About Me

I have done a lot of things in my life and have also worked in many different jobs to make a living and to experience life. This blog is just some of my musings, sometimes funny, sometimes inspirational, sometimes sad, sometimes angry, sometimes simple but all the time, it's just me.

Thursday, April 22, 2010

The Taxmen Commeth

Yes, it's time of the year again.

The government has taken, every month, but you still have to file taxes.

And while I file every year stating that every year I have overpaid by 2-3k, I have yet to see a refund ever.

On top of these, I have been summoned to pay a profit of property sale for a property sold in 2005. How much tax on the profit? Oh just a mere 33% on the profit.

Malaysia is a business friendly tax structure.

As individual, the top bracket for tax is at 28% whereas for companies it is 27%.

Companies on top of that can write off or deduct expenses like rental of premises, company cars and expenses to maintain, any expenses to run the business, entertainment etc etc etc.

So, as individuals, we pay a lot of tax.

But such is life. I hate this time of year. When I have to look for bills, look for what can be deducted.

Such is life, every April, the taxmen commeth.

Take care and be well.