The Minister of Finance under the Income Tax (Exemption)(No. 23) Order 1998 has granted tax exemption to all individuals resident in Malaysia who remit their overseas monies to the country during the period from May 20, 1998 to December 31, 1998. To obtain the tax exemption, individuals should submit the following details : a. Name b. Identity card/passport number c. Document which can prove that the money was remitted from foreign countries to Malaysia, e.g. fund transfer and remittance forms. Applications should be submitted to the following address : Ketua Setiausaha Kementerian Kewangan Malaysia (Bahagian Analisa Cukai) Tingkat 10, Blok 9 Kompleks Pejabat Kerajaan Jalan Duta 50592 Kuala Lumpur Once the application is approved, they do not have to declare such monies in their income tax return form.     The Inland Revenue Board has clarified that employers are only required to account for the schedular tax deductions on compensation for loss of employment after deducting RM4,000 for each completed year of service with the same employer in order to avoid overdeduction of tax and the hassle of obtaining clearance letter for the compensation payments. For the purpose of computing schedular tax deductions from the payments of compensation for loss of employment, the same formula as that used for bonus payments should be followed.     |Home|Contents|

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