24 Feb 2023

Budget 2023 Malaysia

Household Rahmah Cash Aid
家庭现金援助

B40 group with household income of less than RM2,500 eligible for Rahman cash aid of up to RM2,500 depending on the number of children.

“Bakul Makanan” RM600 for household income that received STR from data e-Kasih.

B40家庭收入少于RM2500，最高可获RM2500“慈悯援助金”视乎孩子数量而定，以及食物篮子。

  • In the new Budget 2023, Prime Minister Anwar Ibrahim said that households earning less than RM2,500 per month can get the aid of up to RM2,500 depending on the number of children.

  • Malaysia government direct cash aid program, now called Rahmah Cash Aid (Sumbangan Tunai Rahmah – STR).

e-Tunai Belia Rahmah 
电子钱包

Youths aged 18-20 would be able to claim RM200 through e-wallet credits under the Belia Rahmah e-Tunai initiative.

18-20岁青年获RM200电子钱包

 

Personal Income Tax
个人所得税

Individual tax rate 2% reduction for RM35,000 to RM100,000 bracket.

0.5% – 2% increase for RM100,001 – RM1,000,000

  • 可征税收入RM35千 – RM10万以下，M40所得税降2%

  • RM10万-RM100万可征税收入，所得税率增0.5% 至 2%

  • Income tax on those who are earning more than RM100,000 to RM1 million will be raised by 0.5 to two percentage points, affecting fewer than 150,000 taxpayers.
  • Income tax on those who are earning between RM35,000 to RM100,000 will be lowered by two percentage points, resulting in additional disposable income of RM1,300 for about 2.4 million taxpayers.
  • Under LHDN & Customs Department Malaysia, a special voluntary declaration program from June 1, 2023 until Dec 31, 2024, the government will provide 100% penalty exemption on additional taxes for taxpayers who declare unreported taxes.

SME Taxes
中小企业所得税

Micro, small & medium enterprise tax rate for the first RM150,000 reduce 2%, from 17% to 15%

  • 微型与中小企业首15万应课税收入税率从17%减至15%

Addition tax deduction for employers that employs

  • Henry Gurney graduate
  • Institusi perlindungan
  • from Jabatan Kebajikan Masyarakat
  • Ex-athlete 

Personal Income Tax Reliefs
个人所得税减免

Medical Expenses Relief increase from RM8,000 to RM10,000

  • 医疗费用税减免上限从8千增至1万

 

Digitalisation and Automation Grants
支持业务数码化

RM1 Billion to assist SME to automate and digitalize their businesses

  • 拨款一亿令吉助中小企业及小商贩数码化

  • RM1 Billion in funds under Bank Negara Malaysia (BNM) to assist micro, small, and medium enterprises (SMEs) automate their processes to digitalize their businesses.
  • RM100 million under the SME digitalization scheme will be used to fund matching grants of up to RM5,000 to SMEs subscribing to apps to digitalize their businesses and expand into eCommerce, such as point-of-sales systems, accounts or inventory management.
  • Malaysia government to provide RM50 million in matching grants to encourage automation of the plantation sector through the use of robotics, automation, and artificial intelligence (AI).
  • Malaysia government to accelerate the implementation of the Jendela project as a national effort to provide internet network facilities.

KWSP / EPF
公积金

Govt contribute RM500 to EPF account 1 for members aged 40-54 with savings less than RM10,000 

  • 40-54岁EPF会员存款少于1万者第一户口获RM500

  • Malaysia government to help EPF members aged 40 to 54 with KWSP savings of less than RM10,000 in their Account 1 by providing an additional contribution of RM500; to benefit nearly two million EPF members with an allocation of nearly RM1 billion.

Transport
交通

RM50 monthly pass for public transport

Free driving license fee for motorcycle (B2), taxi, bus and e-hailing

  • 续落实MY50无限次乘搭公交月票

  • 免摩托车 (B2)，出租车，巴士和电召车驾照考试费用

 

PTPTN Loan Repayment
高等教育基金还贷折扣

20% discount for 3 months repayment
Repayment deferrals for 6 months

  • PTPTN贷学金20%折扣为期3个月

  • 申请延迟偿还贷款长达6个月

  • Goverment Malaysia giving up to 20% discount for three months on PTPTN loan repayment starting 1st March.
  • Govt to grant a postponement of repayment to borrowers with a monthly income of RM1,800 and below for a 6 months period; application for postponement can be made from March 1.
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