Internet Subscription Tax Relief Malaysia
Refer to this list of the income tax relief 2018 malaysia.
Internet subscription tax relief malaysia. Which prepaid bigbonus internet plans is purely for monthly internet subscription only. The government has added a lifestyle tax relief during the 2017 budget which now includes smartphones tablets and monthly internet subscription bills. Relief of up to rm10 000 a year for three consecutive years from the first year the interest is paid.
Wow sounds like a lot of stuff. Now this tax relief is probably one that we would use the most. If you digest this by dec 2019.
Under this category items that are applicable include books magazines printed newspapers purchase of personal computer smartphone or tablet buying sports equipment or gym memberships and your monthly internet subscription. Internet subscription paid through monthly bill registered under your own name. As per inland revenue board of malaysia official portal lifestyle covered a few items as per attached.
Iv payment of monthly bill for internet subscription. The previous laptop books stationary and sports equipment tax relief is now grouped under lifestyle tax too. It clarifies that individual employee who receives benefit on using the broadband 1 registered under the name of employer and 2 the fee is paid by employer is exempted from tax.
Because this is the most comprehensive and practical guide on income tax relief in malaysia for the non tax savvy you yes you. Payment of monthly bill for internet subscription. Subject to the following conditions.
Subscription of broadband internet gymnasium membership fee. The conditions of entitlement for each relief must be satisfied in order to minimize the income tax. Effective for year of assessment 2017 tax filed in 2018 the lifestyle tax relief at a limit of rm2 500 yearly also includes new categories such as the purchase of printed newspapers smartphones and tablets internet subscriptions as well as gymnasium membership fees.
Buying reading materials a personal computer smartphone or tablet or sports equipment and gym memberships for yourself spouse or child allows you to claim for tax relief. You can get up to rm2 500 worth of tax relief for lifestyle expenses under this category. So if you bought a computer that costs more than that you can no longer include your gym membership internet subscription and others for income tax relief.
But digi said prepaid bigbonus internet plans not entitled for this lifestyle tax relief. Interest expended to finance purchase of residential property. Rm 2 500 including child spouse 1.
Reliefs are available to an individual who is a tax resident in malaysia in that particular ya to reduce the chargeable income and tax.
