2009 new income tax PCB deduction rate

If you are an employee with taxable income, have you notice from your monthly payslip that the Potongan Cukai Bulanan (PCB, a.k.a. Scheduled Monthly Tax Deduction) rate starting from year 2009 is different than before?

Yes, with the reason "to estimate the tax deduction more accurately", the schedule of PCB deduction has been revised.

Here are some of the changes that I observed by comparing the old schedule (PCB 2004) with the new one (PCB 2009):

• Now, a single person with monthly remuneration of RM2,401 and above is estimated to be taxable and eligible for the PCB deduction scheme, whereas previously was RM2,551 and above.
• Now a married person with 2 kids and spouse not working, will enter the PCB scheme when the monthly remuneration reaches RM3,251 and above, whereas previously was RM3,401 and above.
• Now a married person with 2 kids and spouse also working, will enter the PCB scheme when the monthly remuneration reaches RM2,551 and above, whereas previously was RM2,701 and above.
• Generally, those with monthly remuneration below RM10,000 will have their PCB deducted above 20% more than the old scheme, while those with monthly remuneration above RM10,000 will have their PCB deducted slightly less than the old scheme.

For example, if you are an unmarried person who earns RM4,010 per month, your salary should be deducted RM145 for the PCB, but under the new 2009 scheme, you will be deducted RM180 instead.
However, this new PCB deduction rate should not affect your overall income tax for the year. If you are over deducted from the PCB, you can claim back the extra income tax paid; and if you are under deducted, you will have to pay for the difference before the deadline of 30 April next year.

Click here to download the new PCB 2009 schedule table.

Click here to download the previous PCB 2004 schedule table.

The 4.50% EPF dividend for 2008 credited today

Just for your information, if you visit to the EPF (a.k.a. KWSP) online service by today, you will be able to see the 4.50% dividend for 2008 (which was announced earlier on 16 March 2009) has already been credited into your account and reflected in the Year 2008 Statement.

At the same time, the long awaited Current Statement for 2009 is also available now. If you plan for a withdrawal, you can click on the Withdrawal Eligibility link to check your allowed amount to be withdrawn for the 9 types of withdrawal available.

As I mentioned in my article on 7 November 2008, we should not expect the EPF dividend for year 2008 to be exciting. Therefore, 4.50% is indeed within expectation. In fact, by looking at current worldwide economic situation, we shall not expect the EPF dividend for 2009 to be higher than 4.50% either.

What to do? Frankly speaking, my share investment portfolio in year 2008 also didn't perform very well. It is a really tough road ahead.

International Multilateral Partnership Against Cyber-Threats launched HQ in Cyberjaya

The International Multilateral Partnership Against Cyber Threats (IMPACT), backed by the United Nations (UN) International Telecommunication Union (ITU) and International Criminal Police Organization (Interpol), which is known as the world’s first global public-private partnership against cyber-threats has launched its global headquarters in Cyberjaya on 20 March 2009.

Key partners of IMPACT from the private sector includes Cisco, F-Secure, Kaspersky Lab, Microsoft, Symantec Corp, Trend Micro, etc.

The IMPACT nerve-center in Cyberjaya has a built-up of 58,000 square feet on a 7.8-acre land. Malaysia government has provided a grant of $13 million (about RM43 million) as initial funding to build the facilities. This IMPACT HQ will host the ITU's Global Cybersecurity Agenda (GCA), which promotes international cooperation to make cyberspace more secure in an increasingly networked information society.

IMPACT has 4 key divisions:

• Global response centre
• Training and skills development centre
• Centre for security assurance and research
• Centre for policy and international cooperation

It will act as a centralized anti-cyber-terrorism intelligence centre which allows its 191 member countries to be alerted on cyber-terrorism threats such as attacks against the global financial system, power grids, nuclear plants, air traffic control systems, etc.

The establishment of IMPACT HQ in the heart of MSC Malaysia is expected to attract the attentions of worldwide cyber-security people, both from the bright side as well as the dark side. How well will this IMPACT facility in Malaysia operationalize, perform and contribute to the global cyber-security? Time will tell.

Meanwhile, if you are an expert in the related field, you might probably be interested to work for this interesting global non-profit organization.