Currently, interest income received from moneys deposited in all institutions approved to take deposits is taxed at 5% with the exception of the followings:
1. Savings account in Lembaga Tabung Haji and Bank Simpanan Nasional;
2. Fixed deposit account up to RM100,000 in banking and financial institutions approved under the Banking and Financial Institutions Act 1989, Islamic Banking Act 1983, Bank Pertanian Malaysia Berhad, Bank Kerjasama Rakyat Malaysian Berhad, Bank Simpanan Nasional, Borneo Housing Mortgage Finance Berhad and Malaysia Building Society Berhad;
3. Fixed deposit account exceeding 12 months in institutions in paragraph (2) above.
To reduce tax burden on individuals, 2009 Budget proposed tax on interest income received by individuals from moneys deposited in all institutions approved to take deposits will be fully exempted. This is with effective from 30 August 2008.
No you can save as much as you can without sharing your saving interest income to government or the whole people of Malaysia…
1. Savings account in Lembaga Tabung Haji and Bank Simpanan Nasional;
2. Fixed deposit account up to RM100,000 in banking and financial institutions approved under the Banking and Financial Institutions Act 1989, Islamic Banking Act 1983, Bank Pertanian Malaysia Berhad, Bank Kerjasama Rakyat Malaysian Berhad, Bank Simpanan Nasional, Borneo Housing Mortgage Finance Berhad and Malaysia Building Society Berhad;
3. Fixed deposit account exceeding 12 months in institutions in paragraph (2) above.
To reduce tax burden on individuals, 2009 Budget proposed tax on interest income received by individuals from moneys deposited in all institutions approved to take deposits will be fully exempted. This is with effective from 30 August 2008.
No you can save as much as you can without sharing your saving interest income to government or the whole people of Malaysia…
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