Budget 2015 - Highlights

Personal income tax.

• Personal income tax rates reduced by between 1% to 3%
• Chargeable income subject to maximum rate increased from exceeding RM100,000.00 to exceeding RM400,000.00
• Maximum tax rate reduced from 26% to 24%, 24.5% and 25%

Tax payers with income of RM4,000.00 or less will not be liable for income tax from year of assessment 2015.

Corporate tax.

• Secretarial and tax filing fees allowed as tax deductions
• Tax rate reduced by 1% from 25% to 24%
• Tax rate for small and medium sized enterprises reduced to 19% from 20%

Year of assessment 2016.