Posted by: mylittlesnow | April 18, 2008

Bankrupt month… IRB, we ain’t your ca$h cow! Stop milking us!

Yup! For all Malaysians, this is the month where we are going broke! Brankrupt! Kaput! Pokai! Whatever you call it but around this time every year, we’ll be searching high and low, far and wide, up and down, in and out for every single piece of receipts we can get our hands on, cracking our heads on each and every possible way to reduce the so called ‘pendapatan bercukai’, keeping the final numbers as low as possible. Failing to do so, you’ll see your $$$ ‘kaching’ away and it will never come back, and there goes your budget for an iphone or the latest Macbook Air.

So how do we actually avoid paying more on taxes? There are actually some ways to do it and recently, my colleagues forwarded to me a powerpoint presentation on 26-Ways-To-Slash-Tax. If you would like to have the complete powerpoint file, you can download it [here] (courtesy of simplesteps.wordpress.com). A few key items i find useful for most of us includes:

  1. PC Purchase – RM3000 rebate. *Hint* It’s PC Fair over here in Penang now.
  2. Sports equipment – RM300. Time to replace your running shoes?
  3. Books/Magazine – RM1000. Readers Digest, Time Magazine, Personal Money etc
  4. Medical Insurance – RM3000. Time to get a medical plan if your current employer does not provide a comprehensive medical plan.
  5. University Fees – RM5000. It’s time for MBA or another whut-eh-vah engineering degree? Shucks, i’ll definitely not take any more engineering related studies for my masters.

Personally, i think it is worth paying for all items above if your tax bracket is already high, say around 24%? That means for each and every item you buy for the above, you’re actually getting 25% discounts! Might as well get the discounts personally rather than paying via taxes huh?

There are many more stuff listed inside the powerpoint so happy reading and selalu ingatkan, e-filing lebih mudah! hehe…and most importantly, remember to do it by end of this month… 🙂

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Responses

  1. my dear kev, hehehe…paying the 24% bracket already? kekekee

    anyway, it is worth it to get those new sports shoes.. magazines…but then to get the tax relief of rm5000 (edu) i tell you..it’s not so worth it… u bleed more than u save 😦

  2. haha… i hope it’s 24% la…not yet reach la… just use bigger numbers so can make it more dramatic… LOL…

  3. There is a mistake on slide 4. The EPF deduction + Life insurance were capped at max. of RM6000


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