Malaysia Budget 2023
Don’t Miss Out on These Goodies!
Budget 2023 is finally here! As expected, a lot of tax updates have just been announced. Business owners – are you keeping up with all the tax goodies that can help you save tax for your business?
Here are the Top Goodies you must know😉!
1. Individual Tax
There will be a 2% income tax reduction for the RM50,000 to RM100,000 income bracket, but 0.5% rise
for the RM250,000-RM400,000 income bracket.
2. Stamp Duty Exemption
In relation to real estate transfer documents and loan agreements
for homes worth RM500,000 to RM1 million,
the stamp duty exemption will be increased
from 50% to 75% until 31 Dec 2023.
3. Tax Exemption for Women
Women are to be exempted from income tax for
the years of assessment from 2023 to 2028 to encourage them
to return to work after taking a career break.
4. Cash Aid for MSMEs
A one-off RM1,000 aid is to be given to all registered
micro, small, and medium enterprises (MSMEs)
and registered taxi drivers, set to benefit 1 million recipients.
5. Love-based Property Transfer
RM10 stamp duty for property gifted between family members
such as transfer of property from husband to wife, from father to child, or from grandfather to grandchild.
Want to know about more Budget 2023 goodies?
That’s just the tip of the iceberg of what Budget 2023 has to offer you🤩🤩!
Of course, there are a lot more tax updates that aren’t covered here.
Continue your tax planning journey with us during our FREE Budget 2023 Webinar,
where our tax experts will go through more new tax goodies you must know😉!
