What are the 2024 Malaysian income tax rates?

0% up to 5,000 MYR; 1% from 5,001-20,000; 3% from 20,001-35,000; 8% from 35,001-50,000; 13% from 50,001-70,000; 21% from 70,001-100,000; 24% from 100,001-400,000; 24.5% to 600,000; 25% to 2,000,000; 30% above 2,000,000 MYR.

What is PCB monthly deduction?

PCB (Potongan Cukai Berjadual / Monthly Tax Deduction) is employer withholding of estimated income tax. Calculated using LHDN tables or computerised calculation. Employees can submit TP1 forms to adjust PCB for reliefs.

What reliefs are available in Malaysia?

Personal relief 9,000 MYR; spouse 4,000 MYR; children (up to 8,000 per child for higher education); education fees 7,000 MYR; medical expenses 8,000 MYR; lifestyle 2,500 MYR; EPF/life insurance 7,000 MYR combined.

How does EPF contribution work?

Employee: 11% (can opt for 9% with less benefit). Employer: 13% for wages below 5,000 MYR, 12% above. Contributions tax-deductible up to 4,000 MYR combined with life insurance. Withdrawals taxable if before age 55.

Who is a Malaysian tax resident?

Physically present in Malaysia 182+ days in a calendar year. Residents taxed on Malaysia-sourced income plus remitted foreign income. Non-residents pay flat 30% with no personal reliefs. Short-term business visitors have specific rules.

Malaysia LHDN Income Tax and PCB Withholding Calculator 2024

Calculate Malaysian income tax. Resident rates 2024: 0% to 5,000 MYR, 1% to 20,000 MYR, rising to 30% above 2,000,000 MYR. PCB monthly withholding calculated by employer. EPF deduction 11% employee. Social contribution SOCSO.

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Frequently Asked Questions

What are the 2024 Malaysian income tax rates?

What is PCB monthly deduction?

What reliefs are available in Malaysia?

How does EPF contribution work?

Who is a Malaysian tax resident?