Say you earned RM25,000 from employment in 2010. Assuming that there were no tax rebates or reliefs, your chargeable income will thus be RM25,000 and tax for the year would have been RM825 as we saw before.
Now say the Government decides that all Residents of Malaysia should get a personal tax relief of up to RM9,000 per year. Your chargeable income will now be RM25,000 ? RM9,000 = RM16,000 which means that your tax expense is now RM355, saving you a total of RM470 per year.
These are the following reliefs available for Resident Malaysians:
| Included in MTD system | RM |
|---|---|
| Self and Dependent | 9,000 |
| Life insurance and EPF | 6,000 |
| Husband/Wife/Alimony Payments | 3,000 |
| Ordinary Child relief (per child) | 1,000 |
| Total | > 15,000 |
| Not usually included in MTD / PCB system but relevant to most taxpayers | RM |
|---|---|
| Interest expended to finance purchase of residential property. (only for first 3 years) | 10,000 |
| Education Fees (Individual) | 5,000 |
| NEW: PRS Voluntary Contribution | 3,000 |
| Purchase of personal computer (every 3 years) | 3,000 |
| Net saving in SSPN?s scheme | 3,000 |
| Insurance premium for education or medical benefit | 3,000 |
| Purchase of books, journals, magazines and publications | 1,000 |
| Complete medical examination | 500 |
| Subscription fees for broadband registered in the name of the individual | 500 |
| Purchase of sport equipment for sport activities | 300 |
| Total | 26,300 |
| Not included in MTD system but relevant to certain taxpayers | RM |
|---|---|
| Disabled Individual | 6,000 |
| Basic supporting equipment (for disabled self, spouse, child or parent) | 5,000 |
| Medical expenses for serious diseases | 5,000 |
| Disabled child? | 5,000 |
| Medical expenses for parents | 5,000 |
| Child age 18 years old and above, not married and pursuing diplomas or above qualification in Malaysia @ bachelor degree or above outside Malaysia in program and in Higher Education Institute that is accredited by related Government authorities | 4,000 |
| Disabled Wife / Husband | 3,500 |
| Child age 18 years old and above, not married and receiving full-time tertiary education | 1,000 |
| Premium on new annuity scheme or additional premium paid on existing annuity scheme commencing payment from 01/01/2010 (amount exceeding RM1,000 can be claimed together with life insurance premium) | 1,000 |
| Total | > 35,500 |
Source: http://www.kennethkhoo.com/2012/09/tax-relief-for-malaysian-residents/
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