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28 September 2012
Budget 2013 - Tax Revision on Individual Income and Cooperatives
 
Tax Revision on Individual Income and Cooperatives
The Government is concerned about the rising cost of living on the rakyat as well as their income tax liabilities. The Government has provided 20 individual tax reliefs and two tax rebates. With these tax reliefs and rebates, only 1.7 million persons pay tax compared to the overall workforce of 12 million.
In the transition process from the current tax system, based on income to a tax system that is fairer, the Government proposes that individual income tax rate be reduced by 1 percentage point for each grouped annual income tax exceeding RM2,500 to RM50,000. The measure will remove 170,000 taxpayers from paying tax as well as provide savings on their tax payment. As an example, unmarried young professional with a monthly income of RM5,000 will enjoy income tax savings up to RM425 per person.
Meanwhile, to continue spearheading the transformation of the cooperative movement, the Government proposes that cooperative income tax rate be reduced between 1 to 7 percentage points on income tax groups. With this, 7 million cooperative members will enjoy this benefit as an encouragement to increase entrepreneurial participation in business.
 
 
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28 September 2012
Budget 2013 - Tax Revision on Individual Income and Cooperatives
1% point cut for individual income tax 2013
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