How to improve quality of life while minimizing taxes?
According to the Income Tax Act, the consumption/utilization objects eligible for Tax Relief for living expenses and quality improvement must be individual, spouse & child. The improve quality of life while minimizing taxes have in two category which is RM2500 and RM500.
The expenses eligible for a deduction of RM2,500 under Category One include:
1. Purchasing or subscribing to books, periodicals, magazines, newspapers, or similar publications (non-prohibited materials).
2. Purchasing personal computers, smartphones, or tablets (for non-commercial purposes).
3. Paying monthly Internet subscription fees (under one's own name).
4. Purchasing designated sports-related equipment and gym membership fees
5. The cost of skill enhancement courses such as language, photography, tailoring, etc.,
The expenses eligible for a deduction of RM500 under Category two include:
1.Purchasing designated sports-related equipment and gym membership fees
2.Paying rent or entry fees for any sports facilities.
3.The registration fees for any approved and licensed sports competitions.
Related sporting equipment as defined in the Sports Development Act 1997 (excluding electric bicycles)
Philippines
