5/20 Way to slash individual TAXES

5) Ask for a company car
A car given by your employer is regarded as a benefit-in kind ( BIK ) and taxable.

However , a company car is advantageous for taxpayers because the preset tax scale for cars is much lower than the actual cost of buying and maintaining a car.

According to the Public ruling for BIKs , the tax payer must pay RM 3600 in taxes every year, for a car worth RM 75000

If the employer pays for fuel , the tax payer is taxed an additional RM 1200 for this BIK

Tax deduction :
Whether you benefit from a company car depends on the value of the car and your current tax bracket. Do the calculations to ascertain your tax deduction.