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Say if new tax deductions have been introduced, companies would probably have to spend time and resources, ultimately more money to consult the experts which means more expenses for them to understand and learn how to make use of the tax deductions for their business.

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If there’s tax deductions for investing in certain areas or say in this case such as the AI technology, businesses would be more likely to reinvest their money. Conversely if there’s no tax deduction for investing on certain technologies, the business would not likely be interested in pooling their money.

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This should be straightforward as say, if a business loses the ability to enjoy a certain tax deduction, of course it would have to pay more taxes, which lead to more expenses for the business and thus lesser profits. Vice versa, if the there’s new tax deductions to be enjoyed by the company, of course it would lower the taxes that they would have to pay which in turn lead to higher profits.

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Impacts of these tax deductions to businesses

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Impacts of these tax deductions to businesses

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The impact of these Government Grants on individual taxpayers in Malaysia is that they can help social welfare, thus benefiting individual taxpayers in certain aspects, which can help the better functioning of society. However, it should be noted that these subsidies also have specific restrictions and eligibility criteria, and taxpayers should consult a tax professional or refer to the guidelines of the Inland Revenue Department of Malaysia to ensure that they are properly entitled to the subsidies.

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R&D grants of RM15 million for the development of a national vaccine.

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Funding for Ministry of Higher Education

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Funding for Ministry of Higher Education

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Additional allocation RM50 million to intensify translational R&D that is beneficial to the resolution of community and industry issues.

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Funding of RM324 million to improve training programs and sport facilities for the benefit of all athletes, including para-athletes.

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In an effort to encourage the re-entry of women into the workforce, PERKESO will amend the Employees' Social Security Act 1969 to provide a grant of up to 80% of the insured salary value of the employees.

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Operation Grants for National Scam Response Centre (NSRC)

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Operation Grants for National Scam Response Centre (NSRC)

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Operation grants of RM10 million to strengthen the role of NSRC.

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Grants of RM20 million under the Community Care Organisation for the benefit of 2,000 residents' associations.

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The impact of these tax deductions for individual taxpayers in Malaysia is that they can help reduce their taxable income, resulting in a lower tax liability. This can help individuals save money on their taxes and keep more of their income. However, it's important to note that these deductions have specific limits and eligibility criteria, and taxpayers should consult with a tax professional or refer to the Malaysia Inland Revenue Board's guidelines to ensure that they are claiming deductions correctly.

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the government may introduce new tax deductions or credits for individual which can help to reduce the amount of tax individuals need to pay

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Dental care and examinations are now covered by tax exemption for medical treatment expenditures under Budget 2023. This tax break is available to:
severe disease of the individual, their spouse, or their child;
therapy for individual's or spouse's infertility;
A maximum of RM1,000 can be spent on vaccinations for the taxpayer, their spouse, or their children; RM8,000 can be spent on a full physical examination, a mental health consultation, or a COVID-19 detection test; and RM1,000 can be spent on dental work done by professionals who are licensed by the Malaysian Dental Council.

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Tax deduction for COVID-19 Detection Test

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Tax deduction for COVID-19 Detection Test

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The COVID-19 relief of up to RM1,000 now extends to include the following costs:
the cost of a COVID-19 detection test completed at a hospital or clinic, as shown by a receipt provided by the institution/clinic/healthcare provider licensed by the Malaysian Medical Council;
purchase of a self-detection test kit with proof of purchase, plus;
Costs for tests performed in a laboratory recognized by Malaysia's Ministry of Health

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Tax deduction for the National Education Savings Scheme (SSPN)

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Tax deduction for the National Education Savings Scheme (SSPN)

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Up to RM8,000 in net contributions to the SSPN for a person's children's education are exempt from taxes until YA 2024.Other student debt relief options include:
20% off the remaining balance of your PTPTN loan once you pay it off in full between 1 November 2022 and 30 April 2023
Debtors who pay off at least 50% of their remaining debt in a single payment or choose salary deduction or scheduled direct debit between 1 November 2022 and 30 April 2023 will receive a 15% reduction off the outstanding balance of their PTPTN loan.

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Expansion of life insurance or takaful contribution on life insurance policy

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Expansion of life insurance or takaful contribution on life insurance policy

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Tax relief is available for paying the insurance costs or contributing takaful amounts on a life insurance policy placed on the life of the individual or spouse for the following reasons:
Pensionable public employee: RM7,000 maximum
Aside than public servants, there is an RM3,000
The relief's scope is being extended to include voluntarily paid Employees Provident Fund payments of up to RM3,000 made by private citizens or pensionable state employees.
(Starting in YA 2023)

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Expansion of Tax Deduction on fees paid to child care center and kindergarten

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Expansion of Tax Deduction on fees paid to child care center and kindergarten

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It is planned to extend the opportunity for claiming fees up to MYR 3,000 paid to registered child-care centers or kindergartens for children aged six years and lower to Year of Assessment ("YA") 2024 in an effort to reduce parents' financial burdens in providing early education for kids.
The stated proposal is valid until YA 2024.
Where a husband and a wife are assessed separately, the tax deduction under this paragraph can only be claimed either by the husband or the wife who incurs the expenses
Where a husband and a wife are divorced, the tax deduction can be claimed by the former husband and the former wife provided that they both made payment for the child care fees and that child is not the same child.

