ZAKAT & TAX PLANNING
Financial planning consists of series of activities to reflect the comprehensive nature of the planning of individuals’ state of financial affairs. Components of Islamic financial planning includes zakat and taxation planning. Zakat and tax planning is known as wealth purification process under Islamic wealth management. Zakat is one of the pillars in Islam where it is a
mandatory 2.5% take on the wealth of well-to-do Muslims as already mentioned in Quran and Sunnah. Meanwhile, taxation is considered as a contribution levied on the persons, property or business for the support of the government. In Malaysia, the law governing income taxation is the Income Tax Act 1967. Both zakat and taxation play an important role
especially towards the development of socioeconomic in Malaysia.
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