tax rate and tax reliefs?
Are there any differences between the income tax rate and tax relief for individuals in Malaysia for 2017 and 2018? — Picture courtesy of RinggitPlus
KUALA LUMPUR, March 11 — Now that Malaysians can begin filing their taxes, it’s good practice to take a good look at your hard-earned income from the previous year and take advantage of the tax reliefs offered by the Inland Revenue Board to get some money back via tax refunds. It is also good practice to see if there are any changes in different assessment years. These changes may come in the form of different tax rates in different income tiers, or some tweaks to the tax reliefs available. Knowing these changes may be beneficial for you as it can prevent you from overpaying your income tax for the year.For assessment year 2018, the IRB has made some significant changes in the tax rates for the lower income groups.
Similarly, those with a chargeable income above RM100,000 will also see them paying a lower amount of income tax – even though the tax rates have not changed. What has changed is the maximum tax payable for each income bracket; there is a decrease of RM1,000 in each income bracket.
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