2024 Budget focuses on uplifting the national economy and the Rakyat’s well-being in a progressive and equitable manner while setting the precursor for future tax reforms. In an effort to increase revenue, it has been announced the increase of Service Tax rate and the implementation of High Value Goods Tax and Capital Gain tax.
From the personal income tax perspective, there is no new tax measures. However, a few existing reliefs are expanded to include other related expenses, and some are extended to a longer period. Although this year there are only a handful of reliefs that have changes, there may still be tax savings for certain expenses incurred.
KPMG’s Personal Budget Widget is a complimentary tool that provides preliminary calculations of possible tax savings arising from Malaysia’s 2024 Budget proposals which you may enjoy 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 savings will be calculated solely based on reliefs announced in the 2024 Budget proposals. Where appropriate, assumptions have been made that all reliefs chosen by you will be claimed up to the maximum allowable amount.
