What is the new income tax rate for those earning between RM70,001 and RM100,000?

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The income tax rate for individuals earning between RM70,001 and RM100,000 will be reduced to 19 percent.

The income tax payable rate for those earning between RM70,001 and RM100,000 will be reduced by two percentage points, from 21 per cent to 19 per cent. This adjustment is part of a broader income tax reduction for individuals earning between RM50,001 and RM100,000. These changes were announced by Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz as part of Budget 2023.
Personal Income Tax Reduction

The revised income tax structure will see a two percentage point reduction for individuals within a specific income bracket. Specifically, those earning between RM70,001 and RM100,000 will now face a 19 per cent tax rate, down from the previous 21 per cent. This reduction is part of a wider measure affecting those earning between RM50,001 and RM100,000, whose tax payable rate will be cut from 13 per cent to 11 per cent in the lower portion of that range.
Budget 2023 Framework

The announcement of the tax rate adjustment was made during the tabling of Budget 2023. The budget itself was developed following extensive stakeholder engagement, including 200 engagements, 250 memorandums, and 12,000 public suggestions. The overarching approach for Budget 2023 is described as 3R: responsive, responsible, and reformist.
Budget Allocation

Budget 2023 has seen a significant allocation of RM372.3 billion, an increase from the RM332.1 billion allocated in 2022. This substantial budget underscores the government's commitment to its stated objectives and the various initiatives outlined within the budget.

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What is the new income tax rate for those earning between RM70,001 and RM100,000?

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