Malaysia Statutory – Master Definition - An overview

The creation of tax year, investment details and the rate table definition are briefly explained below.

Maintain Investment Master  

This activity allows the administrator to create the investment details. The administrator can create an investment type with the specific amount and maximum investment limit applicable for deduction. The administrator can also modify the records based on the usage and update with the new effective date.

Maintain Rate Tables

This activity allows the administrator to create the tax rate details. Through the rate table, the administrator can maintain the rates for deducting the contributions for EPF and SOCSO. The rate table will take into the account the age range, the wage range and/ or the employee and employer contributions to compute the slab for deducting the contributions.

Create Tax Year  

This activity allows the administrator to create the tax year. The administrator can specify the short and detailed description of the tax year. The administrator can also inactivate the tax year.

Edit Tax Year  

This activity allows the administrator to modify the tax year. The administrator can specify the short and detailed description of the tax year. The administrator can also inactivate the tax year.

View Tax Year

This activity allows you to view the tax year.

Getting familiar with the activities inside

The following table lists the activities involved in the employee payroll setup component.