Cukai Diutamakan
Recently our DEAR PM announced "goodies" during the 2010 Budget and also the infamous credit card tax. He said that the rakyat should take into consideration the substantial savings before commenting about the "small" credit card tax. MYR50 per card cannot pay meh?! Heh. Let's do some calculation. I normally don't like to use my brain, but I'll make an exception today.
Let's refer to Borang BE 2008. The scenario is a middle-class wager earner with MYR4000 a month.
Now let's look at the projected Borang BE 2009 for the same scenario. An extra MYR2000 of deductions. Lets see how big an impact it gives...
You see the difference now? You would pay less MYR140 in taxes. It actually quite substantial savings. But, when you use that to offset the stupid credit card tax... then it really is negligible. Conservatively, a person would be holding a minimum of 2 credit cards, a VISA and a MASTERCARD. Hence, you need to pay MYR100 of credit card tax, leaving you with only MYR40 in savings. The government is ever generous hor? And my calculation is based on a good scenario where one actually purchases MYR1000 in books and maxed out the life insurance and EPF deductions. Heck, I even put in MYR1000 for the medical insurance when I know that not many people purchase that. My oh my. The 1% tax rate cut for people with MYR100,000 and above taxable income?! Heck, most of us would just be stuck below Category H (this example uses Category E at 7%) of the tax schedule. Insincere betul.
Sudah potong?
Let's refer to Borang BE 2008. The scenario is a middle-class wager earner with MYR4000 a month.
| C16 - Penggajian | 48,000 | |
| D1 - Individu dan saudara tanggungan | -8,000 | |
| D8 - Pembelian buku | -1,000 | |
| D12 - Insurans Nyawa & KWSP | -6000 | |
| D13 - Insurans Pendidikan & Perubatan | -1,000 | |
| E1 - Pendapatan Bercukai | 32,000 | |
| E2a - Cukai ke atas 20,000 pertama | 475 | |
| E2b - Cukai ke atas baki 12,000 (@ 7%) | 840 | |
| E4 - Rebat Cukai Individu | -350 | |
| E9 - Jumlah Cukai Yang Dikenakan | 965 |
Now let's look at the projected Borang BE 2009 for the same scenario. An extra MYR2000 of deductions. Lets see how big an impact it gives...
| C16 - Penggajian | 48,000 | |
| D1 - Individu dan saudara tanggungan | -9,000 | |
| D8 - Pembelian buku | -1,000 | |
| D12 - Insurans Nyawa & KWSP | -7000 | |
| D13 - Insurans Pendidikan & Perubatan | -1,000 | |
| E1 - Pendapatan Bercukai | 30,000 | |
| E2a - Cukai ke atas 20,000 pertama | 475 | |
| E2b - Cukai ke atas baki 10,000 (@ 7%) | 700 | |
| E4 - Rebat Cukai Individu | -350 | |
| E9 - Jumlah Cukai Yang Dikenakan | 825 |
You see the difference now? You would pay less MYR140 in taxes. It actually quite substantial savings. But, when you use that to offset the stupid credit card tax... then it really is negligible. Conservatively, a person would be holding a minimum of 2 credit cards, a VISA and a MASTERCARD. Hence, you need to pay MYR100 of credit card tax, leaving you with only MYR40 in savings. The government is ever generous hor? And my calculation is based on a good scenario where one actually purchases MYR1000 in books and maxed out the life insurance and EPF deductions. Heck, I even put in MYR1000 for the medical insurance when I know that not many people purchase that. My oh my. The 1% tax rate cut for people with MYR100,000 and above taxable income?! Heck, most of us would just be stuck below Category H (this example uses Category E at 7%) of the tax schedule. Insincere betul.
Sudah potong?
Comments
+Ant+
lolz~
You're so cute.... I still remember my undergrad days...
@Grat:
I already did it for you la! And thanks for the Monday wishes!
@Legs:
Yes. Stupidly happy. :P
@L2:
Jahatz! you no need pay tax ke?
The govt wanted us to spend with cash instead of credit card ... this is part of the Najib economy strategy maybe ... I still very keen to see the result of this concept which current the Havard biz school is working on the research...
1Malaysia boleh~ RAKYAT DIDAHULUKAN - PENCAPAIAN DAN CUKAI DIUTAMAKAN
It is sarcasm. Hehe. The BE2008 is the income tax form for employed individuals for the tax year of 2008.
@TZ:
Harvard bothers to research that? I think it would be Cukai before Pencapaian.
@Jan:
I'll keep a maximum of 2. One Visa. One Master. Each from separate banks.
@Pikey:
Jump in the hole!
@Ichi:
To me, the government is turning a free service into a paying service. Like telling me that I need to pay MYR50 for air.
@All:
If the governments reason is to reduce the number of credit cards in circulation rather than make money, then why not use a STUPID approach limiting the number of cards a person can hold and charging for the excess? Simple.
How about debit card? Is it taxed?