Common Income Tax Elements In The Budget 2009
* Individual income tax has reduced 1% for income bracket between RM35k - RM50k and income above RM250k. See table below:
* Rebate given for individual taxable income of not more than RM35,000 has increased RM50 from RM350 to RM400
* Petrol/travelling allowance of upto RM2,400 per annum received by the employees for going to/from work is exempted from income tax for years 2008 - 2010.
* Capital allowance for ICT poducts eg. computer equipment and softwares is now claimable in 1 year (previously 2 years) but only applicable for years 2009 -2013.
* For year 2009 & 2010, SMI is allowed to claim FULL capital allowance on its plant & machinery in the year of purchase (previously claims split into 6 years).
* From year 2009 onwards, ALL small assets (below RM1,000 each) are allowed to claim FULL capital allowance in the year of purchase. Previously this type of claim is restricted to RM10,000 in total per year.
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