Rental Income Tax Malaysia 2018

Is the requirement of rm2 000 per month a gross rental income or net income less maintenance outgoings interest etc. In order to promote affordable accommodation to the needful the malaysian government through budget 2018 offered a tax exemption of 50 on statutory income of rental received by malaysian. As an initiative to increase home ownership for the nation the prime minister in the budget 2018 has allocated rm2 2 billion to the housing development in malaysia.

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To encourage malaysian resident individuals to rent out residential homes at reasonable charges malaysia budget 2018 announced that 50 income tax exemption be given on rental income received by malaysian resident individuals from year of assessment 2018 until year of assessment 2020 subject to the following conditions.

Rental income tax malaysia 2018. Example 7 azrie owns 2 units of apartment and lets out those units to 2 tenants. 19 december 2018 from the letting of the real property is charged to tax as rental income under paragraph 4 d of the ita. Rental income as gross income or net taxable income. Rental income exempted from income tax malaysia and other tax reliefs for ya 2019.

What comes as a surprise to many is the 50 tax exemption on rental income received by malaysian resident individuals. 12 2018 inland revenue board of malaysia date of publication. This rate ranged anywhere from 0 to 28 and it didn t come with any tax incentive or exemption. Will the usual malaysian tax residency test of an individual who resides in malaysia for more than 182 days in a year apply or will a different test be applied.

Ever since january 1 2018 the rental income was evaluated on a progressive tax rate.