Malaysia Personal Income Tax Guide 2018 (YA 2017)

Editor’s Note
: This guide is for assessment year 2017. Please visit our updated
income tax guide for assessment year 2019
.

As the clock ticks for personal income tax deadline in Malaysia 2018 – like gainfully employed Malaysians – you may have started visiting the LHDN Malaysia website to do your E-Filing as both a proactive and precautionary measure. After all, there’s no harm in early tax filing as you will be getting first dibs on the tax refunds (know which deductible expenses you qualify for to get a head-start on your claims!), or avoiding the tax penalty for exceeding the e-filing due date 2018.

No matter what your reason may be, we have you covered starting from the creation your tax file (for first-time personal income tax filing individuals!) to understanding what are the newest tax incentives and reliefs announced from the Malaysian Budget 2018 (for seasoned taxpayers).

Here’s a guide that you can refer to for filing personal income tax claims for the Year of Assessment 2017. But before you proceed with doing so, you want to know…

Get Tax Refund With These Products

Do I Need to Pay Income Tax?

If you are a resident of Malaysia earning :

Above RM34,000 per year (after EPF deductions) or RM2,833. 33 per month (after EPF deductions)

Above RM38,202.25 per year (before EPF deductions) or RM3,183.52 per month (before EPF deductions)

While taking all benefits, allowances, bonuses, overtime and commissions into consideration, then the answer is yes. Apart from that, here are the other things that you need to observe:

You have been in Malaysia for at least 182 days in a calendar year

You have been in Malaysia for a period of less than 182 days during the year but that period is linked to a period of physical presence of 182 or more consecutive days in the following or preceding year.

In the situation that you have been temporarily absent from Malaysia due to the following reasons, it will be counted as part of the consecutive days. The reasons are as listed below:

a. Business trips

b. Health treatment for illness

c. Social visits not exceeding 14 days

Answering yes to reasons listed above means that it is compulsory for you to file your income tax in Malaysia. If it’s anywhere below
RM34,0000/ RM2,833. 33 per month (after EPF deduction)
 or
RM38,202.25 per year / RM3,183.52 per month (before EPF deductions)
, then you will have the option to do away with tax filing.

However, you may be missing out on all the extras that you stand to gain from filing your returns once you have made sense of all that tedious paperwork. In short, it’s up to you to decide what’s best for your personal income tax filing needs. So if you have already made your decision, the next question on your mind is…

How Do I File My Income Tax?

Once you have ascertained your income bracket, it’s time for find out which Malaysia income tax rate does your income fall under.

Not sure how tax rates work? Just remember that before you start your filing, you need to know your tax rates. It’s always a percentage of your chargeable income. The more you earn, the higher the percentage of tax you need to pay.

However, that higher percentage is only applied to the amount that’s higher. So you never end up with less net income after tax even if you earn more.

The next thing you would need to note is taxable income consists of the sum of the income you earn that is taxable. Taxes are levied only on your chargeable income, the portion of your taxable income after taking into account tax exemptions and tax reliefs. To find out if your tax has been deducted properly, our handy
income tax calculator Malaysia 2018
 can help you to do just that.

Here are the Malaysian income tax rates 2018 for the
Year of Assessment 2017
 that you use as a reference to find out the amount your tax that you will need to pay according to your chargeable income.

Chargeable Income (RM)

Calculation (RM)

Rate (%)

Tax (RM)

0 – 2,500

On the first 2,500

0

0

2,501 – 5,000

On the next 2,500

0

0

5,001 – 20,000

On the first 5,000

–

0

–

On the next 15,000

1

150

20,001 – 35,000

On the first 20,000

–

150

–

On the next 15,000

5

750

35,001 – 50,000

On the first 35,000

–

900

–

On the next 15,000

10

1,500

50,001 – 70,000

On the first 50,000

–

2,400

–

On the next 20,000

16

3,200

70,001 – 100,000

On the first 70,000

–

5,600

–

On the next 30,000

21

6,300

100,001 – 250,000

On the first 100,000

–

11,900

–

On the next 150,000

24

36,000

250,001 – 400,000

On the first 250,000

–

47,900

–

On the next 150,000

24.5

36,750

400,001 – 600,000

On the first 400,000

–

84,650

–

On the next 200,000

25

50,000

600,001 – 1,000,000

On the first 600,000

–

134,650

–

On the next 400,000

26

104,000

How Does Year of Assessment 2017 compare to Year of Assessment 2018?

As announced by the Prime Minister at Budget 2018, the M40 incentive consists of a 2-point tax rate reduction which is aimed to help approximately 2.3 million Malaysians earning between RM20,001 and RM70,000.

For Year of Assessment 2018, the rates for lower brackets earners have been decreased from 5% to 3%, 10% to 8%, and 16% to 14% for the year of assessment 2018. These new rates will apply for those who have accumulated their income from January 2018 to December 2018 and are filing their taxes from March – April 2019.

Those in the brackets above have their tax rates unchanged so now, the next thing you will need to do is to calculate your chargeable income. But before you can proceed further, you will need to ensure that you have registered for ez-HASiL e-Filing to complete your Income Tax Return Form (ITRF).

2018 Individual Income Tax Rates

Chargeable Income (RM)

Calculation (RM)

Rate (%)

Tax (RM)

0 – 2,500

On the first 2,500

0

0

2,501 – 5,000

On the next 2,500

0

0

5,001 – 20,000

On the first 5,000

–

0

–

On the next 15,000

1

150

20,001 – 35,000

On the first 20,000

–

150

–

On the next 15,000

3

450

35,001 – 50,000

On the first 35,000

–

900

–

On the next 15,000

8

1,200

50,001 – 70,000

On the first 50,000

–

2,400

–

On the next 20,000

14

2,800

70,001 – 100,000

On the first 70,000

–

5,600

–

On the next 30,000

21

6,300

100,001 – 250,000

On the first 100,000

–

11,900

–

On the next 150,000

24

36,000

250,001 – 400,000

On the first 250,000

–

47,900

–

On the next 150,000

24.5

36,750

400,001 – 600,000

On the first 400,000

–

84,650

–

On the next 200,000

25

50,000

600,001 – 1,000,000

On the first 600,000

–

134,650

–

On the next 400,000

26

104,000

The reduction would be effective as from year of assessment (YA) 2018.

Malaysia E-Filing for First-Timers

If this is your first time filing your income taxes, you will first need to register yourself as a taxpayer. Much like how the government uses your MyKad number to know who you are, so do they need an income tax number to know how much you’ve been earning. Get your income tax number by dropping by your nearest LHDN branch. Don’t forget to bring along a copy of your MyKad and recent payslip.

Apart from that, you can also do this via e-Daftar by filling in an online form and emailing them a scanned copy of the same documents.

Upon successful registration, you will receive your income tax number in the mail within 7-14 working days.

Another way for you to check on your application is that you can give them a call and ask them if your number is ready by using your application number (given when you apply) for reference. Here’s an illustration to help you get started on getting your Malaysian income tax pin for E-Filing.

E-Filing 2018 – Filing Taxes For The First Time

I Received My Income Tax Number. What Do I Do Next?

Now you need to register for ezHASiL e-Filing by:

Visiting your nearest LHDN branch with your MyKad. You will receive a PIN number that you should note down and keep somewhere safe.

Then, you need to go to ez.hasil.gov.my and click through to “First Time Login”.

Fill up your PIN number and MyKad number on the page and click “Submit”.

Review the information shown on the screen and make sure it’s correct. Click the “Agree” and “Submit” buttons.

Once this is done, your e-Filing account and digital certificate will be registered and you are now ready to proceed with filling in the Income Tax Return Form through ezHASiL.

Here’s an illustration to help you understand how the process of first-time registration for
LHDN E-Filing
 works:

Filing Income Tax for Individuals Who Has Experienced Recent Change of Employment

Switched jobs recently? Fret not, here’s what you need to do:

Where Should You Start?

Firstly, you need to remember and note these things: the date you left the company and the tenure you have worked at the previous employer (This is crucial later on). The next thing you need to do is to contact your previous employer and ask them about the EA form for the previous year.

If You Have Received Your EA Form From Your Previous Employer

You can proceed to file your taxes with e-filing as usual. If you change jobs any time last year, LHDN states that you would need to combine the total amount of income, EPF contribution and SOCSO contribution from the EA forms of both the previous and current employers during your e-filing.

If you change job at the start of this year (January to May), you just need to file your taxes usual without the need to combine both incomes and other components from both employers. Having said that, you would need to remember to request for the EA form from your previous employer for the upcoming year to file for your taxes for YA 2018.

If You Have Not Received Your EA Form From Your Previous Employer

You would need to be proactive and find out the status of your EA form, as in whether it has been sent out, under process or if they haven’t worked on it yet. If they have sent out your EA form, inquire them about the channel which they send it.

Some channels like courier service could have a delay in schedule or would not deliver the form to the address without your (or your authorised receiver’s) presence. Also, it is important to make inquiries from the courier service and get the previous employers to ensure the form is sent to you.

If you are not very patient or if there is little time left, you could to get the previous employer to send the EA form by e-mail.

In The Meantime…

You can start your pseudo tax filing by gathering all your salary slips from your previous employers and calculate the total income, EPF contribution and SOCSO contribution based on the length of time you have worked at that same year.

 For example, you worked in the previous company for six months in 2017 before you join your new company on July 1, 2017. Your previous company pays you about RM1, 900 in net salary, with RM 99 for EPF contribution and RM1 for SOCSO contribution. Based on the six-monthly pay slips, you combined the total income, EPF contribution, and SOCSO, which amounts to Income (RM11, 400), EPF contribution (RM594) and SOCSO contribution (RM6).

