FREE Preview Training Get Support
Notice: MYOB has been re-branded as ABSS with effect from 1st Jan 2018.

Budget 2014 highlights

GST introduced, personal and corporate tax rates reduced

GST implementation announced

Prime Minister Datuk Seri Najib Tun Razak announced GST at 6% to be introduced from 1st April 2015, with the existing sales and services tax to be abolished.

Some of the items excluded from GST include:

  • Government services
  • Public transport
  • Food items such as cooking oil, spices, salted fish, rice, flour.
  • Electricity for domestic use and piped water
  • Sale and purchase or rental of residential properties

To assist businesses prepare for GST, the government has proposed:

  • Accelerated Capital Allowance until year of assessment 2016 for purchase of ICT equipment and software
  • Tax deduction for expenses incurred relating to GST training for years of assessment 2014 and 2015.

Personal tax rates

  • Individual tax rates reduced 1% to 3%.
  • Chargeable income subject to maximum rate to be increased from exceeding RM100,000 to exceeding RM400,000.
  • Tax bracket reduced from 26% to 24%, 24.5% and 25%.
  • Individuals who pay tax through PCB deductions no longer required to file tax returns. PCB considered final tax.
  • Special tax relief of RM2,000.00 for tax payers with monthly income of up to RM8,000.00 in 2013.

Company tax rates

Corporate tax rates reduced by 1% to 24%

SME tax rate reduced from 20% to 19% effective year of assessment 2016


Share on Twitter Share on Facebook
  RSS Feed for MYOB Accounting articles  

 |  Price List |  ABSS Payroll |  Free Preview |  How to buy |  Training |  Support |  Implementation |  ABSS Premier |  ABSS Accounting |  Free download | 


© 2012-2022 DeltaTech Computer Systems & Solutions (SA0205092-A).
All Rights Reserved.