3 Ways to Gain Knowledge and Reduce Your Tax Bill

Tax

The government of Malaysia encourages people to be more knowledgeable and in this respect, the government offers several tax incentives to encourage people to gain more knowledge in the following ways:

• Purchase of books: A relief of up to RM1, 000/= is given every year for the purchase of books. You can buy any books: education textbooks, fiction and non-fiction books, and magazines. However, newspapers are excluded. This is the way of the government to stimulate the reading habit among the subjects. Keep the receipts of your purchases in order to make claim . You may also buy books as gifts to promote reading habits in others.

• Purchase of a personal computer: Every three years you are allowed a tax relief of RM 3,000 for the purchase of a personal computer. This incentive has a far-reaching impact on the people. With a computer, you possess an essential tool. You can surf the net and you are exposed to more information in the World Wide Web.

• Postgraduate education: The government is also granting a tax relief of up to RM5, 000 per year when you take up postgraduate study in law, accountancy, Islamic finance, technical, vocational, and industrial training, science or information technology. Again, with this incentive, the government wishes to build up a pool of experts in various fields.

Knowledge is power. A country with many experts is a powerful country and Malaysia is going in that direction.