TAX QUESTIONS? YOU ASK LAH!

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Q: I am entitled to a yearly overseas leave passage benefit of RM10,000 according to the terms of my employment agreement. I went on an overseas holiday trip with my husband and claimed an overseas leave passage cost of RM7,500. Is this benefit subject to income tax? 

A: Generally, leave passage benefit is a perquisite and is subject to income tax. However, you will be exempted from tax on the overseas leave passage benefit of up to RM3,000 per year. As such, you will only be taxed on the remaining amount of RM4,500.  

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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