Monday, April 20, 2009

Tax Crunch

It that time of the year again. Tax time. Nowadays even earning close to RM5K a month (that 60K in a year) it is not easy to make ends meet while feed a family of 5, ie 2 adults and 3 kids even without housing instalment (just rental) and having just one car.

All I can say is how times have changed. When I started working 20 years back, RM5K is a dream which if achieve one can have whatever luxury one may need. Now RM5K a month salary, luxury is an occasional meal at the Pizza Hut for my Kids.

Well, just finish filling up my tax form for 2008, and due to the blessed Computer Relief, I just squeeze in under the Magical RM35K taxable income, this make a big difference in the amount I have to pay, a difference of above RM 1K if when calculated without the Computer Relief. Why is that>?, It’s because if you have a taxable income of below RM35K, you are entitle to a Rebate of RM350 for yourself and another RM350 for your wife making a total of RM700.

Well that a relief for this year, but with my income is just in the region that when you work out all the regular relief I can have (not the one off reliefs and rebates), it is just over the RM35K taxable income, which means I have to pay much more for this year.

My wish is that if our kind government can move the magical figure from RM35K to the next level of RM50K, even with a lesser rebate. This I am pretty sure will be appreciated by all the folks here.

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