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Minimize Tax Payable | Tax Planning
Make use of tax deductions and exemptions: There are various deductions and exemptions available for individuals in Malaysia, such as for charitable donations, medical expenses, and education expenses. By taking advantage of these deductions and exemptions, individuals can reduce their taxable income and thus their tax payable.
Utilize tax credits: Tax credits are reductions in the amount of tax that an individual owes, based on certain criteria such as having children. By claiming these credits, individuals can further reduce their tax payable.
Consider tax-efficient investments: Some investments may be more tax-efficient than others, meaning they generate less taxable income or may be eligible for certain tax credits. By choosing these investments, individuals can potentially minimize their tax payable.
Plan retirement savings: Contributions to retirement savings accounts such as the Employees Provident Fund (EPF) and the Private Retirement Scheme (PRS) may be tax-deductible, helping individuals to reduce their tax payable.
Seek professional advice: Tax laws and regulations can be complex, and it is advisable for individuals to seek professional advice from a tax specialist or accountant to ensure that they are maximizing their tax savings and minimizing their tax payable.
| Tax Relief in Malaysia
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Personal Tax Relief: Individuals may be eligible for personal tax relief on items such as medical expenses, education expenses, and charitable donations.
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Investment Tax Relief: Individuals and businesses may be eligible for tax relief on investments in certain approved funds or projects, such as venture capital funds or approved green technology projects.
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Research and Development Tax Relief: Businesses that conduct research and development activities may be eligible for tax relief on the expenses associated with these activities.
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Employment Expense Tax Relief: Individuals who incur employment-related expenses, such as the cost of purchasing a uniform or tools required for their job, may be eligible for tax relief on these expenses.
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Property Tax Relief: Homeowners may be eligible for property tax relief on their primary residence.
It's important to note that tax laws and relief programs can change, and eligibility for tax relief may depend on your specific circumstances. It's always a good idea to consult with a tax professional or financial advisor to determine if you are eligible for any tax relief programs in Malaysia.​