Friday, April 06, 2007

The Beauty of E-Filling

Today, I just completed declaring my income to the Inland Revenue online. It was fairly simple although I would have appreciated a better description of each field. Kudos to Malaysia for taking it a step further!!! The good thing of the whole online process was that I did not have to be physically present in Malaysia to do it.

My company e-mailed me a scanned copy of the EA form which assisted me in doing my e-filling online. The presentation conducted by the Inland Revenue at my office was also beneficial as most of us have never done a tax declaration before.

All you need is your 16 digit pin number provided by the Inland Revenue and your IC number. I am not too sure on how people who don’t have their pin numbers can retrieve them. I am pretty sure the friendly people at your closest tax office can assist. Call them at the number on their website.

Oh well, since I was on the topic of taxes, it stirred my curiosity to see what I can spend on this year 2007 to pay less to the taxman. I discovered two major tax rebates that I would fully utilize:

1) RM 3,000 rebate for Personal Computer every 3 years. (Previously RM 500 every 5 years)

2) RM 1,000 for books, journals and magazines. (Previously RM700)
What does that figures mean to people that are paying taxes in Malaysia? Well, that means you can spend that amount which will be rebated from your taxable income. For me, I will be purchasing a new PC and RM 1,000 worth of reading materials. However, do remember to keep your receipts for up to six years because it is the right for the Inland Revenue to request for them during that duration. That is the law that hasn’t change.

Click here for a transcript of the Malaysia 2007 Budget to see what else you can benefit from.

That’s all from Benny!

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