Tax Tips For Employees Who Lost Their Jobs or Retrenched
Note: Income Tax Deadline Extended Until 30 June 2020 In lieu with the Movement Control Order period from 18 March to 28 April 2020 due to Covid-19 pandemic, IRB has extended the income tax deadline for this year. In 2019, about 37,260 people lost their jobs compared to 23,697 the year before. The end of 2019 also saw several media organisations announcing layoffs and retrenchments affecting thousands of employees nationwide. Malaysia’s unemployment rate rose to 3.3% in December 2019. As 2020 is shaping up to be a challenging year for the global economy, job prospects are not likely to improve in the year ahead. Ambank Research has even forecast the possibility of unemployment rates rising further to 3.6% this year. Meanwhile,the Malaysian Employers’ Federation (MEF) is forecasting that up to 100,000 workers could lose their jobs this year. Seeing that its once again income tax season in Malaysia, how do workers who have been retrenched or are facing retrenchment declar