Wealth Management: What is the purpose of tax planning?
The goal of tax planning is to manage your financial affairs to minimise your tax payable.
The amount of tax payable will affect your decisions on the following:
You may refer to the Income Tax Act 1965 for further information on the types and amount of taxes that are levied on different types of income and the types of expenses which are deductible from your income.
Alternatively, you may also seek advice from a tax consultant or a financial adviser.
Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)
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