For this post, I will be sharing on preparation for 2017 income tax relief.
It is now towards the last quarter of 2017. In less than 2 months time, we will be leaving 2017 and welcoming 2018.
Time flies.
This is also the right time for us to have a look at our financial plan including having a picture of our yearly income tax relief.
Because it is better for us to do it earlier so that we have sufficient time to plan and act on what to spend and what not to spend.
LHDN Income Tax Relief for 2017
For LHDN income tax assessment year 2017, there are some changes and additional items on tax relief compare to the assessment year before.
As such, the changes and additional tax relief for the assessment year 2017 are as below:
1) Tax Relief for ‘Lifestyle’ Limited to RM2500 for:
(i) Purchase of books, journals, magazines, printed newspaper and other similar publications (except banned reading materials) for self, spouse or child;
(ii) Purchase of a personal computer, smartphone or tablet for self, spouse or child;
(iii) Purchase of sports equipment for any sports activity as defined under the Sports Development Act 1997 (excluding motorized two-wheel bicycles) and gym memberships for self, spouse or child; and
(iv) Payment of monthly bill for internet subscription
2) Tax Relief for ‘Purchase of breastfeeding equipment‘ Limited to RM1000
3) Tax Relief for ‘Childcare fees to a Child Care Centre or a Kindergarten’ Limited to RM1000 For the assessment year 2017, item (1)(iv) is a ‘come back’ from the year 2010-2015.
Item (2) and (3) are something new comparing to the assessment year before.
Previously, tax relief for the purchase of a
In fact, the full list of Tax Relief for Resident Individuals is available on the IRB website.
All you need to do is to click under ‘Individual’, then ‘Tax Relief’.
For additional details, you might be interested to check out the Malaysian Tax Booklet by PWC.
Finally, I hope the above will guide you in your 2017 tax planning, especially on tax relief.
Update: 23 Apr 2018
On a side note, apologise for not being able to link to the PWC website. The URL as below
https://www.pwc.com/my/en/assets/publications/2017-malaysian-tax-booklet.pdf
