February 15, 2017
Every one of us can’t run away from two things in life, one is death, another is tax. Since this is the fact of life, let’s deal with it bravely this year (I mean tax). Anyway, it’s good that you’re obliged to pay income tax because it means that your income ‘qualified’ you as a tax payer.
Announced under Budget 2017, there are a few changes on tax relief categories which we should take note of as highlighted below. And, why you should get prepared since day one, instead of waiting until year-end.
It’s normal to see people scramble to find receipts and start to make impulse purchases during year-end, in order to ‘earn’ some tax reliefs. We’ve seen many people buying books merely for tax relief purposes, but do not read a single page. Tax relief shouldn’t be the reason for you to make any unnecessary purchases.
Hopefully, this article could help you to optimise the tax reliefs given without any hassle during year-end. Be a smart tax payer.
Finance Malaysia, a one-stop financial blog in Malaysia covering various financial related topics. This article is written in collaboration with Alex Yeoh, a licensed financial planner and a regular columnist of the blog.
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