KUALA LUMPUR – Malaysians will see a tax cut of 2 percentage points for those in the RM50,001-RM70,000 and RM70,001-RM100,000 taxable income brackets.
Meanwhile, the e-Pemula M40 initiative will see about eight million individuals from the M40 category with yearly earnings of less than RM100,000 receiving a RM100 payment credited into their e-wallets.
During the tabling of the Supply Bill 2022 today, Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said those in the RM50,001-RM70,000 taxable income bracket will see a tax cut from 13% to 11%.
Those in the RM70,001-RM100,000 taxable income bracket will see a decrease from 21% to 19%.
“At the same time, taxpayers from the RM250,001-RM400,000 bracket will be combined with the RM400,001-RM600,000 bracket – and they will have a tax rate of 25%.
“It is estimated that taxpayers from the middle income group will save about RM1,000 (due to the tax cuts) while those from the higher salary groups will be able to retain up to RM250.” – The Vibes, October 7, 2022
