By Nur Ashikin Louis
KUCHING, Oct 7: Individual taxpayers in Malaysia with annual income ranging from RM50,000 up to RM100,000 will enjoy a two per cent discount in income tax payment.
Finance Minister Senator Datuk Seri Tengku Zafrul Abdul Aziz said the income tax rate for those earning RM50,000 up to RM70,000 is lowered from 13 per cent to 11 per cent.
Those earning RM70,000 up to RM100,000 will have their income tax rate lowered from 21 per cent to 16 per cent.
“Meanwhile, the tax income range of more than RM250,000 up to RM400,000 will be combined with the tax income of more than RM400,000 up to RM600,000 and be subject to a 25 per cent tax rate.
“With this special income tax treatment, the tax savings for the M40 is more than RM1,000 and for the T20 group is up to RM250,” he said when tabling the Budget 2023 in the Dewan Rakyat today.
He also mentioned that to nurture cashless payment among citizens, the government would roll out the ‘M40 e-pemula’ initiative — an e-wallet credit offer of RM100 to M40 individuals with an annual income below RM100,000.
“It is estimated that eight million individuals are eligible to claim this credit with an allocation of RM800 million,” he added. — DayakDaily
