ELI5.
Non-bumi here. Just started to learn about tax and zakat.
Recently there’s this motorcycle spare parts seller who paid RM4 million in zakat. Why so?
A quick google search shows zakat is 2.5% of income annually. Does this mean he has an income of RM160 million for the year 2024?
And an additional question his company is still an enterprise, why not apply for SDN BHD?
I am a newbie. Pls do not flame. This is a genuine question