Subscribe in a reader | Subscribe by Email If you earn less than RM2950 and still unmarried, you don’t pay income tax. True?
If you are married, the cut-off value is RM3200.
We have 10.5 million workers, with only one million paying tax. Our population is about 27.4 million. This indicates that less than half (~38%)of our population are salaried workers. If we estimate another 40% as being below working age and retired, that leaves roughly 22% of the population running businesses (and some not declaring their income) who pay tax via their companies/businesses.
Only 38,000 individuals are taxed at the highest bracket (28%), meaning they should be earning above RM20,000 per month or RM250,000 per year. I suppose about 30 of them are in the cabinet. Then we can look at top management of MNC, GLC, prominent companies, etc.
The revenue from income tax comes to about RM10 billion, increasing steadily, especially since IRB revamped their systems and increased their staff.
sourced from The Star.
tHanks, this is useful !