Support PCB 2009 Tax Exemption Allowances

You can apply tax exemption rules for certain allowance. This will help to reduce PCB contribution and ensure an accurate amount was deducted. System will record cumulative tax exempted allowance within a calendar year as some of these allowances has minimum amount exempted. Total figure of tax exempted allowance will show at EA form (Part G) and Income Tax CP8D form (Part F).



Notes: List of tax exempt allowances / perquisites / gifts / benefits
No Subject Restricted Amount (RM)
1 Petrol card, petrol allowance or travel allowance between the home and work place (up to year of assessment 2010 only) 2400
2 Petrol card, petrol allowance or travel allowance and toll card for official duties. 6000
3 Allowance or fees for parking. -
4 Meal allowance. -
5 Allowance or subsidies for childcare in respect of children. 2400
6 Medical benefits (include maternity expenses and traditional medicines such as ayurvedic and acupuncture) or dental benefit. -
7 Employers�� own goods provided free of charge or at discounted value. 1000
8 Employers�� own services provided free or at a discount for the benefit of the employee, spouse or unmarried child. -
9 Telephone, mobile phone, pager and Personal Data Assistant (PDA). -
10 Bills for telephone, mobile phone, pager and PDA registered in the name of the employee or employer. -
11 Gift of new personal computer (up to year of assessment 2010 only). -
12 Monthly broadband subscription fee registered in the name of the employer (up to year of assessment 2010 only). -
13 Perquisite (whether in money or otherwise) provided to the employee pursuant to his employment in respect of:-
(i) past achievement award;
(ii) service excellence award, innovation award or productivity award; or
(iii) long service award provided that the employee has exercised an employment for more than 10 years with the same employer.
2000
14 Leave passage for travel (confined only to the cost of fares for the employee and members of his immediate family):
(i) within Malaysia not exceeding 3 times in any calendar year; or
(ii) outside Malaysia not exceeding one passage in any calendar year, is limited to a maximum of RM3,000
3 times 3000
15 Insurance premiums which are obligatory for foreign workers as a replacement to SOCSO contributions. -
16 Group insurance premium to cover workers in the event of an accident. -
17 Interest subsidies for loans up to RM300,000 in respect of housing, motor vehicle and education loans. Exemption is given on existing loans and new loans. Interest exempted from tax is computed using the following formula:
A x B / C
Where;
A = the difference between the amount of interest to be borne by the employee and the amount of interest payable by the employee in a basis period for a year of assessment;
B = the aggregate of balance of principal amount of housing, education or car loan taken by the employee in a basis period for a year of assessment or RM300,000 whichever is lower;
C = the total aggregate of principal amount of housing, education or car loan taken by the employee.
-
THE ABOVE EXEMPTIONS ARE NOT APPLICABLE TO EMPLOYEES HAVING CONTROL OVER THE COMPANY, SOLE PROPRIETORS OR PARTNERS OF PARTNERSHIP BUSINESSES