Let’s dive in!
1) Introducing a New Field for Accurate Employee Naming in Statutory Files and Tax Forms
We understand the importance of precise employee naming in official file submissions.
That’s why we’ve added a new field called “Name on Identification Card / Passport” in the Employee Profile > Identification Documents section.
Now, you can set up precise naming conventions for each employee.
When generating names for Statutory Files and Tax Forms, the system pulls information in the following order of priority:
- Name on Identification Card / Passport
- Bank Account Holder’s Name
- First Name / Last Name (based on “Employee profile name order settings” in company details)
This enhancement guarantees accurate representation of employee names in official documents, saving you time and effort in maintaining compliance.
2. Updates: Individual Income Tax Rates To Apply in Payroll (Revised Budget 2023 – Malaysia)
Attention, Malaysian users! We have exciting news regarding the latest updates to individual income tax rates based on the revised Budget 2023. Here’s what you need to know:
Revised Income Tax Rates:
Each chargeable income band from RM35,001 to RM100,000 has been reduced by 2%.
Each chargeable income band from RM100,001 to RM1,000,000 has increased by 0.5% to 2%.
At Talenox, we dedicate ourselves to ensuring compliance and accuracy in your payroll processes. That’s why we have automatically updated our payroll system with the new income tax rates and reliefs, effective from June 1, 2023. These updates follow the gazette of the Finance Act 2023 on May 31, 2023.
You can conveniently proceed with payroll starting from June 2023 without taking any action. The Talenox system will automatically apply the updated PCB/MTD tax rates.
However, for payroll months from January 2023 to May 2023, administrators would have already selected the appropriate tax rates (old or new) for their employees under the “2023 January to May PCB Tax Rate Settings.”
NOTE: Avoid changing these settings as it could potentially affect PCB calculations for the January – May 2023 payroll months if you perform retrospective payroll re-processing.
Rest assured, Talenox is committed to simplifying your payroll processes and ensuring compliance with the latest tax regulations. Our automated tax rate updates alleviate the burden of manual adjustments and minimize the risk of errors in payroll calculations.
We hope that these Q2 updates will streamline your HR and payroll management tasks. The new “Name on Identification Card / Passport” field provides enhanced flexibility for accurate naming conventions in official documents.
Additionally, our automatic update of the latest individual income tax rates ensures precise payroll calculations and compliance with the revised Budget 2023 in Malaysia.
At Talenox, we’re dedicated to continuously improving our platform to meet your evolving needs. Stay tuned for more exciting updates as we enhance our HR and payroll management solutions.