![]() ![]() You just simply enter your estimated 2011 annual income in the Bonus field (leave the Salary field blank) and enter any allowable deductions for the current year to calculate the total tax for the current year. If you want to check the entire tax amount for EPF 2021, no hard and fast calculation is needed. Tengku Zafrul Aziz also announced also stated in addition to changing the contribution rate, the government will allow withdrawing funds to targeted EPF members from their EPF Akaun 1 next year.Ĭalculation of the Annual Income Tax for 2021: So next in January 2021, EPF members will contribute. Then, this year in February 2020, this rate was lowered to 7% for the period from April 1 to December 31, 2020, as part of the Economic Stimulus Package. In the previous years, the statutory employee contribution rate was set at 11% for EPF members under the age of 60. The cost of this initiative is estimated at approximately RM9.3 billion. During the presentation of Budget 2021, Minister of Finance Tengku Zafrul Aziz stated that the minimum rate of employee contribution for Employee Provident Fund (EPF) will be set at 9% starting January 2021 known as (EPF 2021) for a period of 12 months.Īccording to the Minister of Finance, this initiative is being introduced with the aim of increasing the wages received by members of the EPF. ![]()
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