Personal Tax Services in Kuala Lumpur, Penang

Personal tax, better referred to as personal income tax, is a tax paid by an individual on his own personal income. Personal income tax is the best known form of direct taxation as it is deducted personally from an individual. This differs from corporate tax or taxes paid on the earnings or profits of a firm or company.
The word “personal” is telling about the source of the income on which tax is being levied. People who both own stake in a company and work there are subjected to taxation at two different levels: some form of corporate tax due on the share of profits they receive and a personal income tax on the salary they draw.

Who Are Liable To Pay Personal Income Tax?

• Every individual citizen is subject to personal income tax
• Non-citizens are taxed only on the income earned within the country

There are a number of rules and regulations that govern taxation; they are specified in detail in the documents called tax code. Personal income tax is levied at a federal level, meaning the tax paid directly to the national government. As such, the jurisdiction for personal income tax extends everywhere within the borders of the country. Citizens of a country are taxed more broadly than non-citizens who work within the borders of that country. However, there are a million different little details in this arena and generalisations are best avoided.

What Income Is Taxable?

Usually, any income directly credited to an individual as compensation for services rendered is taxable. However, income tax is also levied on earnings in the form of rewards, gifts, inheritance, shares of profit, any form of rent, and other income generated from business ventures. Suffice it to say that any “individual income” is under the purview of personal income tax.
Personal income tax is payable by every taxpayer. However, the government has opportunities for deductions on the reported income on which tax is calculated. As a consequence, there are opportunities that can allow you to save on your tax liabilities by reducing your “taxable” income.

Why Us?

• We employ experienced professionals in the fields of finance and business.
• We have been providing our clients with top-notch financial services for the past 10 years.
• We help you identify the various measures you can undertake to optimize your tax strategy and minimize the amount of tax you owe.
• The domain of personal taxation is liable to frequent change and you need the services of our industry leading team to always be assured of the best results.