However, the amount of net salary, EPF and SOCSO contribution for the last month of your work with the previous employer varies according to the date of your departure.

If you leave at the last working day of the last month working at the previous employer, then this is not much of an issue. If you leave at any random date during your last working month at the previous employer, things that you would need to pay attention to includes your income amount, EPF contribution and SOCSO contribution. This is paramount for you to avoid any mistakes when you file your taxes.

It Is March and I Have Yet To Receive My EA Form. What Should I Do?

It is always important to note that it is always in the best interest of the employers to furnish the EA form to all employees, including the resigned staffs. In fact, it is their legally binding duty to do so according to the Income Tax Act.

That said, it is also your duty and best interest to inquire about the EA form from your employer and in the situation that you did not receive any form of updates related to your EA form, it would be best to consult with a representative from your nearest LHDN office to find out what are the actions that you can take to address this issue.

You Are Entitled to An EA Form Even If You Are..

A part-time worker

On Probation

A freelancer

So long as you have worked for more than 7 days and receive payment for it, then yes, it is compulsory for your employers to provide you an EA form.

Having said that, it is not compulsory for them to give you an EA form if you have signed an agreement in which you are to be employed as a contract worker. It is optional for your employer to provide you an EA form if this is the case.

What Happens If Your Previous Employer Goes Bankrupt?

It is the responsibility of every employer to furnish the EA form to all of their employees regardless of the company’s condition. Likewise, it is also your duty to notify and follow up on the status of your EA form from your former employer. Failure to do so may result in heavy repercussions in the coming months in which there will be penalties that you will be liable for such as…

Penalties for Employer and Employee

As mentioned before, both you and your employers have the responsibilities to file tax returns respectively. Depending on the severity of your offence, you may be fined and imprisoned and the same goes for your employers too as they can be penalised for not providing you your EA Form. They can be slapped with either a fine of RM20, 000, imprisonment or both. You can read more on
what happens if you don’t file your income tax
.

How Can I Find Out My Chargeable Income?

Chargeable income refers to the portion of your income that is taxable after deducting tax reliefs and tax exemptions. The formula which will be used to calculate your chargeable income is:

 Chargeable income = Taxable income – Tax exemptions – Tax reliefs

For instance, Jill, a 38-year-old marketing executive earned RM54,000 in the tax year of 2017. She does not have any tax exemptions and other tax reliefs beyond the basic ones, meaning her chargeable income would be calculated as follows:

Taxable income: RM54,000

Tax relief: RM9,000 in individual tax relief + RM5,940 in EPF contribution tax relief (11% of RM54,000, which is RM5,940)

Combining both taxable income and tax reliefs together, the amount will arrive at:

Chargeable income = RM54,000 (Taxable Income) – RM9,000 (Individual Tax Relief) – RM5,940 (EPF contribution tax relief) = RM39,060

Her chargeable income would fall under the 35,001 – 50,000 bracket. She would need to pay RM600 on the first RM35,000 and 8% on the remaining RM4,060 (RM324.80) which totals to RM924.80.

Her tax for the tax assessment year of 2017 would be RM924.80.

What Are the 2018 Income Tax Personal Reliefs Available for Residents? (YA 2017)

Personal reliefs for resident individuals in Malaysia

Types of relief

YA 2017 (RM)

Self

9,000

Disabled individual – additional relief for self

6,000

Husband/Wife/Alimony Payments

4,000 (Limited)

Disabled spouse – additional spouse relief

3,500

Ordinary child,(below 18 years old)

2,000

Unmarried child of 18 years and above who is receiving full-time education (“A-Level”, certificate, matriculation or preparatory courses)

2,000

Unmarried child of 18 years and above receiving full-time instruction of higher education in respect of diploma level and above in Malaysia; or degree level and above in Malaysia, OR serving under article of indentures in a trade or profession in Malaysia

8,000

Per physically/mentally disabled child

6,000

Per physically/mentally disabled child receiving full-time instruction at institution of higher education in respect of diploma level and above in Malaysia; or degree level and above outside Malaysia OR serving under articles or indentures in a trade or profession in Malaysia

8,000

Life insurance premiums and EPF contributions

6000^

Private Retirement Scheme contributions and Deferred annuity scheme premium (YA 2012 to YA 2021)

3000^

Insurance premiums for education or medical benefits

3000^

Expenses on medical treatment, special needs or carer expenses for parents (evidenced by medical certification) OR parental care relief (until YA2020) for father and mother

5000^ or 1500 per parent

Employee’s contribution to Social Security Organisation (SOCSO)

250^

Medical expenses for self, spouse or child suffering from a serious disease (including fees of up to RM500 incurred by self, spouse or child for complete medical examination)

6000^

Complete medical examination for self, spouse, child

500

Fee expended for any course of study up to tertiary level other than a degree at Masters or Doctorate level, which includes Law, Accounting,Islamic Financing,Technical,Vocational,Industrial,Scientific or Technological Skills

7000^

Purchase of supporting equipment for self (if a disabled person) or for disabled spouse, child or parent

6000^

Lifestyle relief consolidated with the following: purchase of books, journals, magazines, printed newspaper and other similar publications for the purpose of enhancing knowledge, purchase of personal computer, smartphone or tablet, purchase of sports equipment and gym memberships, and, internet subscription

2500

Purchase of breastfeeding equipment

1000^

Fees paid to child care and kindergarten

1000^

Deposit for child into Skim Simpanan Pendidikan 1Malaysia account established under Perbadanan Tabung Pendidikan Tinggi Nasional Act 1997 (until YA 2020)**

6000^

^ Maximum relief

** Previously known as Skim Simpanan Pendidikan Nasional where the tax relief is up to YA 2017

What Are the 2018 Income Tax Rebates

Moving on to tax rebates, here are the ones that you stand to gain as resident individuals.

Types of Rebate

RM

Individual’s chargeable income does not exceed RM35,000

400

If husband and wife are separately assessed and each chargeable income does not exceed RM35,000

400 (each)

If husband and wife are jointly assessed and the joint chargeable income does not exceed RM35,000

800

Rebate for Zakat, Fitrah, or other Islamic religious dues paid

Actual amount expended

The above rebate granted is deducted from the tax charged and any excess is not refundable.

On the other hand, these are the tax rates that will apply to you if you a non-resident individual working in Malaysia.

Types Of Income

Rate (%)

Business, trade or profession, employment, dividends and rents

28

Public Entertainer and interest

15

Royalty

10

Payments for services in connection with the use of property or installation, operation of any plant or machinery purchased from a non-resident

10

Payments for technical advice, assistance or services rendered in connection with technical management or administration of any scientific, industrial or commercial undertaking, venture, project or scheme

10

Rent or other payments for the use of any movable property

10

*In general, only services rendered in Malaysia by non-resident individuals are liable to tax. Do note that from 17 January 2017 to 5 September 2017, certain services rendered in and outside of Malaysia are still liable to tax.

EzHASiL – What You Need to Do

• Make sure you’re logged in before you proceed with these steps:

• Under the e-Filing section, click on “e-Borang”, which will take you to the e-Filing tax forms.

• Choose the income tax form e-BE if you do not have business income from other sources), and choose the current assessment year.

• On the other hand, if you do have business income from other sources, you would need choose the income tax form e-B instead and choose the current assessment year.

• Ensure the details are up to date and correct them if necessary.

• Key in the details of your income according to the relevant categories.

• Don’t forget to fill in the total of your monthly tax deductions (potongan cukai bulanan, or PCB), if applicable.

• If you have undeclared income from previous years, you need to declare them under the “Pendapatan Tahun Kebelakangan Yang Belum Dilaporkan”.

• Remember to fill in your tax reliefs, rebates, and exemptions wherever applicable.

• After you’ve filled in all the details, the system will automatically calculate your taxes and show you how much you owe in taxes (or how much they owe you in rebates).

The last step after this is to:

• Read through the final statement and verify that all the information on it is true.

• You then need to electronically sign the form and send it in.

What Are Types of Employment Income That Are Taxable?

Here is a table to help you understand what type of employment income is taxable:

Type of employment income

Taxable Value

Cash remuneration, e.g salary, bonus, allowances/perquisites

Total amount paid by employer. Certain allowances/ perquisites are exempted from tax.

Benefits-in-kind, e.g motorcar and petrol, driver, gardener and more

Based on formula or prescribed value method. Certain benefits are,exempted from tax.

Housing accommodation (unfurnished) for employee or service director

Lower of 30% cash of remuneration* or defined value of accommodation

Hotel accommodation for employee or service director

3% of cash remuneration*

Withdrawal from unapproved pension fund

Employer’s contribution

Compensation for loss of employment

Total amount paid by employer. Exemption is available under specified conditions.

Do note that the taxable value of employment income includes the output tax paid under GST and this will be borne by the employer.

With effect from June 1, 2018, the
GST charges
 of 6% will be reduced to zero percent as per government directives.

How Do I File A Tax Rebate for Zakat?

Do note that Zakat, Fitrah, or other Islamic religious dues paid are only applicable to Muslim Malaysian citizens.

If you are a Muslim taxpayer, you would need to make payments levied on the same source of income every year, namely income tax and Zakat. The amount of Zakat will be applied to your tax payable as a tax rebate.

For example:

Azreen’s income tax in 2017: RM500 (let’s call it IT)

Azreen’s has made a zakat contribution in 2017: RM300 (let’s call it ZC)

(IT) – (ZC) = Amount of Income Tax that Azreen would need to pay

As zakat is a tax rebate, Azreen’s income tax in 2017 is RM200.

What Are the Perquisites (Perks) Given to Employees?

