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EPF 8% Means Paying More Income Tax
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<blockquote data-quote="astroboy" data-source="post: 321660" data-attributes="member: 4527"><p>I have actually made some rough calculation.. </p><p></p><p>Based on Taksiran 2007, tax relief for EPF portion is RM6k and based on 11%, to make up for max out EPF deduction, your annual income needs to be 6k/11% = RM54,546, or monthly income of about RM4.5k bonus included. So the 8% EPF will not attract extra taxes.</p><p></p><p>If I may ask, how many % of population actually make RM4.5k a month? and if middle class income is around RM4k, than all the middle class and lower class income group will attract more taxes affected by the 8% EPF portion.</p><p></p><p>.. and the famous fact goes, the rich become richer, the poor become poorer! Again, Govt out smart us..and I believe they are the one that has the last laugh.. this is not Govt bashing but I'm just expressing my opinion.. maybe they overlook this? *innocent*</p></blockquote><p></p>
[QUOTE="astroboy, post: 321660, member: 4527"] I have actually made some rough calculation.. Based on Taksiran 2007, tax relief for EPF portion is RM6k and based on 11%, to make up for max out EPF deduction, your annual income needs to be 6k/11% = RM54,546, or monthly income of about RM4.5k bonus included. So the 8% EPF will not attract extra taxes. If I may ask, how many % of population actually make RM4.5k a month? and if middle class income is around RM4k, than all the middle class and lower class income group will attract more taxes affected by the 8% EPF portion. .. and the famous fact goes, the rich become richer, the poor become poorer! Again, Govt out smart us..and I believe they are the one that has the last laugh.. this is not Govt bashing but I'm just expressing my opinion.. maybe they overlook this? *innocent* [/QUOTE]
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