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EPF 8% Means Paying More Income Tax
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<blockquote data-quote="E46Fanatic" data-source="post: 320941" data-attributes="member: 81"><p>The conclusion is WRONG. Although your monthly tax deductions is calculated based on income after employee EPF deduction, the annual tax you have to pay is based on your annual salary. I.e. if you earn RM4k a month for the entire year, whether you take 8% or 11% EPF deduction, at the end of the year when you file your borang BE, the tax payable is identical. Which means, if you take 8% option, its likely you'll get $$$ back from LHDN as you would have overpaid your taxes for that year.</p><p>:wink:</p><p></p><p>Wanna see how well your <a href="http://blog.limkitsiang.com/2008/10/25/rm5-billion-epf-funds-to-valuecap-nation-wide-protest/" target="_blank">EPF dollars are managed? </a> I'm taking 8% option heh.</p></blockquote><p></p>
[QUOTE="E46Fanatic, post: 320941, member: 81"] The conclusion is WRONG. Although your monthly tax deductions is calculated based on income after employee EPF deduction, the annual tax you have to pay is based on your annual salary. I.e. if you earn RM4k a month for the entire year, whether you take 8% or 11% EPF deduction, at the end of the year when you file your borang BE, the tax payable is identical. Which means, if you take 8% option, its likely you'll get $$$ back from LHDN as you would have overpaid your taxes for that year. :wink: Wanna see how well your [URL="http://blog.limkitsiang.com/2008/10/25/rm5-billion-epf-funds-to-valuecap-nation-wide-protest/"]EPF dollars are managed? [/URL] I'm taking 8% option heh. [/QUOTE]
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