Happy new year! Here’s the cheat sheet that we’ve prepared for you to kick-start your financial planning for the year of 2024 by making the most of tax relief benefits.
The National Budget 2024, announced in October, saw a record allocation of RM393.8 billion, aimed at reforming the economy and raising the living standards of Malaysians. Contained within the budget were revisions and extensions of existing tax-related initiatives. These holistic initiatives not only provide financial assistance but also encourage positive lifestyle choices, including sustainability and personal development.
While it’s wonderful news, keeping track of every change, every receipt, every year just so you know what to claim and how much, can be overwhelming. It’s a lot of information to process, which is probably why we always wait until the very last minute to submit our e-filing. Of course, we’d rather be doing something else, but here’s the thing: being smart with your money is knowing exactly how to capitalise on all the different tax relief measures. If there’s a chance to get your expenses covered, take it!
|Explore tax relief options with RHB's financing solutions:
|Electric Vehicle (EV) owners with RHB Vehicle Financing-i under RHB Green Financing benefit from a waiver on charging facility fees until 2027.
|Kick-start a healthy lifestyle with a special promotion on bike purchases or other sport equipment using RHB Credit Cards/-i.
|Small and medium-sized business owners can leverage on RHB Green Financing too, as we have RHB's Solar Panel Financing Package (retail) or SME Green Renewable Energy Financing (business) to ease the installation of solar panels for premises.
We’ve compiled a cheat sheet of changes to tax exemptions (individual) to help you make your tax filing process little more pleasant:
|By maximising your returns based on the changes above, you’ll have more funds to:
|invest for a comfortable retirement. Talk to your Relationship Manager, he/she could help you in your retirement planning with various financial solutions available in the Bank
|pay off outstanding debts such as credit cards or student loans/financing
|contribute to your emergency fund to cover unexpected expenses
|invest in more self-development courses to improve your skills or pick up a new one
Good luck with planning your finances!