Tuesday, March 25, 2014

Malaysian Income Tax Declaration (Borang BE)

So it has come to the time of the year where Malaysians declare their income tax to the Lembaga Hasil Dalam Negeri (LHDN).

For those who had purchased Life Insurance with Medical, you are entitled for tax deduction of up to RM 6,000 (inclusive of Employee Provident Fund (EPF) contribution from the employee portion) & up to RM 3,000 for Medical insurance.

If you had not receive your Life Assurance Premium Statement from your insurance company, do give your agent a buzz.

Fill up the tax deduction based on the below picture. For life insurance, add them with the amount you had contributed to the EPF (your portion of contribution only, excluding the employer's contribution) to the "F16 Insurance nyawa dan KWSP" column.

If you have done any savings/investment plans that are eligible for income tax deduction (up to RM3,000), add them to the F17 column.

For the medical insurance, add it to the F18 column.

Wednesday, March 12, 2014

Medical schedule shows hikes of more than 200%

Source - The Star

Published: Thursday March 6, 2014 MYT 12:00:00 AM 
Updated: Thursday March 6, 2014 MYT 8:06:55 AM

PUTRAJAYA: Private medical fees are up, but there is confusion over the exact percentage of the rise.

While the Health Minister said the increase has been capped at 14.4%, – less than half the amount the Malaysian Medical Association had requested – the medical schedule showed hikes of a more than 200% on certain fee ceilings.

Consultation fees, for instance, increased from a range of RM10-RM35 to a new range of RM30-RM125. Health Minister Datuk Seri Dr S. Subramaniam, however, said the fees were the maximum amount that doctors were allowed to charge and they were free to charge less.“Those (in the fee schedule) are the maximum rates.

We are protecting the people from being charged exorbitantly by the private sector,” he said here yesterday. Dr Subramaniam said the ministry had rejected the Malaysian Medical Association’s request for a 30% increase. He added that the 14.4% increase was reasonable given that the inflation rate was around 23%.

On Monday, an online news portal highlighted that an amendment to the 13th Schedule of the Private Healthcare Facilities and Services Act 1998 had been implemented in a hush manner.

The Private Hospitals and Other Private Healthcare Facilities Regulations 2006 of the Act, which was published in the federal gazette on Dec 16 last year, provides for the maximum chargeable fees for registered medical and dental practitioners practising in private hospitals in terms of their professional fees such as consultation and performance of procedures.

These fees were based on Malaysian Medical Association (MMA) Schedule of Fees 4th Edition 2002. Dr Subramaniam also said that the previous minister Datuk Seri Liow Tiong Lai did keep the public informed of the increase in July 2012 and the fee schedule was brought to the Cabinet and approved on October 12 the same year after consulting various stakeholders.

The Ministry directed to review the fee schedule in Sept 2010.He was asked why the new fee schedule was not made public when it was concluded or gazetted. Health director-general Datuk Dr Noor Hisham Abdullah explained that the 14.4% increase was the average fees for surgical and dental procedures.

He said the doctors’ consultation charges that was increased from a range of RM10-RM35 to a new range of RM30-RM125 took into account of the rental costs in different locations.

Dr Subramaniam said the market forces were expected to determine the fees.“The people are encouraged to be prudent and discerning and seek treatment at private facilities charging reasonable rates,” he said.

The other components of the hospital charges such as fees for accommodation, laboratory investigations, nursing care, use of equipment, operation room and drugs used were not regulated due to the varying costs in operating and maintaining a private hospital in different areas, he said.

The new medical fees schedule is the first revision since it was regulated in 2006. The fees had been recommended by the MMA since 2002, he said.