Moving on, here are the types of perquisites that are given to employees:

*Exemptions are not extended to directors of controlled companies, sole proprietors and partnerships.

Here is an example of perquisite that are given:

Perquisites

Taxable Value

Petrol card/petrol or travel allowances and toll rates.

Total amount paid by employer. Exemption available up to RM6,000 per annum (allowances/perquisites are for official duties*)

Childcare subsidies/allowances

Total amount paid by employer. Exemption available up to RM2,400 per annum*

Parking fees/allowances

Fully exempted

Meal allowances

Fully exempted

Interest on loan subsidies

Loans totaling RM300,000 for housing/passenger motor vehicles and education*

Income tax borne by employer

Total amount paid by employer

Award

Total amount paid by employer. Exemption available up to RM2,000 per annum for the following types of award such as long service (more than 10 years of employment with the same employer),past achievement,service excellence, innovation, or productivity award

Travel Allowance

If you would need to head out of the office for work frequently, you may have received a travel allowance from your employer. Your employer will either provide you with a set amount of funds which you will use to pay for the expenses that you have incurred for work-related purposes.

These amounts paid are perquisites which are tax-exempted up to RM6,000 annually. Having said that, work-related travel expenses can be deducted from your gross income so do make sure you keep a record of these expenses.

Example: Julia is an account manager who travels frequently for work. Her company provides her with a monthly travel allowance of RM500 and as the amount does not exceed RM6000, it’s tax exempted.

However, the same type of perquisite could not be applied if she’s not working for an employer, and that she assumes the role of a business partner, director or sole proprietor of the company. Suffice to say, if she’s working for herself, these tax exemptions would not be valid.

For more information about perquisites, you can refer to the Perquisites From Employment that’s provided by LHDN.

What are Benefits-in-Kind (BIK) and How is It Distributed to Employees?

Benefits in Kind (BIK)
 refers to any non-cash benefit of monetary value that is given by the employer to the employee. As such, if you are an employer, you would oversee the provision of benefits to your employees.

On the other hand, if you are an employee, you may note that these benefits may be given to you under other names such as notional pay, fringe benefits or perks. BIK have monetary value so in short, they must be treated as taxable income. Even then, it is important to take note that BIK is not convertible into money, even though they have monetary value.

The phrase not convertible into money means that when the benefit is provided to the employee, that benefit cannot be sold, assigned or exchanged for cash either because of the employment contract or due to the nature of the benefit itself

There are 2 methods which are used to determine the value of the BIK provided to an employee. The formulas are as follows:

formula method

prescribed value method

How Does the Formula Method work?

For the formula method, the annual value of BIK provided to an employee is computed using the following formula:

Cost of the asset provided as a benefit or amenity/ Prescribed average life span of the asset = Annual Value of the benefit

And an example below to compute with the formula:

John is a top salesman who is provided with a LED TV by his employer for his stellar work performance. The cost of the LED TV is RM2,100 and the prescribed average life span of the asset is 7 years.

Based on the above formula, the annual value of the BIK for LED TV is:

RM2,100/7 = RM300

The amount of RM300 will be a part of John’s gross income from employment and this amount should be reported by his employer in John’s CP8A (EA) / CP8C (EC).

The calculation of the prescribed average life span of the assets formula method stays the same regardless whether the asset is new or second-hand.

So yes, even if John is gifted a second-hand LED TV, the prescribed average life span of the TV is still an estimated 7 years even if you may feel that the cost of the LED TV should be lower because it’s a used asset and the nature of used assets is that it has a shorter lifespan.

How Does Prescribed Value Method works?

On the other side of the coin, the value of BIK is based on a predetermined value that have been assigned from a list of assets that have been sorted into their respective categories. For prescribed value method, the asset’s value can be reduced if the
BIK
 is:

(a) Provided for less than a year, or/and

(b) Shared with another employee

Having said that, there will be instances that there will be no reduction in value of the BIK via prescribed value method. This is the case if the
BIK
 is used for business.

What is the Prescribed Average Life Span Of Various Assets Provided By Employers To Employees?

What is the Prescribed Value Of Motorcar And Its Related Benefits?

Cost Of Motorcar (RM)

Annual Prescribed Benefit Of Motorcar (RM)

Annual Prescribed Benefit Of Petrol (RM)

Up to 50,000

1,200

600

50,001-75,000

2,400

900

75,001-100,000

3,600

1,200

100,001-150,000

5,000

1,500

150,001-200,000

7,000

1,800

200,001-250,000

9,000

2,100

250,001-350,000

15,000

2,400

350,001-500,000

21,250

2,700

500,001 and above

25,000

3,000

What is the Prescribed Value of Household Furnishings, Apparatus and Appliances?

Malaysia Income Tax General FAQ

Here is a list of commonly asked questions that we have compiled for your perusal.

What Is Employment Income?

Employment income in general constitutes of a situation whereby an employee is subjected to Malaysian tax by:

Being employed in Malaysia

Is on paid leave which is attributable to the exercise of an employment in Malaysia

Performs duties outside Malaysia which are incidental to the exercise of an employment in Malaysia

Is a director of a company resident in Malaysia; or

Is employed to work on board an aircraft or ship operated by a person who is resident in Malaysia

However, there are exemptions for employment income if you are a short-term employee. To check if you fall under the category of a short-term employee, here are the qualities that you would need to take note of:

If the aggregate of the period of periods of employment in Malaysia does not exceed 60 days in a calendar year or

where the total period of employment which overlaps 2 calendar years does not exceed 60 days

How is Income Tax Assessed in Malaysia?

Income is assessed on a current year basis. The year of assessment is the year coinciding with the year calendar. For instance, let’s say that the year of assessment for 2017 is the year ending for 31 December 2017. In this case scenario, since you are a person and not a company, limited liability partnership or a cooperative, your income will be assessed on a calendar year basis. In Malaysia, a self-assessment system is applied so that means you, as a taxpayer, have the responsibility to determine the correct tax liability.

What Are the Classes of Income that is Tax Chargeable?

Income tax is chargeable on these classes on income:

Gains or profits from a business

Gains or profits from an employment

Dividends, interests or discounts

Rents, royalties or premium

Pensions, annuities or other periodical payments not falling under any of the foregoing clauses

Gains or profits not falling under any of the foregoing clauses

I Do Not Have A Business Anymore but I Am Still Receiving A B Form. What Should I Do?

In this situation, since you do not have a business anymore but you are still receiving a B form, you can choose to either:

Use the form to declare income received by filling in the relevant columns; or

Change to BE Form at the nearest LHDN branch.

At some point in 2017, I was Retrenched from My Job. How Do I File for My Taxes?

As per
 LHDN’s
 website, compensation for the loss of employment is a payment made by an employer to his employee before or after the date of termination, and a certain amount of this payment is exempted from tax.

This compensation is exempted from tax if compensation received is due to ill health, and the other cases:

Termination before July 1, 2008 – exemption of RM6,000 for every completed year of service with the same employer or with companies in the same group.

Termination on or after July 1, 2008 – exemption of RM10,000 for every completed year of service with the same employer or with companies in the same group.

I Have Opted for Early Retirement Due to my Illness. Do I Need to File for Income Tax?

In this situation, you would need to notify LHDN about your situation and your situation will be assessed in accordance to the taxation guidelines set by the Director General of Inland Revenue (DGIR).

Here’s an example that you can refer to:

Samy, an architect, had worked for his employer for 22 years. In 2016, he met with an accident which left him with a serious health problem. The accident has forced him to stop working and opt for early retirement at the age of 49 on 1.1.2017.

Samy’s employer accepted his request for early retirement based on the medical report from the company’s panel of doctors and paid him RM200,000 as retirement gratuity in accordance with the company’s policy.

Samy is entitled for a full tax exemption on the retirement gratuity that he has received as he was able to prove that his early retirement was due to ill health.

How Do I File My Income Tax if I Am Working in a Malaysian Company Abroad?

According to Section 13(2)(c) of the Act, the salary earned from working abroad would not be taxable unless the income received is incidental to the Malaysian employment. Having said that, you would need to notify LHDN that you are working abroad as this will help avoid the possibility of you getting penalised for not filing your taxes.

I Am an Expat Employed In Malaysia. How Is Income Tax in Malaysia for Expats ?

In general, if you are a non-Malaysian but are resident in Malaysia for tax purposes (see above ‘Do I need to pay income tax?’), you will pay income tax as a resident.

However, for certain Non-Malaysian citizens who are based in Malaysia working in Operational Headquarter (OHQ) or Regional Office (RO), or International Procurement CIPC), or Regional Distribution Center (RDC) or Treasury Management Center (TMC) status companies, your employment income will be taxable based on the number of days you are employed in Malaysia.

I Am a Muslim Revert. How Do I File for My Income Tax and Make My Zakat Contributions?

First off, you would need to keep the original receipts that you have received when you have made your zakat contribution. For example, if you have made a zakat contribution in 2017, it can be claimed as the tax rebate on the income tax return form for the year assessment 2017. Always remember that in order to receive approval for tax rebates, the payment must be made in the basis year.

However, it is important to know that the amount is subject to the maximum of tax charged (limited amount of total tax charged).

How About Employment Insurance Scheme?

When you start your work this year, you might note that your salary slip now has a section for Employee Insurance Scheme (EIS). The Employee Insurance scheme is a compulsory financial scheme to help employees who lost their jobs. The scheme will support the affected employee while they are searching for new jobs. You can get more info on EIS
 here
.

I Have Submitted my E-Filing and Wanted to Make Changes. What Do I Do?

According to LHDN, income tax form submission made via e-filing cannot be modified online. To avoid penalties imposed, you will need to submit your appeal for amendments on / before 30 April 2018.

