Tax Reliefs | VDB

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Have You Calculated the Personal Income Tax Reliefs and Allowances Correctly for the 2021-2022 Six-month Interim Budget Year?

March 31, 2022

https://vdb-loi.com/mm_publications/have-you-calculated-the-personal-income-tax-reliefs-and-allowances-correctly-for-the-2021-2022-six-month-interim-budget-year/

As required by Notification 510/2021 issued by the Ministry of Planning, Finance and Industry, when calculating Personal Income Tax (“PIT”) for the six-month interim budget year (1 October 2021 to 31 March 2022), employees’ monthly fixed income items, such as their monthly salary and monthly fixed allowances must be annualized (i.e. multiplied by two) to […]