Aplus Payroll 2019 will have added features to comply with the statutory changes / specific regulations that will take effect from January 2019
1. Statutory Changes For MTD 2019 In Accordance To Budget 2019.
Income Tax Relief on Contributions to an Approved Provident Fund Or Takaful Or Life Insurance Premiums [Amendment of section 49, Income Tax Act 1967]
As proposed in the Budget 2019, the above relief will be increased to RM7,000 and separated as follows:
i) income tax relief on contributions to approved provident funds up to RM4,000; and
ii) income tax relief on takaful contributions or payment for life insurance premiums up to RM3,000.
2. Income Tax Relief on Nett Annual Savings In The National Education Savings Scheme - A Limit Of Up To RM8,000 [Amendment of section 46(1)(k), Income Tax Act 1967]
Reducing statutory contribution rate for post-retirees
The proposal to reduce the statutory employers’ share of EPF contribution rate for post-retirees from six (6) per cent to four (4) per cent should incentivize employers to hire or retain their older workers and can continue to leverage on their skills and knowledge. This is in line with the concept of active ageing, where retirees continue to contribute to the workforce.
In addition, the proposal includes the employees’ share of contribution to be set to zero per cent (0%) once they have reached 60 years old. The EPF views this as a positive measure, as it will allow post-retirees to have higher take-home pay should they continue to work regularly, taking into account the need for liquidity in their retirement years. Post-retirees who wish to continue saving with the EPF may opt for voluntary contributions instead.
Social Protection for foreign workers
Effective 1 January 2019,employers who hire foreign workers shall register their employees with SOCSO and contribute to Employment Injury under the Employees’ Social Security Act 1969 (Act4). The rate of contribution is 1.25% of the insured monthly wages and to be paid by the employer
ENHANCED FUNCTION IN PAYROLL
Year End Closing – this function will set employees salary calculations to zero before you can move on to the first month of the next calendar year ie 2019.. This function can only be performed after you have process December 2018 payroll.
Leave Maintenance with option that will carry forward annual leaves after year end closing