Tax Planning in Malaysia (2024)

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Privacy Policy

Privacy Policy – AccountingServicesHub.com

This site, AccountingServicesHub.com is serious about protecting your online privacy. This Privacy Statement explains our views and practices concerning privacy, and how they may pertain to you as a user of our website.

“You” or “Your” means you as a participant in or as a user of the AccountingServicesHub.com website. “We” or “Our” or “Us” or "Peers" mean "Our services providers - partneringwith a wide range of peers are composed of a team of qualified and experienced certified professional accountants and business experts who know exactly what they’re doing". “Our site” means AccountingServicesHub.com

All information transmitted, printed or otherwise submitted to AccountingServicesHub.comm via this website shall be deemed to be the property of AccountingServicesHub.com and AccountingServicesHub.com shall be free to use such information for any lawful purpose as detailed herein.

This site contains links to other sites and we are not responsible for the privacy practices or the content of such sites.

We reserve the right to release such information to law enforcement or other governmental officials as we, in our sole and absolute discretion, deem necessary to comply with the law.

Collected InformationWe automatically collect and/or track the following:

1) Web page http headers (home server domain names, IP address, type of Web browser, and type of client computer,);2) Information knowingly provided by you through registration forms, on-line forms, surveys, and/or other entries, such as personal , email addresses, financial or demographic information;3) Information, user specific or aggregate, on what pages our visitors access; and4) E-mail addresses of visitors that communicate with AccountingServicesHub.com via e-mail.

Use of Data CollectedWe use your personal, demographic and profile data to enhance your experience at our site and to enable us to present content we think you might be interested in. We use your contact information to send you information about our company and promotional material from our partners. We may also use your personal, profile data, and demographic to improve our site, for statistical analysis, for marketing and promotional purposes, and for editorial or feedback purposes for our advertisers. Information collected by us may be added to our databases and used for future telemarketing, new products and services, SMS text-messaging, e-mails or postal mailings regarding site updates, upcoming events, and/or status of orders placed online. By using this site, you agree that you may be contacted in any manner contemplated in this section even if your number is found on a do not call registry, in-house list or similar registry.

Disclosure of Data to Third PartiesIf you choose to provide personal information, it will be used for the following purposes:

1) Considering you for aAccountingServicesHub.com product;2) As required by law; and3) For marketing products and services which we determine, in our sole judgment, that you might find of interest. We reserve the right to sell, trade ,rent, share, or otherwise disclose data we collect to third parties. Any third party we sell, trade, rent, share, or otherwise disclose data to will be pre-screened by us, determined by us to be reputable, and will use the personal data for marketing products and services which we determine, in our sole judgment, that you might find of interest.

Your Opt-Out RightsYou may opt-out of receiving communications from us and/or our partners by not submitting your information. We also allow you to remove your information from our marketing lists. If you remove your information from our marketing lists it will no longer be used by us to send promotional correspondence to you. You can remove your information from our marketing lists by clicking on the “Unsubscribe” link at the bottom of every email we send you, or by sending your request, in writing, via email to:infoATaccountingserviceshubDOTcom (Please replace “AT” with @ and “DOT” with .)

We Do Not Intend to Collect Data from ChildrenThe information and services provided to us or our affiliates, sponsors, and advertisers are not intended to be viewed by children (under 18 years old). No information collected from children is knowingly used for any marketing or promotional purposes whatsoever, either inside or outside AccountingServicesHub.com. No part of AccountingServicesHub.com’s web site is structured to attract anyone under the age of 18.

Our Right to Contact YouWe reserve the right to contact you regarding your account status and changes to subscriber agreements, privacy policy, or any other policies or agreements relevant to you.

Our Right to ChangeWe reserve the right to change this policy at any time by notifying you of the existence and location of the new or revised privacy policy or by posting the changes online at our site.

Our Contact InformationIf you have any questions about this privacy statement, the practices of this site, or your dealings with this website, you can contact us via email sent to:infoATaccountingserviceshubDOTcom (Please replace “AT” with @ and “DOT” with .)

Anti Spam Policy. Can-Spam Act ComplianceAccountingServicesHub.comis dedicated to ensuring compliance with the ‘Can-Spam Act’, which took effect January 1, 2004. You may receive email from AccountingServicesHub.com in the following circ*mstances:

1) Acknowledging your application has been received and requesting additional action2) Requests for additional information to support your current application3) Response to your inquiries regarding the status of your transactional requests4) Thank you for your valued business5) Advertisem*nts for our products, services, changes in services, new product availability6) Advertisem*nts for third party products and services where we have determined that such product or service may be of interest to our customers

To ensure compliance with the Can-Spam Act, AccountingServicesHub.com has implemented the following guidelines for email delivery:

1) All emails sent to you by AccountingServicesHub.com will clearly identifyAccountingServicesHub.com as the sender. FROM / SENDER: someone@AccountingServicesHub.com (NOTE: The actual sender will alter from department to department, but all from addresses will end with @AccountingServicesHub.com).2) The Subject Line of any email you receive will always accurately describe the subject matter of the email.3) Any email from AccountingServicesHub.com will include the ability to unsubscribe from future email messages.4) Unsubscribing will ensure the customer is removed from ALL lists at AccountingServicesHub.com; this excludes customer service emails regarding the processing and status of a current product.5) All emails sent to you directly by AccountingServicesHub.com include valid postal address information in the footer.6) All third party marketing partners are required to comply with the Can-Spam Act.7) Emails sent to you directly byAccountingServicesHub.com will include an email address and physical address where you can send suggestions, complaints or other correspondence.

