Budget 2023: Income tax cut by 2% for RM50,000-RM100,000 taxable range

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KUALA LUMPUR: The personal taxation rate will be reduced by 2% on taxable income ranging from RM50,000 to RM100,000 for domiciled individuals.

In tabling Budget 2023 in Parliament on Friday (Oct 7), Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said for the taxable income range RM50,001 to RM70,000, the rate will be reduced from 13% to 11%.

For the RM70,001 to RM100,000 range, it will go down from 21% to 19%.

Those in the taxable income range of RM250,000-RM400,000 and in the RM400,000-RM600,000 range will be subject to a rate of 25%.

Tengku Zafrul noted that this would allow tax savings of up to RM1,000 for the middle income group, and RM250 for the high income group.

More to come