Malaysia's Budget for 2023 Includes Certain Tax Rate Changes and Several Tax Incentive Extensions

Malaysia's Budget for 2023 was delivered on 7 October 2022. Tax measures of the budget include certain tax rate changes as well as the extension/expansion of several tax incentives along with certain new incentives. Some of the main measures include:

• The revision of the individual income tax brackets as follows, with certain rate reductions and increases from assessment year 2023:
  • MYR 0 to 5,000 - 0%
  • MYR 5,001 to 20,000 - 1%
  • MYR 20,001 to 35,000 - 3%
  • MYR 35,001 to 50,000 - 8%
  • MYR 50,001 to…