How Much is Income Tax in Malaysia in 2024? Tax Brackets

Know all information on Income Tax Calculator Malaysia: How Much is Income Tax in Malaysia in 2024? Individuals residing on the outside land do not have to pay any sort of tax in Malaysia. All legal immigrant workers have to pay income tax timely in the form of levy. The Government have made specific tax rates for specific individuals. The income process can be complex for you if you are filing the taxes for the first time with so many queries it becomes quite difficult where to start. We will discuss the Income Tax Calculator Malaysia details in this article for your reference.

Income Tax Calculator Malaysia

You can use the income tax calculator available on the official website in order to know the exact taxable income. The employee working in a company will get an EA from form the company that has to be filled out for a yearly income tax filing. All the crucial information like the annual remuneration, tax deducted, EDF deduction, etc of the previous year have to be mentioned in that. Based on the EA form the individual has to e-file their tax.

Once the entire procedure of the e-filing is done recipient will get a tax return copy of the entire financial statement in PDF form. Keep the statement safe with all the essential documents attached used for e-filing. In case you want to view the past year’s e-filing records visit the nearest IRBM or make an inquiry on the call by dialing the Hasel Care Line number. Foreigners working inside Malaysia have to file income tax. After an individual gets a work permit the employer creates a tax file. A monthly deduction from the salary is directly made.

How Much is Income Tax in Malaysia in 2024?

As a Malaysian employee if you earn RM2024 annually you shall be taxed RM248. In other words, you may get RM1776 annually. The deadline to file the income tax is 30 April 2024. Each year the deadlines are the same. Remember there is a single deadline for both taxpayers whether they pay tax file tax through online mode or paperwork. If any individual files the tax after the deadlines they will be penalized according to the guidelines of Inland Revenue Board of Malaysia.

Income Tax Calculator Malaysia

Kindly note that the taxation details have to be appropriate otherwise there could be a condition of a tax refund or a cancellation of the tax return. If the error is deducted individuals have to pay RM300 as the penalty fee. For each month’s delay in the payment, a penalty price of RM200 will be charged. The highest rate of tax filing is RM2000.

Income Tax Brackets In Malaysia

IRBM/LHDN is responsible for providing the income tax brackets with which the taxes have to be paid. View the table in which we have shared the data for a better understanding.

Income Income Tax Rate
RM 5000 0%
RM 5001 to RM 20000 2%
RM 20001 to RM 35000 5%
RM 35001 to RM 50000 10%
RM 50001 to RM 70000 16%
RM 70001 to RM 100,000 21%
RM 100,001 to RM 250,000 24%

These rates change annually as per the guidelines of the Government. Taxpayer above the age of 60 have to file the tax if their annual salary is more than RM34,000.

Income Tax Payment Malaysia

The individual in Malaysia can pay income tax by several methods check them and go through them and decide for yourself.

  • Individuals can do the tax filing online through is also known as filing.
  • Sending a check to the officials.
  • You can opt for the direct deposit by which your tax will be deducted monthly.
  • Visit the nearest bank registered under the Government for tax payment.

Now choose a suitable option according to your convenience and file taxes timely.

Income Tax Payment Installment

The Government also provides relief to the taxpayer if they do not have sufficient to file a tax. If in case you do not have the complete amount to pay the taxes by 30 April 2024. You may go for another option that is paying in installments. For that, you must file a ‘letter of appeal’ that will grant you to pay the amount in installments.

Note that even though the appeal is accepted you have to pay the penalty amount there is no relief in the penalty amount. For other related queries visit the official website and view the FAQs section to get more precise information.


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