Here are the steps that you will need to take: –

(a) Print your e-form and make corrections in the wrong space (a brief signature next to the correction). Next, make the tax calculation manually up to the “Tax Paid” level. In the event of any balance due, the balance shall be paid on/before 30 April 2018.

(b) Attach a letter of appeal that explains the changes you wish to make along with a copy of your e-form and all original documents and receipts to confirm income, all claims and tax deductions. Once you have done that, you will need to send it to the branch that you have registered with.

Do note that LHDN will go through each error appeal as a part of the audit process and the time taken for the amendment will depend on the information and documents submitted

When Will I Get My Tax Refund?

If you have overpaid in taxes and is entitled to a refund, it will be credited to the account automatically to the taxpayer within 30 working days after the submission of income tax return form. However, if you do not receive your refund you can forward your application to the Collections Unit of the branch where your file is completed and submit it via LHDN’s Feedback Form.

Apart from that, you can also try inquiring via their toll-free number at 1-800-88-5436 (LHDN)

What Are the Benefits of Early Tax Form Submission?

Can I Submit an Appeal for Income Tax?

There are various situations where you can choose to submit an appeal for your income tax. You can submit an appeal if:

• You are not satisfied with the way in which your income has been assessed.

• Personal reliefs have not been appropriately given.

• You have forgotten to claim certain expenses or reliefs.

• There is an error in the assessment issued by the LHDN office.

I Have Received a Notice of Assessment from LHDN and I Want to Submit An Appeal. What Do I Do?

Firstly, you can submit an appeal by writing to the LHDN branch which issued the assessment within 30 days from the date of the notice. For this, you are required to fill in Q Form which is available at your LHDN branch. Your LHDN branch will oversee the handling your appeal and from here, your appeal will be forwarded to the Special Commissioners of Income Tax.

In the situation (for a valid reason) that you could not submit an appeal within the 30-day period, you can apply for an extension of time to submit the appeal using N Form which is to be forwarded for decision by the Special Commissioners of Income Tax. The Special Commissioners of Income Tax consists of an independent tribunal of panel members appointed by the Yang Di-Pertuan Agong to handle tax appeals.

However, do note that you still have to pay your tax liabilities even though you have made an appeal.

Documents required:

• Letter stating the type of mistakes/expenses claimed/deductions/exemptions

• Supporting documents for expenses claimed/deductions/reliefs

Apart from that, LHDN may request for other documents that are not listed above as well if the information received is insufficient to proceed with the amendment of assessment. After receiving the results of your appeal, should you feel dissatisfied with the decision made by the Special Commissioners of Income Tax, you can appeal further to the High Court and the Court of Appeal.

One Last Tip….

As you know, the 2017 tax assessment year follows the calendar year, so it is effective from 1st January 2017 to 31st December 2017. Once you have outlined what are the tax reliefs, deductions, and rebates that you can submit claims for, it is time to submit your income tax return form for the year of 2017. The due date for the manual submission of return forms are as follows:

1) Employers (Form
 E
)- 31 March 2018

2) Residents and non-residents with non-business income (Form
 BE
 and
 M
) is 30 April 2018

3) Residents and non-residents with business income (Form
 B
 and
 M
) is 30 June 2018

4) Partnerships (Form
 P
) is 30 June 2018

On the other hand, here are the due dates that you will need to note if you are submitting your tax return form via E-Filing:

1) Residents and non-residents with non-business income (Form
 BE
 and
 M
) is 15 May 2018

2) Residents and non-residents with business income (Form
 B
 and
 M
) is 15 July 2018

To get your hand on the completed forms, you will need to visit
LHDN
‘s site for your tax submission. Remember, some purchases such as electronic products, books, health insurance or medical card are entitled to tax reliefs. For instance, you will receive tax relief up to RM3,000 for
health insurance
 and
medical card
.

Done with your income tax submission? That’s great but don’t chuck out all your receipts and it’s duplicates yet! Do make it a habit to must keep records for 7 years from the date of filing so don’t throw away any receipts or evidence of tax reliefs, keep them in a file sorted by tax year.

What do you feel about the income tax filing for the year of assessment 2017? Let us know in the comment section below.

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    Henry

    2 years ago

my wife (government servant) just RETIRED last year and does not have any come since then, should i continue with Separate Assessment, or Joint Assessment or….. ?

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Should You Upgrade to the Apple iPhone 6?

Oh Apple, they’ve done it again! Whilst Malaysians are moaning about the
latest petrol price hike
, Apple has been collecting plenty of interest for their latest Apple iPhone 6 sales. in fact, the latest iPhone 6 is so successful that its current profit is said to be close to the 20 million mark. Yes, they are literally swimming in money alá Scrooge McDuck down at the Apple headquarters.

In case you’ve been tragically cut off from any available WiFi for the past month, here is the nub and gist: In September, Apple rolled out its latest ‘phenomenon’ called the Apple iPhone 6. Compared to its predecessors, the Apple iPhone 6 is slimmer, lighter, and much, much bigger. In fact, it is “bigger than bigger” (that’s the tagline). They already released the phones to 30+ countries, and people have flocked and waited hours to grab one for themselves.

But should you join this massive bandwagon and get yourself a brand new Apple iPhone 6?

Apple iPhone 6 Specifications

Amidst the excitement, what can the new iPhone model offer that other smartphones lack? The device won’t let you slide to teleport just yet, but let’s take a look at the specifications.

Body
: 138.1 x 67 x 6.9mm

Display:
 4.7 inches retina HD

Resolution:
 750 x 1334 pixels (326 ppi)

Memory:
 1GB RAM, available in 16GB / 64GB / 128GB (no more 32GB!)

Camera:
 8MP primary camera and 1.2MP front/secondary camera

The new iPhone 6 has undergone a few nips and tucks both physically and internally, but the elongated screen size is the most notable to the masses. Now that it has a sleek new body, what’s the price tag like? Before getting into the discussion on prices; it’s important to note that Apple has scrapped the 32GB variant; so now the new iPhone 6 comes in 16GB, 64GB, and 128GB – which means that you’ll be getting more at a lower price with the 64GB or the 128GB variant (hoorah!).

Predicting what the prices will be for these three variants in Malaysia is tricky, but according to Lowyat.net, the price range could be somewhere as below:

16GB: RM2,399

64GB: RM2,749

128GB: RM3,149

Apple has yet to release this latest mobile to the Malaysian market, but eager beavers could always fly to Singapore to get one. Alternatively, Lazada and Low Yat Plaza also have a few sets up for grabs, but with hefty price tags attached to them!

When should you upgrade to iPhone 6?

This much coveted gadget is very pretty indeed, and it specifications boasts plenty of wonders for gadget lovers. But should you upgrade your current model in exchange for the Apple iPhone 6? Only if you fit the following bill:

1. When your current phone is slower than a tortoise

Still using Apple iPhone 4, or, Apple iPhone 3GS? It might be time to finally wave goodbye to those old fellas and upgrade to the latest generation. These smartphones will not be getting any faster, they hold no warranty, and they don’t support the latest Apple iOS 8 software. Another plus that these older models lack is the A8 processor; this little chip contains 2 billion transistors, which is double what was available in the previous A7 processor. Rumour has it, the A8 processor is 25% faster than A7, which essentially means that as you’re sipping the third cup of coffee while waiting for Candy Crush to load on your iPhone 3GS (that’s not even equipped with A7), just know that the the iPhone 6 owner has already reached level 15.

2. If you’re having trouble looking at tiny screens

Are your eyes straining to see the dancing rabbit on your LINE chat?
Wait, Is that even a rabbit
? If a smaller screen display stresses you out, then the 4.7 inch screen on an Apple iPhone 6 will surely open up an endless of viewing possibilities.
Emojis
 and emoticons will never be the same again, and it won’t be long before your fingers get a tap-dancing recital of its own.

3. You want to get 200 likes on Instagram

No, the Apple iPhone 6 does not have 41MP cameras installed. But here’s the thing, megapixels only make your photo bigger; instead, the folks at Apple upgraded the practical things one might need to make a captured image that much sharper and clearer – without the need of camera apps like VSCO cam or Camera 360. The new iPhone has an improved image stabilisation, there’s more focus pixels to speed up the auto focus, and there’s also a separate focus and exposure setting. There’s also the astonishing 240 frames-per-second slow motion function. Now, you can grow a little mustache and direct a bucketful of 15-second Instagram worthy hipster clips – and get multiples likes for them at the same time.

4. When you need a change from Android Smartphones

Aside from the obvious hardware, the two noticeable differences between an Android and an Apple smartphone are the user interface and the apps. Apple’s iOS is famous for its minimalistic and uncluttered interface, with more polished apps from the Apple iStore. On the other hand, Android users get to tinker with their device to find the perfect look to suit them. Android users have always complained about iPhone’s screen size, stating that they are small in comparison to the likes of the Samsung Galaxy Note and S family (and other non-Samsung Android phones). This time, the latest iPhone generation has a bigger screen, slimmer body and a much simpler interface – and with its top-notch specifications, some Android users just might be tempted to make the switch.

When you should not upgrade to the Apple iPhone 6

We could end the article without mentioning the reasons on why you should not purchase the Apple iPhone 6, but where’s the fun in that? In all seriousness, it’s best to give this latest a gadget a skip if don’t actually need it:

1. When you’re using the Apple iPhone 5S and 5C

The Apple iPhone 5S and 5C were released not too long ago, and these two support almost all of the iOS 8 features. Plus, you are probably still under the Apple warranty, so why change now? Sure, these models don’t have the 4.7 inch retina display, but hey, we’re pretty sure that you can deal with it for the next year or so! The one gripe that annoys us is the huge storage that you need to let go in order to download the iOS 8. It takes 5 to 6GB to upgrade your iOS 7 to the latest iOS 8; for lazy bums who have never visited the iCloud, this means storing and/or deleting plenty of photos, songs, videos and apps to make way for the new updates.

