Marsden Law Book

100 Ways to Save Tax in Malaysia for Individuals has been crafted to help ordinary Malaysians who want to understand more about income tax and the tax-saving ideas that they can use to reduce their tax burden, whilst keeping within the law. The book will show you how to plan your tax affairs and to strategise to make the most of the deductions, reliefs, rebates and tax exemptions that are available to you as an individual. Husbands and wives will receive guidance on how to plan their financial affairs in tax-efficient ways so as to build adequate savings to provide for their children’s education and their own retirement. Learn also about the workings of the self-assessment system including monthly tax deductions and how the well-informed can use their knowledge to optimise their financial resources.

Individuals who want to stay in control of their tax affairs will appreciate the fact that tax planning is not just a once-a-year chore. This book should prove helpful not only for tax filing but for forward tax planning. Whether you are a Malaysian citizen or resident, a permanent resident, a returning expert or a person enjoying MM2H status, there is something of interest for you in this popular work. Employees, company directors, retirees and persons engaged in business or a profession, either individually or as a partner – in fact, any individual who is or is potentially a Malaysian taxpayer, can benefit from the wealth of ideas presented in this book with its easy to read yet informative style, clear examples and comprehensive index. Specially tailored for you – the individual taxpayer – this book builds on the pedigree of successful editions of the highly acclaimed 100 Ways to Save Tax in Malaysia series.

Highlights of new material covered in this edition:

• Reductions in tax rates ranging from 1% to 3% for all taxpayers from 2015 onwards.
• Operation of monthly tax deductions at source (MTD) as final tax.
• Increased reliefs for medical expenses for serious diseases and basic supporting equipment.
• Tax deducted at source from withdrawal of contributions to deferred annuity or private retirement schemes.
• New Inland Revenue Board Public Rulings.
• Revised and improved worked examples.

100 Ways to Save Tax in Malaysia for Property Investors is a comprehensive guide to the tax implications of property investment and property ownership. As a work that collects together in one source all of the tax issues relevant to property investment and ownership, it is an invaluable tool to help investors in their vital decision-making processes. The book covers the specifics of the taxation of property income, which is in many ways distinct from the taxation of other kinds of income. In doing so, it discusses the setback for investors resulting from the re-classification of property income between “investment” versus “business” income and the need to adapt. The availability of deductions and capital allowances against rental income is discussed with clear examples. The subject of investment holding companies is given a special chapter in view of its particular implications for property investors. Besides dealing with the taxation of property income, the book covers other areas of taxation including real estate investment trusts (REITs) and assessment tax which have relevance for the property investor. Tax-saving strategies which include tax deferment, tax reduction and elimination of tax liability are explored with practical illustrations. Due to its significance a completely new chapter is devoted to Goods and Services Tax (GST) which is due to be introduced in Malaysia on April 1, 2015.

Wary property investors should also be aware of the tax implications of dealing with properties in such a way that a profit on sale becomes liable to income tax. In this context, the “badges of trade” are examined and useful guidelines and examples are provided. Stamp duty which is a significant cost for property investors is also covered by the book including the calculation of advance stamp duty. This book contains a wealth of ideas to help you to minimise the taxes you have to pay and to plan your future actions so as to pay as little tax as possible, using simple everyday language and practical examples to illustrate them. It is certainly a book not to be missed by property investors, tax consultants, real estate consultants, estate agents, lawyers, landlords and anyone with an interest in property income.

Highlights of new materials covered in this edition:

• Substantially increased RPGT rates for disposals on and after January 1, 2014.
• Tax to be withheld by the acquirer of real property or RPC shares.
• Tax implications on conversion of a partnership or a company to a limited liability partnership (LLP).
• The potential for joint and several liability of a director is increased.
• Working of GST in relation to property-related transactions.