Information for ISPsWeb site:AccountingServicesHub.comEmail Address: infoATaccountingserviceshubDOTcom(Please replace “AT” with @ and “DOT” with .)

AccountingServicesHub.com understands consumers’ concerns over the use of their personal information. We hope this information will relieve any concerns your company may have regarding our email policies. AccountingServicesHub.com and its affiliated sites use only an “opt-in or opt out” method of obtaining customer information, and it is not our policy or desire to send unsolicited email. We obtain email addresses and personal information from third parties that follow the same set of policies. AccountingServicesHub.com email messages sent always include information about the origin of the emails and instructions on how recipients can unsubscribe from receiving future email messages.

From time to time,AccountingServicesHub.com will enter into an arrangement with a third party website to allow individuals to opt into our marketing program on those third party websites. In each case the third party websites have represented and warranted to us, among other things,

1) that the data was collected voluntarily from individuals on website registrations and co-registrations,2) that the sellers have a right, under any applicable privacy statements, to transfer the data to us, and3) that AccountingServicesHub.com has the right to send marketing offers to the individuals.

We hope this information satisfies any questions or concerns you may have regarding the email practices of AccountingServicesHub.com. If you have additional questions or wish to discuss this matter further, please contact us at:infoATaccountingserviceshubDOTcom (Please replace “AT” with @ and “DOT” with .)

Your acceptance of these terms

By using this Site, you signify your acceptance of this policy. If you do not agree to this policy, please do not use our Site. Your continued use of the Site following the posting of changes to this policy will be deemed your acceptance of those changes.

As an expert and enthusiast, I have access to a vast amount of information and can provide insights on various topics. While I don't have personal experiences or opinions, I can provide factual information and answer questions based on available sources. Now, let's dive into the concepts mentioned in the article you provided.

Privacy Policy

The article you shared is a privacy policy statement from AccountingServicesHub.com. A privacy policy is a legal document that outlines how a website or organization collects, uses, and protects the personal information of its users. It is designed to inform users about their rights and how their data will be handled.

Cookies

The article mentions that the website uses cookies. Cookies are small text files that are stored on a user's device when they visit a website. They are used to remember user preferences, track website usage, and provide personalized experiences. Cookies can be either first-party (set by the website being visited) or third-party (set by a different website).

Third-Party Services

The article also mentions that the website uses third-party services. Third-party services are external tools or applications that are integrated into a website to provide additional functionality or services. These services may include analytics tools, advertising networks, social media plugins, or payment gateways. When using third-party services, it's important to review their privacy policies to understand how they handle user data.

Data Collection

The privacy policy states that AccountingServicesHub.com collects certain information from its users. This includes web page headers (such as IP address and browser type), information provided through registration forms or surveys (such as personal and demographic information), and email addresses of visitors who communicate with the website via email.

Use of Collected Data

The collected data is used by AccountingServicesHub.com to enhance the user experience on the site, present content that users might be interested in, send information about the company and promotional material from partners, improve the site, perform statistical analysis, and for marketing and editorial purposes. The data may also be added to databases for future telemarketing, new products and services, SMS text-messaging, emails, or postal mailings.

Disclosure of Data to Third Parties

AccountingServicesHub.com reserves the right to disclose the collected data to third parties for various purposes. These purposes may include considering users for their products, complying with the law, and marketing products and services that may be of interest to users. The website states that any third party receiving the data will be pre-screened, determined to be reputable, and will use the data for marketing purposes.

Opt-Out Rights

Users have the right to opt-out of receiving communications from AccountingServicesHub.com and its partners. They can choose not to submit their information or remove their information from marketing lists by clicking on the "Unsubscribe" link in the emails or by sending a written request via email.

Children's Data

The privacy policy states that the information and services provided by AccountingServicesHub.com are not intended for children under 18 years old. The website does not knowingly collect information from children for marketing or promotional purposes.

Contact Information and Policy Changes

The privacy policy provides contact information for users to reach out with any questions or concerns. It also states that AccountingServicesHub.com reserves the right to change the policy at any time and will notify users of any changes.

Can-Spam Act Compliance

AccountingServicesHub.com mentions its dedication to ensuring compliance with the Can-Spam Act, which regulates commercial email messages. The website provides guidelines for email delivery, including clear identification of the sender, accurate subject lines, inclusion of an unsubscribe option, and valid postal address information.

Please note that the information provided above is a summary of the concepts mentioned in the article you shared. For specific details and to fully understand the privacy practices of AccountingServicesHub.com, it is recommended to review their complete privacy policy statement.

