Despite inflation and the increasing price of goods, the number of young millionaires is on the rise—more specifically, young millionaires under 30.
According to the Inland Revenue Board (LHDN) figures, 35 people under 30 declared their income above RM1 MILLION in 2022. This showed a 75% increase in millionaires aged 30 in 2022 (an increase from 20 people the previous year).
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“At least 20 young people declare an income of at least RM1 million each year since 2018,” said LHDN.
However, LHDN has yet to receive figures for 2023 as the e-filing process for that year is still ongoing. New Straits Times reported that over 94% of taxpayers under the age of 30 who earn over RM1 million have not recorded any outstanding tax balances between 2018 and 2021.
Everyone, including social media influencers whose total taxable income exceeds the threshold value, must register for an income tax file.
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This is because individuals who earn an annual employment income of more than RM34,000 and have a Monthly Tax Deduction (PCB) are eligible to be taxed.
“However, assessing the taxpayers’ level of compliance needs to take into consideration including the submission of income tax declaration forms every year, compliance with payment instructions for tax instalments and balances, as well as ensuring that tax declarations are made correctly and accurately,” LHDN said.
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