BUDGET 2023: Individual Income Tax Rate Will Be Reduced By 2%

In today’s announcement of the Budget 2023, Finance Minister Tengku Zafrul Aziz shared that individual income taxes will be decreased in 2023.

This comes as an assist towards to M40 community, where the individual income tax rate will be reduced by 2%.

Source: Bernama TV

Here’s what you need to know about this: 

• Those with a taxable income range of RM50,001 to RM100,000 will see an income tax decrease of 2%.
• Those with a taxable income range of RM50,001 to RM70,000, your income tax will be decreased from 13% to 11%.
• Those with a taxable income range of RM70,001 to RM100,000, your income tax will be decreased from 21% to 19%.
• Those with a taxable income range of RM250,001 to RM400,000, your income tax will be decreased to 25%.

Stay tuned for more updates!

Also read: BUDGET 2023: Here’s What You Need To Know About Bantuan Keluarga Malaysia (BKM)