Key Highlights of Budget 2026
The budget outlines a total spend of approximately RM470 billion and aims to tighten the fiscal deficit to 3.5% of GDP. Key focus areas include supporting Visit Malaysia Year 2026, attracting investment, accelerating green and digital adoption, and maintaining social support programs. Corporate & Business Tax Personal Tax Indirect Taxes & Duties New Structural Policies […]
2025 BUDGET
Individuals Current System ( till year of assessment (Y/A)2024): Single-Tier Tax System: Companies pay tax on their profits once, and shareholders don’t pay tax on the dividends they receive. Effective From 1st January 2025, The government imposes a tax on dividend income (DI) of individuals (DI as in para 4(c) of the Income tax Act […]
Malaysia Budget 2024
The 2024 budget plan, totaling RM393.8 billion, exceeds the prior record of RM386.3 billion established when Prime Minister Datuk Seri Anwar Ibrahim presented last year’s budget in February. Out of this total allocation, RM303.8 billion is allocated for operational expenses, RM90 billion for development projects, and RM2 billion set aside as a reserve fund. The […]
The Latest Changes to Malaysia’s Tax Laws and How They Affect Your Business – 2023 Edition
Malaysia’s parliament approved the 2023 budget on March 9, 2023, marking the first budget tabled by Prime Minister Anwar Ibrahim since winning the national elections in 2022. The budget, which amounts to 388 billion ringgit (approximately US$86.8 billion), is the largest in Malaysia’s history and aims to promote economic growth and inclusivity through new tax […]
Malaysia Budget 2022
The Malaysian government is planning to spend RM332.1 billion in the year 2022 (more by RM11.5 billion as compare to 2021) as announced on Friday the 29th October 2021 amidst the ongoing covid pandemic, where revenue is expected to be RM234 billion (5.9% more compare to 2021). The shortfall of RM98.10 billion is expected to […]
Malaysia Budget 2019
The 2019 Malaysia budget, announced by Finance Minister Lim Guan Eng on November 2, 2018, includes measures aimed at boosting economic growth and reducing government debt. Key highlights of the budget include a reduction in the corporate tax rate from 24% to 22%, an increase in the minimum wage to RM 1,050 per month, and […]
What Do Accountants Do For Small Businesses?
What do accountants do for small businesses? Accountants do more than prepare your accounts for income tax returns and help you to keep your documents in order. When small business owners underestimate or simply do not understand the role of accountants, they are missing out on a huge business advantage. Accountants train for years to […]
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