2024 Malaysia Budget

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 […]

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2023 Malaysia Tax Law

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

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2023 Malaysia Budget Summary

Malaysia Budget 2023

2023 Revenue and expenditure summary Govt earmarks RM 372.3 billion in spending for 2023. Govt revenue is seen at RM 272.6 billion next year. The deficit of RM 99.7 billion will be financed through borrowings. However, the 2023 budget will require more time to be tabled once again and approved as the current government was

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2021 Malaysia Budget Summary

Malaysia Budget 2021

Personal reliefs, exemptions and tax rates Proposed 1% reduction in income tax rate for resident individuals having inclusive earning band of between RM50,001 to RM70,000 per year. The revision will be reflected in the 2021 year of assessment (Y/A) progressive tax rate (as well as the Schedular Tax Deduction or PCB in Bahasa) tables to

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