Protip: Upgrading from iTunes instead of directly from the phone reduces dramatically the required free space down to about 2GB! (you can probably keep those songs!)

2. When you’re broke

There is no other way to say this, but let’s face it, the Apple iPhone 6 is not cheap. At an estimated price of RM2,399 for the 16GB model, it is so much more expensive than the equally good Samsung Galaxy S5 that you can get for as low as RM1,600 (that’s close to RM800 difference in price!). So if you’re a cheapskate, steer clear of this latest technology breakthrough from Apple and stick to flagship Android models instead.

On the contrary, an Apple iPhone 6 (or any other iPhone models) will undoubtedly give a higher resale value compared to the cheaper Android models. This makes total sense of course; an iPhone is more than a gadget, it is a social status symbol that people are willing to pay top dollars to own. As an example, an Apple iPhone 4S 16GB still has a higher price tag in the market at RM1,499 compared to Samsung Galaxy S3 at RM849 (prices taken from PricePanda). But in the end of course, you decide!

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Tabling Of Budget 2021 Postponed From October To November 2020

(Image: The Star)

The government has deferred the tabling of Budget 2021 from 2 October to 6 November 2020, according to Dewan Rakyat Speaker Tan Sri Mohamad Ariff Md Yusof. This comes following a revision to the schedules of the second and third meetings in the third term for the 14
th
 Parliament.

According to Tan Sri Mohamad Ariff, the second meeting will now be held for 25 days starting from 13 July to 27 August, except for 30 July as well as 19 and 20 August due to Aidiladha and Awal Muharram. The meeting agenda includes debating the Yang di-Pertuan Agong’s address (delivered on 18 May), among other businesses. Previously, this meeting was expected to last only for 15 days.

(Image: Sinar Harian)

Consequently, the third meeting is postponed. Originally slated to be held from 28 September to 26 November, the third meeting will now be held from 2 November to 15 December. This subsequently caused the tabling of Budget 2021 to be pushed back to 6 November.

Meanwhile, the tabling of the 12
th
 Malaysia Plan will also be delayed to a later date, to be announced in time. It was initially scheduled on 6 August.

“The decision was made by the government after taking into consideration the Covid-19 outbreak, which has impacted the country’s economy, and to allow the government to assess the situation further by engaging with all stakeholders,” said Tan Sri Mohamad Ariff.

(Source:
The Edge Markets
,
Free Malaysia Today
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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CaltexGO App Is Now Enabled For Use At Caltex Stations Nationwide

(Image: Paul Tan’s Automotive News)

The operator of Caltex, Chevron Malaysia Limited announced that its CaltexGO app has now been officially enabled for use at all Caltex stations across the country.

Prior to this, the app can only be used at stations within the Klang Valley after its official launch in September 2021. This is as the app was still in its trial phase back then.

With this latest development, Caltex customers nationwide can now pay for their fuel quickly and conveniently using the CaltexGO app, instead of having to go to a payment counter. Remember to register and save your credit or debit card within the app prior to using it as CaltexGO does not carry an in-app wallet. E-receipts will also be provided once payments are successfully made.

You will also be able to link your Journey loyalty card (if you have one) to your CaltexGO app to earn BPoints as you refuel. These loyalty points can then be redeemed for future fuel purchases via the app; just check your BPoints balance when you need to refuel next time, redeem them, and pay any remaining amount required.

On top of that, CaltexGO users can receive notifications via the app when there are new promotions from Caltex or its partners. This means you’ll always be kept up to date with regard to the latest perks available as a Caltex customer.

The vice president of Asia Pacific sales for Chevron International Fuels & Lubricants, Toh Yu Lee said that CaltexGO is an example of the company’s effort at finding new ways to reach out to customers via latest customer connection trends, namely digitalisation. “CaltexGO is a tool for us to do just that, and its nationwide accessibility will now make it more convenient for more consumers to use,” he added.

In conjunction with the nationwide launch of the CaltexGO app, Caltex is running a campaign that allows its customer to earn RM5 cashback when they refuel using the app (minimum spend RM30). Each CaltexGO user can tap into this benefit twice during the entire promotion period, which is set to end on 30 June 2022 (cashback redemption period until 31 July 2022).

The CaltexGO app can be downloaded for free from
Google Play
 and the
App Store
.

(Sources:
Lowyat.NET
,
Paul Tan’s Automotive News
)

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Alex Cheong Pui Yin

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Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Win RM600 Lazada e-Vouchers, Apple Watch, Or Samsung Galaxy Buds When You Apply For New Credit Cards This Week

It’s the second week of April and we have prizes in this week’s flash deals that are worth an exclamation or two.

As part of RinggitPlus’ Unbox This Week Campaign, every week we lay out fantastic flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

This week (12 April – 19 April) the featured banks are
Standard Chartered Bank, Citibank, and HSBC Bank
 —
if you’ve considered applying for a credit card with any of these banks, make the most out of your application and check out the rewards they’re offering below.

Standard Chartered: RM600 Lazada e-Voucher

Once again, Standard Chartered Bank is rewarding all approved applicants with a guaranteed gift —  and this time it’s an RM600 Lazada e-Voucher!

Apply for selected Standard Chartered Credit Cards, get approved, and you’ll receive an RM600 Lazada e-Voucher to spend on appliances, clothing, gadgets, and more. Don’t forget, in order to be eligible for this prize, you will need to activate your card within 30 days upon approval.

Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can
apply for your new Standard Chartered credit card here
.

Citibank: Apple Watch Series 6

This week, it’s health o’clock with this featured bank. Apply for selected Citibank Credit Cards through us and you could stand a chance to be one of 40 randomly selected successful applicants to win an Apple Watch Series 6. This snazzy gadget measures your blood oxygen levels, showcases your fitness metrics, tracks your sleep schedule, and more while conveniently seated on your wrist.

Be sure to submit your application by 19 April to be in the running, as well as activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so.

HSBC: Samsung Galaxy Buds Live

Rounding up this party is HSBC with a guaranteed gift of Samsung Galaxy Buds Live for all successful applicants. Apply for selected HSBC credit cards through RinggitPlus, activate the card, and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to take home your new pair of ergonomically designed wireless earbuds.

Just remember that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within three months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your
HSBC credit card here
.

***

Lastly, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and so that we can always be at hand to help you if you need us.

While this week’s flash deal ends on 19 April (1pm), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Get Great Interest Rate On Savings You Can Withdraw Anytime

Let’s say you have some cash in your savings piling up and you want to start putting that money to work.

You may be thinking, is there a way I can save up my money but still access it in case of emergencies? Or perhaps you want to be prepared for that one great investment opportunity, and have ready cash when it comes.

A bank account that gives you a high interest rate on your savings would be a good place to start.

Most banks usually make you choose between a high interest rate for your savings, or the flexibility of withdrawing your money anytime, i.e. no lock-in or maturity period.

The thing is, why restrain yourself to one or the other? The perfect solution is to find a bank account that can give you both a high interest rate and flexibility in managing your account, on top of the other benefits.

This is what
Alliance SavePlus Account
 is offering.

The
Alliance SavePlus Account
 caters to your needs in savings as it lets you enjoy
high interest rates
 of up to 3% per annum, with
easy access to your cash
 whenever you need it. As an added bonus, there are
no transaction fees
 involved as long as you maintain a monthly average balance of RM10,000 in the account.

This is in large contrast to a regular savings account (which gives you lower interest rates) or fixed deposit (which locks your money for long periods).

Okay, remember the high returns that you get to enjoy with the
Alliance SavePlus Account
? The returns are credited into your account on a monthly basis! Accumulate or withdraw your savings according to your current financial needs.

Key features of the Alliance SavePlus Account

<a href=”
https://www.alliancebank.com.my/Alliance-SavePlus-Account?utm_source=RinggitPlus&utm_medium=&utm_content=Advertorial___&utm_campaign=SavePlus”target=”_blank”>

As you can see, with the
Alliance SavePlus Account
, all you have to do is sit back, relax, and watch your money grow. It is most ideal to have your money work for you, while still having access to it for everyday use without incurring any penalties.

As every cent counts, getting a waiver on transaction and withdrawal fees is super helpful too. Now you don’t have to worry about paying RM0.50 for each instant transfer or RM1.00 for each ATM withdrawal. All you need to do is maintain a minimum balance in your account, and you will automatically be eligible for all these perks!

From now until 30 April 2018, customers who sign up for an
Alliance SavePlus Account
 will receive a complimentary* RM40 petrol gift card. It’s so easy! Just walk in to your nearest Alliance Bank branch to participate in this promotion!

In conjunction with the upcoming festive celebration, selected Alliance Bank branches will be open on 27 January 2018 (Saturday) from 9.30am to 2.30pm to cater to your banking needs. Visit us to open an
Alliance SavePlus Account
 and enjoy light refreshments, as well as other exciting activities such as Ang Pow Packet Giveaway**.

But wait! Just for one day on 27 January 2018, new Alliance SavePlus Account customers also get to enjoy the maximum interest rate of 3% for the first month, with just a deposit of RM1,000!

For more information on how to apply for an
Alliance SavePlus Account
 and list of branches with extended operating hours, please visit
 www.alliancebank.com.my

*Terms & Conditions apply.