Tax Planning in Malaysia (2024)

FAQs

How can I be tax efficient in Malaysia? ›

Tips For Income Tax Saving
  1. Claim all possible tax deduction. Tax deductions reduce your taxable income. ...
  2. Submit and pay income tax on time. ...
  3. Follow Income Tax Act. ...
  4. Apply for tax incentive. ...
  5. Seek the advice of tax consultant. ...
  6. Be charitable. ...
  7. Earn Tax-free income. ...
  8. Reduce Your Tax Rate.

How can I reduce my tax in Malaysia? ›

Tax Reliefs
  1. 1) Individual & dependent relatives.
  2. 2) Medical treatment, special needs, and carer expenses for parents.
  3. 3) Husband/Wife/Alimony.
  4. 4) Education fees in Malaysia.
  5. 5) Medical expenses.
  6. 6) Lifestyle purchases for self, spouse, or child.
  7. 7) Expenses related to sports activity for self.

How to do tax planning for a company in Malaysia? ›

General Tax Planning
  1. Running your business through a company rather than sole proprietorship. ...
  2. Estimate your tax payable amount accurately to avoid the penalty on underestimation of tax payable under the Income Tax Act. ...
  3. Apply for specific industry tax incentive such as MSC Status.
  4. Keep your documents for 7 years.

Is Malaysia tax friendly? ›

In principle, Malaysia is a territorial tax country, meaning it taxes what you make at standard rates and leaves everything else alone. That's right, you pay no taxes on foreign-earned income or assets. There is one caveat: They tax what you bring in on a remittance basis.

Is Malaysia tax free for expats? ›

A non-resident individual is taxed at a flat rate of 30% on total taxable income.

Is Malaysia a high tax country? ›

Malaysians enjoy a relatively affluent lifestyle compared to many of its neighbours in Southeast Asia. This is due to a fast-growing export-oriented economy, a relatively low national income tax, highly affordable local food and transport fuel, as well as a fully subsidized single-payer public healthcare system.

Who pays most income tax in Malaysia? ›

Based on this data, Malays were the largest contributors with 63 percent (RM97. 852 million), followed by the Chinese 13 percent (RM33 million) dan Indians 1.8 percent (RM2 million-RM3 million). “The myth that the Chinese pay the most taxes is a lie. Refer to IRB for the data.

What is 2024 tax relief in Malaysia? ›

For YA 2024 onwards, this sports tax relief will be increased from RM500 to RM1,000. This tax relief is claimable for the fees of purchasing (including hire-purchase), installing, and renting EV charging equipment. It also includes the subscription of the use of EV charging facilities.

What is the minimum salary to pay income tax in Malaysia? ›

What Is The Minimum Salary Tax in Malaysia. The Inland Revenue Board (IRB) has determined that individuals who earn a minimum of RM34000 a year net after deducting the EPF must pay tax. This means that the monthly salary of an individual income taxpayer must exceed RM2833.

How to save company tax in Malaysia? ›

You can usually deduct the following items from your taxable income:
  1. Employment Costs.
  2. Rental of Premises.
  3. Business Insurance.
  4. Lease Rental on Machinery and Plant.
  5. Advertisem*nt to Promote Sales.
  6. Utilities, Phone, and Internet Charges.
  7. License Renewal.
  8. Maintenance.

Do you have to do your own taxes in Malaysia? ›

Self-assessment for individuals

Malaysia adopts the self-assessment system where the taxpayer is responsible for computing one's own chargeable income and tax payable, as well as making payments of any balance of tax due.

How to avoid tax salary? ›

There are a few methods recommended by experts that you can use to reduce your taxable income. These include contributing to an employee contribution plan such as a 401(k), contributing to a health savings account (HSA) or a flexible spending account (FSA), and contributing to a traditional IRA.

What is the 182 days rule in Malaysia? ›

You are non-resident under Malaysian tax law if you stay less than 182 days in Malaysia in a year, regardless of your citizenship or nationality. Non-resident individual is taxed at a different tax rate on income earned/received from Malaysia. If taxable, you are required to fill in M Form.

What is the 90 day rule in Malaysia? ›

90 Days Rule: You're present in Malaysia for at least 90 days during the calendar year and have been resident/present in Malaysia for 90 days in any three of the past four years. No Physical Presence: You've been a Malaysian resident for the past three calendar years and will be a resident the following year.

How expats can save tax in Malaysia? ›

Short term visitors to Malaysia enjoy a tax exemption on income derived from employment in Malaysia if their employment does not exceed any of the following periods: a period totalling 60 days in a calendar year. a continuous period or periods totalling 60 days spanning two calendar years.

How much income will be taxed in Malaysia? ›

2022 income tax rates for residents
Taxable income band MYRTax rate
400,001 to 600,00025%
600,001 to 1,000.00026%
1,000,001 to 2,000,00028%
2,000,001+30%
8 more rows

What is the best way to reduce income tax? ›

How to Lower Your Tax Bill
  1. Lower your tax bill with deductions and credits. ...
  2. Consider life changes and your tax liability. ...
  3. Pay estimated taxes (if you need to) ...
  4. Check retirement contributions. ...
  5. Review tax changes. ...
  6. 2023 federal income tax brackets. ...
  7. Check your tax withholdings.

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