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Malaysians, are you aware that EPF @ 8% means more income tax?
Less EPF contributions means less deductible thus higher taxable income. Of course this is not applicable to lower income group since they don't pay income tax, but how about middle income and higher? That means the money actually goes to the government instead of to the market.
Assume monthly basic salary is RM4000, just a rough calculation and may not be accurate.
- If your monthly EPF contribution is 11% ( RM440 ), taxable income =
RM3560, income tax payable = RM77.
- If your monthly EPF contribution is 8% ( RM320 ), taxable income =
RM3680, income tax payable = RM109.
10 Answers
- jimmyLv 71 decade agoFavorite Answer
..also we know that there will be less savings for pension. We all know, but the Government does not, as usual.
- 1 decade ago
Dear friend
Did you know, I agree with no body wants to cut down 8% instead of 11% did you know what will happen If you agree to 8% - you are more income tax to government find out how ? http://epf8or11percent.blogspot.com/
- ★ yaya ★Lv 71 decade ago
at the end of the day, the government become wealthier but me tua kerepot no money
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- Anonymous1 decade ago
Yeah, as usual, cunning.....*sigh*.....they think people don't know how to calculate so they proceeded with the plan....lol....and wasting our time to fill up forms which are so unnecessary and wasting paper too!!!!
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- Anonymous1 decade ago
yeap..i'm aware of it and yes, it is so true!! however, in this case..i dont mind of that coz i dont pay income tax maa!!..my company does!..lol