**While stocks last

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MAS Introduces New Shuttle Fares For KL-Singapore Flights

Malaysia Airlines (MAS) has replaced three of its existing fares with all-new MHshuttle fares, exclusively for the Kuala-Lumpur Singapore flight route. According to MAS, the new fares allow for greater flexibility and time-saving convenience for travellers flying direct between KL and Singapore.

Travellers on the Shuttle fares can board an earlier flight in the day at no extra cost if they reach the airport early, a feature known as Go Show. Outside of the new Shuttle fares, the ability to make use of Go Show would depend on your ticket’s terms and conditions. MHshuttle also allows you to change your travel dates without having to pay a change fee, although the fare difference does apply. Lastly, Shuttle fare passengers can enjoy the privilege of dedicated priority check-in counters.

The new Shuttle fares are divided into three structures: Economy Smart Shuttle, Economy Flex Shuttle, and Business Flex Shuttle. The Shuttle fares replace the previous Economy Smart, Economy Flex, and Business Flex fares respectively.

In terms of the differences between the previous fares and the current Shuttle fares, Economy Smart Shuttle now offers free changes whereas Economy Smart previously did not. Moreover, both Economy Smart Shuttle and Economy Flex Shuttle passengers are now newly eligible for dedicated priority check-in. There is no change in baggage allowance between the previous fare families and the current ones, with Economy Smart Shuttle, Economy Flex Shuttle, and Business Flex Shuttle offering 30kg, 35kg, and 40kg respectively.

Here’s a comparison of the fare benefits from before and after the introduction of MHshuttle:

Fare benefits for all international routes

Fare benefits for MAS flights between KL-Singapore

In conjunction with the introduction of the Shuttle fares, MAS is giving discounts of up to 20% on Economy Smart Shuttle, Economy Flex Shuttle, and Business Shuttle fares. These fares will be sold at a discounted price from 10-27 December 2019 for immediate travel up until 30 June 2020.

You can find out more on the
MHshuttle webpage
.

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Free Yourself From Rigid, Boring Postpaid Plans

Take a moment to think about your postpaid plan usage: how often have you fully utilised everything that you paid for in your plan? Whether they are call minutes, free SMSes, or mobile data, postpaid plans in Malaysia come bundled at different price points. Sometimes, even if we want one thing and not another, we have to pay for it anyway. Why can’t we just pay for the things we use?

Mobile Postpaid Plans: Why Are We Wasting Money on These Extras, Again?

Maybe what you really need is unlimited data, but not free calls. Or maybe you use your phone mainly for calling clients, your parents, and of course, your boyfriend/girlfriend, and rely more on WiFi for internet. In cases where you need one particular aspect of your plan more than the others, you could be paying unnecessarily for the other included parts for no reason. It’s 2019, why should you pay for that?

Even with just RM20 savings per month on an “optimised” postpaid plan, you’d have saved RM240 a year – that’s a lot of movie outings or boba sessions. So what you (and we all, frankly) need is a postpaid plan that is customisable yet affordable. A postpaid plan that fits your lifestyle perfectly, supported by a reliable network wherever you are.

Celcom Xpax XP Lite
TM
 Plan: Be Part of the Free

Don’t remain shackled to postpaid plans that make you pay more than you need to. The new XP Lite
TM
 offers 1GB of data and unlimited calls for just RM28 a month. If that’s not enough, size up with M or L passes that offer additional data at low prices. Bundle in a brand new smartphone for even bigger savings!

Free yourself from paying for what you don’t need

For RM28, get access to unlimited calls to all networks and 1GB of mobile data. Need more? Size Up with M or L passes and unlock huge data for internet and Video Walla
TM
 streaming!

XP Lite
TM
 Pass

M Pass

L Pass

Monthly Internet

4GB

11GB

Free Video Walla
TM

3GB

3GB

Total Internet

7GB

14GB

Pass Price

RM10

RM30

Total Monthly Price

(XP Lite
TM
 + Pass)

RM38

(RM28 + RM10)

RM58

(RM28 + RM30)

A flexible plan with a low monthly fee, XP Lite
TM
 allows you to size up your plan and what’s in it according to your everchanging usage needs. Need more internet this month? No worries, just size up your data allowance!

Free yourself from small rewards, because you’re worth more

Sometimes postpaid plans come with “rewards” that are basically irrelevant. 1GB to use over a weekend? You’ll blow that in an afternoon watching Pewdiepie videos. Stay On with XP Lite
TM
 M or L pass for six consecutive months, and you’ll get rewarded! From the seventh month onwards, L pass users will get one hour of unlimited internet every day – for FREE. Meanwhile, M Pass users get 1GB of free Video Walla
TM
 per month. What other way to enjoy the best 4G LTE network, right?

Not only that, everyone can also Size Up their rewards thanks to Celcom Xpax’s unique brand partnerships #CelcomXpaxBelanja. It is #FreeforAll! Everyone can expect Size Up offers such as single scoop to double scoop ice cream treats, double patty upgrades for burgers, and even better – one free pizza for every two pizzas purchase! So look out for ice cream treats on 28 November 2019, and pizza & burger treats on 14 November 2019. And if you’re a coffee lover residing in Sabah or Sarawak, you get to enjoy Green Mug free upsize from regular to large size on every Saturday, till 30 Nov 2019!

Plus, if you subscribe to XP Lite
TM
 via the Celcom Online Shop, you will also receive free Grab vouchers! Users who subscribe for XP Lite
TM
with an M Pass will receive a RM5 voucher, while those who sign up with an L Pass will receive a RM20 voucher. This promotion ends 30 November 2019.

Free yourself from last season’s devices

With the speed at which technology advances these days, your current smartphone will need an upgrade by this time next year. XP Lite
TM
 plans have the option bundling your plan with a FREE Oppo A1k or selected smartphones at low prices, so you won’t ever have to pay at regular prices again. How’s that for a smart purchase?

The new Celcom Xpax XP Lite
TM
 is meant for the hip youngster (or young-at-heartster) that wants the best perks for their particular lifestyle, and who is only willing to pay for more when they need it. It’s like prepaid, but with all the stability of a postpaid. It gives you the satisfaction of knowing you only pay for what you need, not what telco companies think you want. Everything in life should be the best fit for you as an individual, so let your postpaid plan be the same too! Find out more at the
Celcom Xpax website
.

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Debunking 4 Myths About Wealth Management

For some, the term ‘wealth management’ tends to conjure images of affluent people speaking to advisors about their money and properties. A common misconception about wealth management is that it’s only reserved for millionaires or people who own high-value assets. In reality, it’s a form of service offered by financial institutions to anyone who wants to proactively plan for their finances under professional guidance.

When you seek wealth management services, typically, you will go thorough consultation with a dedicated adviser who will then craft a comprehensive solution for you based on your needs and goals. This may include anything from investment to estate planning.

Read on as we dispel common myths about wealth management.

Wealth management is only for the rich

One of the most common misconceptions about wealth management is that it is accessible to you only if you possess a certain amount of wealth. No matter how much you have in your bank account now, setting a plan to achieve your life goals is an important task for everyone.

OCBC wealth management services are available to everyone who wants to start saving, growing and protecting their money, regardless of how much they currently have. Essentially, wealth management is similar to financial planning with a focus on accumulating wealth, maximising it and safeguarding it.

I’m already wealthy, I don’t need a plan

While some may think they need to have a certain amount of savings to engage in wealth management services, others may be under the mistaken impression that wealth management is only about growing your money.

Wealth management encompasses myriad services including protecting your legacy when unpredictable events occur, enhancing your savings and more. OCBC provides a wide range of products that covers all aspects of your financial needs and each product is customisable as well.

For instance, legacy planning facilitates financial security for your loved ones through life insurance coverage and potential returns as well as the flexibility to utilise the funds when in need.

Wealth management is complicated

Since the Covid-19 pandemic, many banking services have shifted online for the convenience of customers. Nowadays, with technological advancement, managing your wealth can be streamlined too.

Don’t have the time to step into a branch or speak to advisers? Utilise the OCBC Life Goals calculator to start working towards your goals from the comfort of your home at any time. Set your goals easily and the calculator will tell you how much you need so you can prepare for it.

For instance, the Children Education Goal Calculator helps you plan for your children’s education. By keying in a few simple details like your child’s age, the calculator will show you the estimated tuition fees and living costs in several countries so you can prepare accordingly.

You will be asked to enter the amount that you have currently set aside for your child’s education. The calculator will generate the balance you need to achieve your goal. Then, it will suggest possible solutions to help you reach your target whether it’s through disciplined savings or investments with optimised returns.

Meanwhile, the Retirement Calculator lets you know the amount you need to prepare according to when you would like to retire, monthly expenses, yearly one-time expenses, and more.

There’s always time for it later

Many people in their 20s may not prioritise saving because they’re making an earning every month and retirement seems far down the road. However, it’s always wise to start planning as soon as possible.

When you’re younger, you have a longer investment horizon and can take greater risks which means you have more options. The earlier you start managing your wealth, the more you can save and grow. In addition, you should always take steps to protect your money in the event of challenges life puts in your way, whether through insurance or emergency funds.

Start managing your wealth with OCBC

Everyone has financial goals that they want to achieve

whether it means sending your children overseas for education or enjoying regular vacations upon retirement. If you’re thinking of getting expert guidance on how to save, maximise and protect your money, you may consider OCBC’s wealth management services.

One-stop provider

With wealth management services, your entire financial journey is taken into consideration and a cohesive financial strategy will be crafted to help you achieve your goals and needs.

Personalised services

Everyone’s goals differ including their preferred methods of growing their money and so forth. Create a portfolio based on your risk appetite, needs, and goals with the assistance of OCBC wealth managers.

Clear plan to work towards

Have you ever tried saving without a specific target and ended up just spending it away? Set a goal with OCBC Life Goals and stay on track to reaching it with suggested solutions.

