Income Tax Rate Malaysia Calculator

The acronym is popularly known for monthly tax deduction among many malaysians.

Income tax rate malaysia calculator. The malaysia income tax calculator uses income tax rates from the following tax years 2020 is simply the default year for this tax calculator please note these income tax tables only include taxable elements allowances and thresholds used in the malaysia monthly income tax calculator if you identify an error in the tax tables or a tax credit threshold that you would like us to add to the tax calculator please contact us. If you make rm 70 000 a year living in malaysia you will be taxed rm 10 582. Non resident individuals pay tax at a flat rate of 30 with effect from ya 2020. For example let s say your annual taxable income is rm48 000.

That means that your net pay will be rm 59 418 per year or rm 4 952 per month. About simple pcb calculator pcb calculator made easy. As a general rule of thumb if both spouses are earning high incomes in the year of assessment it is always recommended to opt for separate assessment to leverage on the tax reliefs. About this malaysian personal income tax calculator.

Your average tax rate is 15 12 and your marginal tax rate is 22 50. According to section 45 of malaysia s income tax act 1967 all married couples in malaysia have the right to choose whether to file individual or joint taxes. Based on this amount the income tax to pay the government is rm1 640 at a rate of 8. Pcb stands for potongan cukai berjadual in malaysia national language.

For employees who receive wages salary exceeding rm5 000 the employee s contribution of 11 remains while the employer s contribution is 12. There are no other local state or provincial. This marginal tax rate means that your immediate additional income will be taxed at this rate. No other taxes are imposed on income from petroleum operations.

Here are the income tax rates for personal income tax in malaysia for ya 2019. However if you claimed rm13 500 in tax deductions and tax reliefs your chargeable income would reduce to rm34 500. Simple pcb calculator is a monthly tax deduction calculator to calculate income tax required by lhdn malaysia. When to use this calculator once you know what your total taxable income is you want to work out the tax on that taxable income.

This personal income tax calculator will work out tax rates obligations and projected tax returns and also tax debts for certain cases. Petroleum income tax is imposed at the rate of 38 on income from petroleum operations in malaysia. Average lending rate bank negara malaysia schedule section 140b restriction on deductibility of interest section 140c income tax act 1967 study group on asian tax administration and research sgatar.