TAX QUESTIONS? YOU ASK LAH!

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Q: I receive a childcare allowance of RM5,000 from my employer every year. Is this allowance subject to income tax?

A: Employee who receives childcare allowance from the employer will be subject to income tax as part of the gross income from his employment. However, allowance received by the employee in respect of children up to 12 years of age is given a tax exemption of up to RM2,400 (increased to RM3,000 with effect from YA 2024) a year. 

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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