Malaysia Personal Income Tax Calculator for YA 2020Malaysia adopts a progressive income tax rate system; this means that low-income earners are imposed with a lower tax rate compared to those with a higher income. The system is thus based on the taxpayer's ability to pay. There are also differences between tax exemptions, tax reliefs, tax rebates and tax deductibles, so make sure you distinguish between them correctly.
Preparing to file income tax in Malaysia is a challenging and sometimes unpleasant experience every year for most people. You want to make sure that you have benefited from available tax reliefs and incentives, while having all the bases covered when making calculations.
That is why at 3E Accounting, we have developed a Malaysian personal income tax calculator to help save time and calculate tax in an easier, more efficient way.
With our Malaysian personal income tax calculator, you will be able to get a quick tax payable estimate and accurately forecast your income tax to help see how much you can get back and how much you actually owe on your tax return.
How It Works
- About This Malaysian Personal Income Tax Calculator: This personal income tax calculator will work out tax rates, obligations and projected tax returns, and also tax debts for certain cases.
- When to Use This Calculator
- Once you know what your total taxable income is,
- You want to work out the tax on that taxable income,
- You want to calculate your income tax return.
- What You Will Need
- You will need your financial information such as: taxable income, net employment income, EPF amount, SOSCO amount, insurance premiums and etc
- This calculation doesn't take into account any tax credits which may reduce your tax. It only calculates the income tax on the taxable income you enter.
- Details on expenses based on family and medical spending such as: lifestyle expenses, education fees, parental care expenses, childcare fees, and breastfeeding equipment costs.
- Costs for disabled people, or caring for a disabled family member such as children or spouse, are also taken into consideration for personal income tax calculation.
- After You Finish You will have complete information about your taxable income, tax relief, and net tax payable.
Year of Assessment 2020 MY
Contact Us Today
3E Accounting understands the difficulties in tax filing for personal income. If you need more assistance after using our personal income tax calculator,our team of professional tax accountants are here to help.
Contact us today and get the results that you deserve.