Highlights of Malaysian budgets tabled over the years
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…
Tax Relief For Individuals Tax relief Current W.E.F Y/A 2021 Personal tax rate for chargeableincome range in between RM50,001 to RM70,000 14% 13% Medical treatment of serious illness(personal, spouse and child) Maximum RM6,000 Maximum RM8,000 Complete medical examination Maximum RM500 Maximum RM1,000 Parents’ medical expenses, special needs and parental care Maximum RM5,000 Maximum RM8,000 Vaccination…
SOCSO Contributions Mandatory salary bracket for contribution to SOCSO raised from RM3,000.00 to RM4,000.00 Minimum wage West MalaysiaFrom RM900.00 to RM1,000.00 East MalaysiaFrom RM800.00 to RM920.00 Read more… Income tax – Personal reliefs Spouse reliefFrom RM3,000.00 to RM4,000.00 for those with spouse not working. ParentsRM1,500.00 for those with parents as dependents. ChildrenRM8,000.00 for children above…
Personal Income Tax Personal income tax rates reduced by between 1% to 3% Chargeable income subject to maximum rate increased from exceeding RM100,000.00 to exceeding RM400,000.00 Maximum tax rate reduced from 26% to 24%, 24.5% and 25% Tax payers earning RM4,000.00 or less will no longer need to pay income tax for the year of…
GST from April 2015 Prime Minister Datuk Seri Najib Tun Razak announced GST at 6% to be introduced from 1st April 2015, with the existing sales and services tax to be abolished. Some of the items excluded from GST include: Government services Public transport Food items such as cooking oil, spices, salted fish, rice, flour….