Taxes (2008)
More for my reference than anything else…
I originally read it in the dead tree edition of The Edge. Its a pity they don’t place all their content online (worried about people not buying your paper for RM5? Place it online after a month, its “dated” enough to be free).
Facts:
- According to Second Finance Minister Nor Mohamed Yakcop, only 1.2 million of Malaysia’s 10.5 million workers earn more and pay income tax.
- Only 38,500 earning a taxable income of RM100,000 and above are in the highest tax bracket.
The above via Malaysians brace themselves for higher cost of living. If you can get past the opinion, most of the article is quoted in this comment.
And look what The Star reports, recently… Contradictory if you ask me. Some excerpts, and the full article is at:
http://thestar.com.my/news/story.asp?file=/2009/7/1/nation/20090701115134&sec=nation
Published: Wednesday July 1, 2009 MYT 11:49:00 AM
Updated: Wednesday July 1, 2009 MYT 12:29:26 PM
IRB refunds RM3.1bil to 323,517 taxpayers
By TEH ENG HOCK
KUALA LUMPUR: As of June 28, Inland Revenue Board has refunded RM3.1bil to 323,517 taxpayers, says board CEO Datuk Hasmah Abdullah.
Last year, 558,951 taxpayers received refunds, up from 400,360 in 2007.
On an average, Hasmah said that about 400,000 receive refunds annually.
As of June 30, 1,518,378 taxpayers filed their taxes via the e-filing system, 31% higher than the 1,156,277 people recorded last year.
She said about 75-80% of the 4.5 million active taxpayers had declared their income, and hoped the figure would grow in coming years.
“The rate is about 90-95% in developed countries,” she said.