     4.
Trusted partner

OCBC Bank has an established reputation in the Asian region with a presence of over 90 years.

***

Now that you’ve learned more about wealth management, you may better understand its purpose and how it adds value to your financial journey. Wealth management takes a more comprehensive approach to your finances, taking into account your unique needs and goals to help you reach them.

Learn more about OCBC wealth management
here
.

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Mengapa 22 Mei Diraikan Sebagai Hari Bitcoin Piza?

(Image: Getty Images)

(
Baca dalam
Bahasa Inggeris di sini
.
)

Setiap tahun pada 22 Mei, komuniti Bitcoin meraikan hari yang dikenali sebagai “Bitcoin Pizza Day” atau Hari Bitcoin Piza. Tetapi apakah makna di sebalik perayaan ini? Sebenarnya, ini ialah suatu “tradisi” yang meraikan detik bersejarah dan juga penuh ironi.

Kisah Di Sebalik Hari Bitcoin Piza

Kisahnya bermula 13 tahun yang lepas pada 22 Mei 2010, apabila seorang lelaki dari Florida bernama Laszlo Hanyecz membelanjakan 10,000 Bitcoin di sebuah restoran tempatan, Papa John’s, untuk membeli dua piza – menjadikan Hanyecz orang pertama yang melakukan transaksi “dunia sebenar” menggunakan token Bitcoin. Ini telah menempatkan namanya dalam sejarah mata wang kripto, dan peristiwa inilah yang menjadikan tarikh 22 Mei dikenali sebagai Hari Bitcoin Piza.

Pada tahun 2010, Bitcoin baru berusia lebih setahun dan hanya bernilai kira-kira
AS$0.0025
 pada masa itu. Kini, token ini dianggap seperti emas digital, dengan nilainya pernah mencecah
lebih AS$68,000 pada satu ketika (pada November 2021)
. Walaupun mata wang kripto merupakan aset yang tidak menentu (
volatile asset
) – seperti yang anda boleh lihat melalui peristiwa seperti
kejatuhan kripto pada tahun 2021
 dan pada tahun 2022 (terutamanya ketika
Mei
 dan
November
) – sentimen pelabur secara amnya masih agak positif, dengan ramai pelabur menganggap pelaburan Bitcoin mereka adalah untuk jangka masa panjang.

Selepas transaksi pertama “dunia sebenar” menggunakan token Bitcoin, Hanyecz – yang juga merupakan pembangun Bitcoin yang
menyumbang kepada pertumbuhan mata wang kripto dengan kodnya
 – membuat beberapa lagi pembelian piza dengan Bitcoin. Malah, dia dikatakan telah membelanjakan sejumlah 100,000 Bitcoin untuk membeli piza. Dalam temubual bersama CoinTelegraph pada 2018,
Hanyecz berkata bahawa dia tidak menyesal membelanjakan wang tersebut
.

“Saya tidak menyesal [membuat perbelanjaan tersebut]. Saya rasa menjadi sebahagian daripada sejarah awal Bitcoin dengan cara tersebut adalah sesuatu yang bagus, dan orang ramai tahu tentang peristiwa piza itu, dan adalah cerita yang menarik kerana semua orang boleh mengaitkannya dan memberi reaksi seperti – ‘Kamu habiskan semua wang tersebut!’. Saya juga memberikan sokongan teknologi kepada orang ramai di forum dan saya mengalihkan Bitcoin ke MacOS, serta melakukan beberapa perkara lain – seperti membaiki pepijat (
bugs
). Oleh itu, saya sentiasa mahu menggalakkan orang ramai untuk menggunakan Bitcoin dan membeli piza adalah salah satu cara untuk melakukannya. Saya tidak sangka peristiwa itu akan menjadi popular seperti ini, dan telah menjadi cerita yang sangat menarik untuk orang ramai,” kata Hanyecz.

Piza Termahal Di Dunia

(Image: The Sun UK)

Mengapa Hari Bitcoin Piza juga dikatakan perayaan ironik? Untuk menjawab soalan ini, berapakah nilai BTC yang telah dibelanjakan Hanyecz untuk piza tersebut mengikut nilai BTC hari ini?

Seperti yang dikongsikan sebentar tadi, harga 1 BTC pada tahun 2010 hanyalah sejumlah kecil daripada satu sen, iaitu AS$0.0025. Ini bermakna dua piza yang dibeli dengan harga 10,000 BTC adalah bersamaan dengan AS$25, iaitu jumlah yang boleh diterima memandangkan Bitcoin ketika itu mungkin dilombong pada kos yang minimum, dan tidak mempunyai kegunaan di dunia sebenar sebelum digunakan oleh Hanyecz untuk membeli dua piza tersebut.

Hari ini, 10,000 BTC bernilai…hampir AS$300 juta.

Tidak dilupakan, Hanyecz mendakwa dia telah membelanjakan sejumlah 100,000 Bitcoin untuk piza secara keseluruhan, bersamaan dengan hampir AS$3 bilion mengikut nilai Bitcoin hari ini. Nilainya juga mencecah lebih dua kali ganda daripada AS$3 bilion (sekitar AS$6.8 bilion) pada harga tertinggi Bitcoin sepanjang masa, iaitu sekitar AS$68,000, pada November 2021.

Kepentingan Hari Bitcoin Piza

Pada permulaan awal kripto, transaksi mata wang kripto pertama yang dilakukan oleh Hanyecz menjadi detik penting dalam naratif desentralisasi kewangan atau
decentralised finance
 (DeFi), di samping menunjukkan potensi DeFi. Malah, boleh dikatakan bahawa tanpa transaksi untuk pembelian piza tersebut, keseluruhan landskap kripto hari ini mungkin jauh berbeza. Transaksi tersebut merupakan bukti bahawa DeFi boleh membantu menyelesaikan masalah dunia sebenar.

Asasnya, DeFi berusaha untuk mendemokrasikan transaksi kewangan dengan menghapuskan pergantungan kepada perantara pihak ketiga seperti bank dan institusi kewangan lain. Ini dilakukan melalui teknologi yang dipanggil blockchain yang bergantung kepada rangkaian komputer desentralisasi dan bukannya pelayan tunggal. Inovasi baharu seperti kontrak pintar membolehkan transaksi yang lebih rumit diselesaikan dalam sekelip mata. Jika urus niaga piza tersebut tidak berlaku, kelajuan inovasi yang boleh kita lihat dalam kripto pada tahun-tahun selepasnya mungkin tidak akan berlaku.

Setelah Bitcoin dicipta, banyak token lain juga telah muncul kerana komuniti kripto berusaha untuk mencipta pelbagai penyelesaian untuk dunia sebenar melalui teknologi blockchain. Antara yang terkenal termasuklah Ether, Bitcoin Cash, dan Ripple. Token-token alternatif lain yang mungkin anda pernah dengar juga termasuklah Stellar, Cardano, Solana, serta token meme seperti Dogecoin dan Shiba Inu. Apabila semakin banyak transaksi aset digital dilakukan di seluruh dunia, “stablecoin” turut diperkenalkan untuk memudahkan proses pembelian token. Secara amnya, nilai stablecoin akan ditetapkan berdasarkan aset lain (selalunya wang fiat seperti Dollar AS). Oleh itu, “stablecoin” menjadi satu kaedah yang lebih mudah untuk melabur dalam kripto.

Disebabkan mata wang kripto – dan DeFi, secara amnya – kini telah menarik begitu banyak perhatian, boleh dikatakan bahawa dunia akan dapat melihat lebih banyak inovasi dan perkembangan dalam masa terdekat. Sementara itu, belikanlah sekeping piza untuk diri anda dan raikan Hari Bitcoin Piza, sempena peranan Laszlo Hanyecz sebagai individu pertama yang menggunakan mata wang kripto untuk membeli sesuatu.

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MyTax: One-Stop Portal To Make Tax Filing More Convenient

If you’ve visited the Inland Revenue Board (LHDN) and eZHASiL website in preparation for filing your taxes for this year, you’ll find yourself redirected to the MyTax portal instead. Launched in December 2020, MyTax is intended to be a
 one-stop service portal
 where taxpayers can access all the latest tax-related information and services without having to visit the LHDN office.

During its launch, the LHDN emphasised that the portal will be a useful instrument in helping to minimise the country’s revenue leakage while simultaneously boosting revenue collection. Since then, the agency has been gradually migrating its services over to the portal over the past years. This year, all tax-related matters can be conducted on the portal.

But how exactly does MyTax work? What kind of convenience does it bring to taxpayers? How do you access it? Read on to find out more.

What is MyTax?

MyTax is a one-stop platform where you can find and access all tax-related resources and services with a single sign-on. This basically means that with MyTax, you will no longer have to go through the hassle of keying in your passwords multiple times in order to access the different services or information from LHDN via different locations/sites – as was the case previously.

Within MyTax, you’ll find links that let you carry out functions such as filing your income tax returns via e-Filing, paying your taxes via byrHASiL, and updating your tax profile. On top of that, you’ll also be able to find various tax related information and guides, alongside a personal dashboard and mailbox that keeps you updated on your latest tax status.

Aside from being accessible via website, MyTax is also available as a mobile app for those of you who prefer it as such (can be downloaded for free on
 Google Play
, the
 App Store
, and
 Huawei AppGallery
).

Do I need to go through another registration to use MyTax?

Taxpayers who’ve tried to access the ezHASiL website to fill in their income tax relief forms (ITRF) this year – as they’ve normally done in previous years – will be immediately redirected to the MyTax portal, so don’t panic!

If you’re an existing taxpayer, you will not need to go through another registration to use MyTax. Just go ahead and key in the same ID and password that you use to log into your ezHASiL account and access e-Filing previously.

