Tax Saving Tips for Rental
Property Investment in KL Malaysia: Claim Vacancy Allowance
How to save tax on rental property income in Kuala Lumpur, Malaysia? According to the official portal of Kuala Lumpur (DBKL), house owner is actually can apply for a “Vacancy Allowance” for properties that unable to be rented on condition that he write-in to apply it within 7 days of the property becoming vacant and meets the below requirements to qualify:
§ Property was in rentable condition
§ Vacancy property was advertised in the newspapers or
through a property agency
§ Application to be made for every assessment period
§ The size of property for business premises = 1,000 sf
§ The size of residential homes = no limit
§ The date of application is the date that will be taken
into account
§ Payment of assessment rate and arrears should be made
before the vacancy allowance is approved
Kindly take note the allowance will be credited direct to
your tax account and will not be refunded in cash. Honestly, so far I never
heard about the tips to save income tax. Whether is it workable or not, I have
totally no idea until I try it one day.
How much is the vacancy allowance? How they determine the
allocation? There are too many questions just like what’s inside your mind
now.. Welcome to share with us if you do have any experience regarding the
vacancy allowance.
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