Wednesday, April 17, 2024

10 College Majors That Practically Guarantee a Fat Salary

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For most young people, a college degree remains the ticket to a life of prosperity. That is especially true for those who choose the right field of study. Recently, the Federal Reserve Bank of New York identified the college majors that result in the highest salaries for students who graduate with those degrees. These rankings focus on the median wage that graduates can expect to earn during…



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Many Hospitals Sell Website User Data — Without Telling You

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You’d think that it’d be required for your online activity on medical websites to be private. It’s not, and many hospitals aren’t disclosing that fact either. According to a recent study, almost all hospital websites share website user information with third parties. This data typically includes at least a website visitor’s internet protocol (IP) address and the URLs (uniform resource locators)…



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8 Things People Lose After Retiring

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When preparing to retire, remember a steady paycheck is not the only thing grinding to a halt when you end your daily grind. If you’re not careful, disrupting your familiar habits, roles and relationships could make you feel aimless, isolated and depressed instead of free, relaxed and fulfilled. Retirement is not just about ceasing work but redefining what works for you.



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25 Things You Should Never Buy — and What to Buy Instead

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American consumers are swimming in a sea of products. Any need, want or whim can be met with a quick trip to the mall or click of a keyboard. In this retail wonderland, it’s easy to make a few mistakes. We’ve all fallen victim to aggressive marketing and been lured in by budget-busting convenience products, impulse buys and things that simply don’t make sense. (That reminds me…



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Tuesday, April 16, 2024

15 States Where Farms Use the Most Water

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With 42% of annual freshwater withdrawals in the U.S. used for agriculture, where are farms irrigating the most? To mark National Agriculture Day on March 19, LawnStarter ranked 2024’s States Where Farms Use the Most Water. We compared all 50 states by the prevalence of irrigated agriculture, including total irrigated farm acres, share of irrigated farmland, and average water use per irrigated…



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The Top 10 Places Americans Are Traveling to This Summer

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Trying to avoid other tourists, or hoping to jump on the same flight as them? Either way, we have the list you need. Google released a ranking of the most searched-for destinations on Google Flights by U.S. travelers booking trips between June 1 and Aug. 31, 2024. Take a guess at which locales ranked highest, and read on to see if you’re right.



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Monday, April 15, 2024

15 Cities With the Most Single-Family Homes

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The ongoing repercussions of the COVID-19 pandemic continue to shape the U.S. real estate market, influencing both the geographical preferences of families and their housing choices. Initially, the pandemic prompted a migration of families from densely populated urban areas to more spacious homes in rural or suburban settings. In recent years, however, return-to-office mandates by employers…



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From crisis to confidence – the importance of financial protection

FINANCIAL stability is a universal goal, pursued by individuals saving for a multitude of reasons.

People save for retirement, to purchase a home, to start or expand a business, for travel, to care for elderly family members, or simply to have a safety net for unforeseen events. Life’s unpredictability, such as an accident or illness, can rapidly deplete these funds, redirecting them from long-term dreams to immediate needs.

The impact of such events extends across the population. In Malaysia, statistics from 2023 show that while some have a sufficient safety net, many are only a few months away from potential financial difficulty. This precarious balance affects many including parents, entrepreneurs, homeowners, retirees and those with aspirations to travel or invest in their future. For these individuals, the numbers represent a lived experience of financial vulnerability that influences their mental and emotional well-being, as well as their future planning.

Financial protection, however, is a powerful shield against these fears and anxieties, offering instead, peace of mind in knowing that you can handle life’s curveballs without the fear of drowning in debt.

The benefits of financial security extend beyond the immediate. With financial security, you can plan for the future with confidence, knowing that you have the resources to support your goals and ambitions. It brings a profound sense of stability and peace of mind.