First-time taxpayers
, meanwhile, will need to go through the process of registering as a taxpayer and setting up your MyTax account before you can access your dashboard. You can start the registration process from MyTax itself, via
 e-Daftar
.

What will I find in MyTax?

Upon logging in to MyTax, you’ll see your personal dashboard, which contains all the information that you need to grasp with regard to your tax status at one glance. Here’s how your dashboard will look like:

As you can see, you’ll be able to quickly get details such as:

Your tax balance (how much tax you’ve paid in the previous year)

The amount of income tax refund that you’ve previously received

If you have any travel restrictions

Status on the filing of your income tax

A summary of how much tax you’ve paid in previous years

To the right corner, you’ll be able to access a number of things, including your bill number, MyTax mailbox, taxpayer profile, and MyTax status. The bill number button is a new inclusion this year, following LHDN’s latest decision to
 require taxpayers to now use bill numbers as the reference for their tax payments
 (as opposed to your tax identification number as reference previously).

Aside from that, your MyTax mailbox will contain all the latest LHDN and tax updates that you need to know. Meanwhile, your taxpayer profile shows you details such as your tax number, the LHDN branch that you’re registered with, and your bank account details that have been registered with LHDN. Finally, the MyTax status button leads you to details such as your monthly tax deductions (MTD/PCB), ledgers, previous ITRFs, refunds, and so on.

The navigation bar at the top, meanwhile, offers all the links that you need in order to access LHDN’s services, along with other resources. Clicking on the “ezHasil Services” tab will result in a dropdown menu, with convenient links to services like e-Filing (to file your income tax) or e-Billing (to pay your income tax). Other functions include the PCB Calculator, e-Kemaskini, and e-Lejar.

Meanwhile, the “e-Janji Temu” and “Customer Feedback” tabs let you set up appointments with LHDN personnel for in-person assistance and submit enquiries/feedback, respectively. But most important of all is the “User Manual” tab, where LHDN has archived its manuals, which you can refer to whenever you need any clarification on how to use key services on MyTax. These include guides and FAQs for:

MyTax (web and mobile version)

eDaftar

e-Kemaskini

e-Billing

How to search for bill numbers

Electronic Telegraphic Transfer (e-TT)

You’ll also notice that there are little buttons by the vertical scroll bar on your right, which serve as quick links to various other resources for LHDN and MyTax.

How do I file my taxes via MyTax?

If you’re like most users, you’ll mainly be accessing your MyTax account to file your taxes. To do that, start by clicking on “ezHasil Services”, then on “e-Filing”. Once it leads you to a new page, click on “e-BE Year of Assessment 2022”, after which you’ll be led straight to your e-Filing form. Proceed to fill up your ITRF as you would usually do!

***

With this, we hope that you now have a better idea of what MyTax is, its function as a useful all-in-one tax platform, and most importantly how to navigate it! For additional guides like this, you can also check out our
 annual income tax guide for YA 2022
, as well as
 all the tax reliefs that you should not miss out on
 when filling in your ITRF for the year. We have other income tax articles to help in specific circumstances as well, such as how to
 file your taxes as a first-timer
, a
 freelancer
 or a
 side business owner
, as well as if you
changed jobs in the previous year
.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Standard Chartered’s Mid-Year Spend & Win Campaign Returns With Daily Cashback Rewards, RM100,000 Grand Prize

Standard Chartered Bank’s Mid-Year Spend & Win campaign returns once more, with daily cashback rewards of up to RM100, and a grand prize in the form of a travel cash voucher worth RM100,000. Running from today until 15 September 2022, this campaign is open to all of the bank’s credit cardholders, except for those with corporate cards.

To participate in the campaign and win the prizes mentioned, eligible cardholders will need to either meet specified minimum spend requirements or collect campaign entries. The campaign mechanics to win both prizes are specified in detail below:

Daily Prizes: Up To RM100 Cashback

Under this first category, Standard Chartered credit cardholders will stand a chance to earn daily cashback rewards of either RM5 or RM100 when they spend a minimum of RM100 in a single retail transaction. Each eligible transaction will then gain you an entry to a game (dubbed Cashback Camera Game); you can win the rewards by playing the game.

The link to the game will be sent to you via SMS (only one link per SMS), and each link will be valid throughout the whole campaign period. Eligible cardholders can perform as many qualifying transactions as they wish – and therefore play as many rounds as they like – but each cardholder is only allowed to win up to two cashback prizes daily.

Note that only local and overseas retail transactions are accepted for this campaign. Meanwhile, transactions that do not qualify for this promotion include payments for petrol, government services, utilities, insurance, and telecommunication (although if you pay for utilities, insurance, and telecommunication expenses via JomPay, they are considered as eligible transactions).

As always, the prizes will be provided on a first-come-first-served basis, with the RM5 cashback reward limited to 96,900 winners throughout the entire campaign period, and the RM100 cashback reward capped at 64 winners. If you do win any rewards, they will be credited into your account within 60 working days from the end of each campaign month.

Grand Prize: Travel Cash Voucher Worth RM100,000

On top of daily cashback rewards, eligible credit cardholders can also win a travel cash voucher worth RM100,000 through this campaign. To stand a chance at winning this grand prize – awarded only to one lucky winner – you will need to earn as many campaign entries as you can by carrying out any of the following transactions on your credit card:

Transactions
Number of entries
Every RM100 local retail spend
1
Every RM100 overseas retail spend
10
Every RM100 spent on airlines, hotels, or travel agencies
10
First spend on a newly approved credit card during the campaign period
100
Each approved application during the campaign period:
– Balance Transfer Plus
– Flexi-On-Balance Plus
– FlexiPay Plus
– Cash-On-Call Plus
100

At the end of the campaign period, Standard Chartered will shortlist five potential winners, and make attempts to contact them within 90 days from the end of the campaign. The cardholder who manages to respond to the bank’s attempts (three attempts in total) at contacting them will win the prize.

If you do manage to win the travel cash voucher, the bank will then update you on the redemption process. Note that the voucher can be used to redeem flight tickets, hotel bookings, or even travel or tour packages up to the voucher’s maximum value. However, its use is also subject to certain conditions; for instance, the voucher is only valid for up to two-time redemption. Additionally, reservations for travel must be made with
Corporate Information Travel Sdn. Bhd.

***

Eligible credit cardholders who wish to participate in the Standard Chartered’s Mid-Year Spend & Win Campaign 2022 will need to send an SMS (“
SC2
”) to 66399. Once registered, go ahead and spend the specified minimum amount to stand a chance of winning the prizes. Just note that the bank may take up to three days to confirm your registration in its system (which means some of your initial links to the Cashback Camera Game for the daily cashback prizes may be delayed).

Finally, you are only required to register once for the campaign, even if you have more than one Standard Chartered credit card. Once registered, all the Standard Chartered credit cards that you hold – including supplementary cards – will be tracked for the campaign.

(Source: Standard Chartered Bank [
1
,
2
])

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Nur Adilah Ramli

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Government To Remove Ceiling Prices For Chicken And Eggs, Subsidies For Bottled Cooking Oil

(Image: Malay Mail/Ahmad Zamzahuri)

The Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) has announced that the government will remove the ceiling prices for chicken and chicken eggs, as well as subsidies for bottled cooking oil (2kg, 3kg, and 5kg). This is set to begin from 1 July 2022.

With the removal of the ceiling price, the price of chickens is expected to range between RM10 and RM12 per kg. This is in comparison to the currently controlled price of RM8.90 per kg for standard chicken, and RM9.90 per kg for super whole chicken in Peninsular Malaysia.

“Chicken prices will be floated and will depend on market forces. The needy group will be assisted later with targeted financial aid,” said the minister of KPDNHEP, Datuk Seri Alexander Nanta Linggi, who added that details on the assistance will be provided by the Ministry of Finance at a later date.

(Image: Reuters/Hasnoor Hussain)

On the removal of subsidies for bottled cooking oil, Datuk Seri Alexander Nanta Linggi highlighted that the current subsidies have reached RM20 million a month. For context, the government had enforced a maximum retail price for bottled palm cooking oil back in August 2021. It capped the prices of bottled cooking oil at RM6.70 (1kg), RM12.70 (2kg), RM18.70 (3kg), and RM29.70 (5kg).

“This was a temporary programme and should have been implemented for three months but it went on until today. The government feels it is time to abolish it and focus more on helping the needy,” the minister added. Meanwhile, it is noted that the government will continue to subsidise cooking oil in polybag packages (1kg), which is priced at RM2.50 per unit.

(Image: Bernama)

Datuk Seri Alexander Nanta Linggi further said that ultimately, this decision to remove the ceiling prices for chicken and eggs, as well as the subsidies for bottled cooking oil is to ensure adequate food supplies in the country. It also serves to stabilise food prices in the long run.

Finally, Datuk Seri Alexander Nanta Linggi stressed that the government will remain committed to addressing the price and supply issues. “The ministry (KPDNHEP) will continue to increase its efforts to help reduce the burden of the people, and will not hesitate to enforce existing laws under the jurisdiction of the ministry, such as the Price Control and Anti Profiteering Act 2011 and the Control of Supply Act 1961, to ensure that the price and supply issues are under control,” he said.

(Sources:
Malay Mail
,
The Edge Markets
,
Ministry of Domestic Trade And Consumer Affairs
)

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Nur Adilah Ramli

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    Harith M Yahya

    1 year ago

Who is right? The PM announced that the ceiling of chicken price will remain and now this minister of KPDNHEP told the reporters that the government is going to do away with the ceiling price of chicken! Whom are Malaysians to believe?

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