ABSS Payroll v12

Released January 2021 Compliance updates Personal income tax rate update Tax calculations have been updated in line with the budget that was tabled. These rates come into effect from 1st January 2021. The tax rate for resident individuals with chargeable income in the band of RM50,001 to RM70,000is reduced to 13%. See below for the…

ABSS Payroll v11

Released January 2020 Personal Income Tax Rate Update Tax calculations have been updated to comply with the new changes as announced in Malaysian Budget 2020. A new chargeable income band now introduced for resident individual with income exceeding RM 2 million. The fixed income tax rate for non-resident individuals is increased from 28% to 30%…

ABSS Payroll v10

Tax Relief Updates Contribution to Employee Provident Fund (EPF) and life insurance premium  is now separated as follows: Contribution to EPF – up to RM4,000 Life Insurance Premium – up to RM3,000 Net savings in SSPN – increased up to RM8,000 Removal of Tax Relief for Housing Loan Interest Paid Compliance Update In compliance with…

ABSS Payroll v9.1

4 statutory compliance updates: EIS Autopay Text File As required by PERKESO statutory regulation, employer must report their Employment Insurance Scheme (SIP) collections no later than the 15th of the following month for every payroll processing period. Employer can perform the monthly submission by uploading the text file which contains the total contributions in the…