Still, we must consider the fact that Malaysia’s financial landscape is overshadowed by the significant burden of household debt, with a daunting debt-to-income ratio exceeding 146%. This heavy reliance on borrowed funds leaves little flexibility for unforeseen challenges. But here is where proactive financial planning steps in. Let us explore the types of safety nets customised for different situations:

i) Health insurance plans shield against medical emergencies, reducing the burden of unexpected bills. For instance, having such a plan in place could have relieved you and your family from crippling medical debt, allowing focus on recovery and future plans.

ii) Life insurance provides financial security for loved ones in the event of a sudden loss, maintaining their standard of living, particularly crucial if dependents rely on your income.

iii) Syariah-compliant legacy plans, such as PruBSN WarisanGold, are affordable protection plans for families and operate on Islamic finance principles, fostering community support through ethical giving. These plans ensure financial security while promoting social responsibility.

One of the biggest misconceptions of financial planning is that it is only for the wealthy. The truth is, financial security is a universal need, and there are plans designed to fit every budget for individuals and families. The key is to start early and take that first step towards securing your future.

Educating yourself about financial responsibility and the power of planning is a valuable investment in the long run. Financial planning is not just about protection, but also freedom. It provides you the ability to dream big and take control of your financial destiny.

This article is contributed by Prudential BSN.



Source: The Sun Daily

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Tax Matters – Understanding the relevance of source for income tax purposes

THE concept of source is fundamental in the taxation of income in Malaysia. If there is no source, there cannot be income.

The analogy is of a tree and a fruit, and for tax purposes the tree is akin to the source and the fruit that comes from the tree is akin to the income. Throughout our income tax legislation, reference is consistently made to source.

Why is source important?

Malaysia only taxes income that is derived, arises or received in Malaysia. Most countries in the world will tax income that is derived from both within and outside the country. For example, a Malaysian individual will only be taxed on the income he derives from Malaysia. Foreign income or capital gains derived or sourced outside Malaysia is taxed only upon remittance into Malaysia.

It is therefore important to differentiate between domestic source income and foreign source income.

How is source determined?

This is a question of fact. You have to look at it from an ordinary persons’ perspective and ask simple questions: Where does the income come from? How does the income arise? What activity gives rise to that income? What assets give rise to that income and where are those assets located?

There are different approaches for determining different sources of income. Business income is usually determined based on where the contract is entered into, where the services are rendered, where the activities relating to the business are carried out, where the management and control decisions are made, etc. Employment income is determined where the employment is exercised.

Director’s fee is where the payer company is resident. Pension and annuity income is determined based on where the fund is located together with the locality of the fund which generates the pension and annuity. Rental income is based on where the property is located. Interest income is based on where the money is lent.

Differentiating domestic and foreign sources

Since Malaysia only taxes domestic source and foreign source is only taxed upon remittance into Malaysia, it becomes crucial to segregate the sources of income.

It is often misunderstood that once a business enterprise performs services or conducts activities outside the country, it is automatically foreign sourced, and unless it is remitted, it will not be taxed in Malaysia. This is incorrect.

Such income can be taxed in Malaysia if the Malaysian business enterprise does not have a business presence in the foreign country and brings such income to tax in that foreign country. The reason being the activity carried out overseas is controlled and managed in many cases by the Malaysian enterprise and therefore it becomes Malaysian sourced and becomes taxable in Malaysia although the monies earned from those transactions may not be remitted into Malaysia.

This will be the similar treatment for employees who principally perform their employment duties in or from Malaysia, and, at the same time, travel overseas to complement the activities they carry out in Malaysia.

Having dual contracts of employment to segregate domestic and foreign sources will be challenged by the tax authorities unless you are able to clearly show that the activities are performed only in the respective countries.

Is it compulsory for all your income to be taxed?

It is not compulsory that a taxpayer must pay tax on all his income somewhere in the world. If the taxpayer can organise his affairs in such a way that he is legally not taxable on a portion of his income, that is his personal prerogative.

Tax authorities cannot force you to pay taxes that do not come within the tax regime. However, most tax authorities around the world have signed on to the global minimum tax where they expect the larger companies whose turnover exceeds €750 million (RM3.75 billion) a year to pay at least 15% tax on their global income.

This article is contributed by Thannees Tax Consulting Services Sdn Bhd managing director SM Thanneermalai (www.thannees.com).



Source: The Sun Daily

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