The more we earn, the higher tax we will have to pay. My mother enlightened me on this fact when I complained that I was paying ever higher taxes. If we intend to pay lower taxes, that’s easy. Just ask for a lower salary. 😛 Just kidding. We should earn as high as we could and then try and get as much tax exemptions as possible. Better this way right? Now this is the question for Malaysian working professionals.
Ready to pay that yearly tax for the income you earned in 2019? You have a wife who’s working? What about a wife who’s a housewife? How much could you claim for each child? You had a baby in 2019 and you bought breastfeeding equipments for own use? Yes, that’s a deductible item too! What about parents’ medical expenses? If you are upgrading yourself via a Master degree, is this deductible as well? Please refer to the image below. Courtesy of Crowe Malaysia PLT.
Have a great time identifying everything from the image which will make our final tax payable number become smaller yeah. Just have to remember to be happy every year that we pay ever higher taxes. That proves that we are growing our wealth well. (tongue twister?) Please always remember to protect our wealth with life insurance and medical insurance. The amount payable is going to be small when compared to the premiums to be paid. Be responsible and not burden our loved ones if we suddenly need a lot of cash from them simply because we refuse to buy sufficient coverage yeah. Happy understanding and ‘cutting.’
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