#Budget2023: Tax Cuts For M40 Group
Meanwhile, the T20 group will have to pay 0.5% to 2% more in income taxes.
The government is proposing to introduce a 2% income tax reduction for Malaysians making between RM35,000 and RM100,000 a year, said Prime Minister Datuk Seri Anwar Ibrahim
In other words, Malaysians whose monthly incomes are between RM2,916 and RM8,333 will get to enjoy the income tax cuts.
Anwar, who is also the Finance Minister, made the announcement while re-tabling Budget 2023 in the Dewan Rakyat today, 24 February.
"People in the M40 group are restless. T20 are rich, hence they don't need help. The government gives its focus on the B40 group. What about the fate of the M40 group?" Anwar asked.
"I would like to thank them for being patient all this while even though they also face the rising cost of living. With that said, the government has agreed to increase their spendable income by reducing their income tax."
Image via Parlimen Malaysia (YouTube)
Meanwhile, people who make more than RM100,000 a year will have to pay 0.5% to 2% more in income tax
"However, fewer than 150,000 taxpayers will have to deal with higher taxes," said the Prime Minister.
With these implementations, the government expects to collect RM900 million less in personal income tax.
Stay tuned for our overview story of #Budget2023!
Image via SAYS
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