The purpose of the tax reduction is to help the M40 with the rising cost of living and increase their disposable income. theSun theSundaily tax cut economy Budget2023 maintain
: The Chartered Tax Institute of Malaysia does not anticipate any new tax to be introduced in the upcoming Budget 2023 but expects the government to maintain the two-percentage point income tax cut for the middle-income group and 0.5-ppt tax rise for the high-income earners proposed in the previous budget.
“As such, I would expect the respective tax cut of two ppt and tax increase of 0.5 ppt to be maintained,” he told Bernama via email recently. Newly-minted Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim, who succeeded Ismail following the 15th general election on Nov 19, 2022, will present a revised Budget 2023 on Feb 24, 2023.
According to him, GMT is in line with international tax developments to combat revenue leakages and profit-shifting activities, and will allow Malaysia the first right to charge top-up taxes on revenue from entities located in Malaysia that are paying taxes below the threshold of 15 per cent.
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