Budget 2023
Finance Minister Tengku Zafrul Abdul Aziz tabled Budget 2023 in the Dewan Rakyat on 7th October 2022.
Some of the highlights include:
Reduction in personal tax rate
| Taxable income | Rate |
|---|---|
| 50,001 to 70,000 | 13% to 11% |
| 70,001 to 100,000 | 21% to 19% |
Women returning to work after career break
Income tax exemption from 2023 until 2028
Tax reliefs
Fees paid to a registered childcare centre or kindergarten
RM 3,000 up to 2024 for those registered under the government
Life insurance premium and ‘Takaful Hayat’ contribution
Tax relief increased to RM 3,000
Additional tax deduction for employers
Additional tax deduction will be provided to those who employ graduates from:
- Institusi Perlindungan
- JKM
- Henry Gurney
Reduction in corporate tax rates
Additional tax deduction will be provided to those who employ graduates from:
| First RM 100,000 | 15% |
| RM 100,001 – RM 600,000 | 17% |
| RM 600,001 and over | 24% |
