The revised Budget 2023 proposals, themed Malaysia MADANI, reflects the government’s drive for a reformed agenda focusing on fair, equitable, sustainable and people-led economic development. The proposals introduce changes in income tax rates for individual taxpayers including reduction in rates for the M40 group and an increase in rates for the T20 group. Furthermore, there is additional relief for voluntary contribution into Employees Provident Fund and medical expenses incurred for self, spouse and child.
KPMG’s Personal Budget Widget is a complimentary tool that provides preliminary calculations of possible tax saving or additional tax liability arising from the revised Budget 2023 proposals, and is based on your personal circumstances.
Note: This tool is designed to provide general guidance only and should not be used or relied upon as a substitute for actual tax calculations. Professional advice should be sought regarding your specific circumstances. The tax will be calculated solely based on reliefs announced in the 2023 Budget proposals. Where appropriate, assumptions have been made that all reliefs chosen by you will be claimed up to the maximum allowable amount.
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