Individual Income Tax Amendments in Malaysia for 2021
Individual Income Tax Amendments in Malaysia for 2021 March 1, 2021 Posted by ASEAN Briefing Written by Ayman Falak Medina Reading Time: 4 minutes
Malaysia’s government has introduced several income tax amendments that will impact individual taxpayers for 2021.
The individual income tax has been reduced from 14 to 13 percent for resident taxpayers in the 50,000 ringgit (US$12,375) to 70,000 ringgit band (US$17,325).
Further, there are several tax relief schemes that residential taxpayers can benefit from for this year and beyond.
Malaysia’s government introduced a slight reduction in individual tax as part of its 2021 budget proposals. Furthermore, the government has increased, expanded, and extended the scope of the individual tax relief schemes introduced in 2020.
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Labour Minister Nimal Siripala de Silva said an employee has the preferential right to obtain his EPF and ETF deposits after completing service at 55 or to serve up to 60 years. The Government’s Budget 2021 proposed to raise the retirement age for the purpose of the Employment Provident Fund to 60 and remove the disparity between men and women.