For people in this category, annual income exceeding RM37,333 after Employees Provident Fund deduction can also be an indicator for calculating tax liability.Profit from business is not necessarily consistent every month. So, what do we need to know about taxation on individuals with business income?Taxation on business income is imposed on businesses or professions that receive money, including YouTubers, the Instafamous, influencers or those who do paid reviews and others.
For this category, there is no minimum income threshold to be taxed. Therefore, you need to register your income tax file as soon as the business is registered or a career is started.There are people who refuse to declare their income to the Inland Revenue Board of Malaysia due to concerns about having to pay high amount of taxes.This means that the higher the income, the higher the tax rate and vice versa. So, there is no worries on declaring income.
Through tax reporting, you contribute to the country’s development including for national security, public facilities, health services, education and welfare which benefit all Malaysians including yourself. Now is the time for new taxpayers who have business income or gains on disposal assets but never declared income to HASiL.
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