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Existing tax deductions improved or extended

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Existing tax deductions improved or extended

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Tax Deduction on Cost of Rental of Electric Vehicles (EVs) 

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Tax Deduction on Cost of Rental of Electric Vehicles (EVs) 

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The maximum rental amount for EVs allowed for tax deduction is limited to RM300,000 per vehicle. Previously capped at RM100,000 for vehicles that cost less than RM150,000 and RM50,000 for cost of vehicles exceeding RM150,000.

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Tax Deduction for Sponsorship of Smart Artificial Intelligence (AI)-driven Reverse Vending Machine 

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Tax Deduction for Sponsorship of Smart Artificial Intelligence (AI)-driven Reverse Vending Machine 

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Tax deduction will be given to companies with business income that make donations or sponsorships of AI-Driven Reverse Vending Machines with applications received by Ministry of Finance (MOF) from 1 April 2023 to 31 December 2024

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Tax Deduction on the Issuance Cost of Sustainable and Responsible Investment Linked (SRI-linked) Sukuk 

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Tax Deduction on the Issuance Cost of Sustainable and Responsible Investment Linked (SRI-linked) Sukuk 

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Tax Deduction on expenditure incurred on the issuance of Sustainable Responsible Investment (SRI)-linked sukuk that is approved, permitted or deposited with the Securities Commission effective from YA 2023 until YA 2027

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Tax Deduction for employers who employ former national athletes.

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Tax Deduction for employers who employ former national athletes.

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For the employment of former athletes, companies will be given tax deduction.

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Tax Deduction on contributions to non-governmental organizations (NGO) focusing on sports development.

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Tax Deduction on contributions to non-governmental organizations (NGO) focusing on sports development.

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Tax Deduction of up to 10% of aggregate income on Contribution for Sports Development will be allowed for companies that contribute to non-governmental organisations (NGO) that focuses on sports development programmes at the grassroots level.

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Tax Deduction on the Cost of Listing Expenses

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Tax Deduction on the Cost of Listing Expenses

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Tax Deduction of up to RM1.5 million on the cost of listing on the Access, Certainty, Efficiency (ACE) or Leading Entrepreneur Accelerator Platform (LEAP) markets.

Besides, the scope of tax deduction is expanded to include the cost of listing technology-based companies on the BURSA Main Market.

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The government may introduce new tax deductions for businesses, in which the newly introduced deductions could benefit the businesses by reducing the amount of tax that businesses would need to pay.

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Changes in tax rates can also affect consumer spending. Higher tax rates may lead to less disposable income for spending, reducing consumer spending overall. Conversely, lower tax rates may increase disposable income and lead to more consumer spending.

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Changes in tax rates can impact an individual's retirement planning. For example, if tax rates increase, the amount of retirement savings required to maintain a certain standard of living may increase.

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Income: Changes in tax rates can affect the amount of income an individual takes home after taxes. A higher tax rate means that more of an individual's income will be withheld for taxes, reducing their net income. Conversely, a lower tax rate means that individuals get to keep more of their income, increasing their net income.

Savings:Changes in tax rates can also impact savings. Higher tax rates can reduce the amount of disposable income available for savings and investment, while lower tax rates can increase it.

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(Business)Changes in tax rates can also impact investment decisions. When tax rates are high, businesses may be less likely to invest in new projects or equipment. Lower tax rates can encourage businesses to invest in new opportunities and grow their operations.

(individual)Changes in tax rates can impact investment decisions. For example, if tax rates on capital gains increase, it may discourage individuals from investing in stocks and other assets.

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Changes in tax rates can also impact the compliance costs of businesses. Higher tax rates may result in increased compliance costs, as businesses need to spend more time and money to comply with tax laws and regulations

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Lower tax rates can make a country more attractive to businesses looking to expand or relocate. This can lead to increased investment, job creation, and economic growth.

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A reduction in tax rates means that businesses will have more cash available to invest in their operations. This can lead to increased spending on research and development, hiring new employees, and expanding into new markets.

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Review of Resident Individuals Income Tax Rates

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Review of Resident Individuals Income Tax Rates

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· The tax rate of resident individuals in each chargeable income band between RM35,001 to RM100,000 will be reduced by 2%; and

· The tax rate of resident individuals in the chargeable income band over RM100,000 to RM1,000,000 will be increased by between 0.5% to 2%.

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The revised Budget 2023 proposes structural changes to the tax system in Malaysia, including the introduction of a Luxury Goods Tax, a Capital Gains Tax, and an excise duty on electronic cigarettes and vape products. The top 20% of Malaysian households will also face increased tax rates for income over RM100,000 to fuel government expenditure.

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The government may increase or decrease tax rates for individuals, which can affect the amount of tax individuals are required to pay on their income.

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Introduction of Capital Gains Tax for Disposal of Unlisted Shares by Companies

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Introduction of Capital Gains Tax for Disposal of Unlisted Shares by Companies

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The Government will study the introduction of capital gains tax for the disposal of unlisted shares by companies from YA 2024 onwards at a low tax rate.

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Announcement will be made in the third quarter of 2023 on incentives restructured to a tiered tax rate based on outcomes such as creating high-value jobs, strengthening the supply chains with local entities, and creating new industrial clusters.

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Review of Income Tax Treatment for MSMEs

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Review of Income Tax Treatment for MSMEs

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Corporate income tax rate for MSMEs will be reduced from 17% to 15% on the first chargeable income of RM150,000.

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The government may increase or decrease tax rates, which could impact the amount of tax businesses are required to pay. For example, a reduction in corporate tax rates could provide businesses with more funds to reinvest in their operations.