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-Decrease pollution.
-Corporate and shopping centres provide free charging station.
-In addition, EV charging equipment manufacturers get 100% income tax exemption for YA 2023 to 2032.

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-Established in 1949 under Juvenile Courts Act 1947.
-Known as High Moral School before 15 May 1950.
-To care young offenders in Malaysia. (Murder, Rape and House Breaking)
-14-21 years old.

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• Previously, double deduction is given to employers on remunerations paid for the employment of Senior Citizens, Ex-Convicts, Parolees, Supervised Persons and Ex-Drug Dependants.
• It is proposed that the scope of the double deduction be expanded to include the employment of inmates and ex-inmates of Henry Gurney School under the Malaysian Prison Department, protection and rehabilitation institutions and registered care centres under the Social Welfare Department.
• The proposal is effective from YA 2023 to YA 2025.

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Tax Incentive for Rental of Electric Vehicles (EV)

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Tax Incentive for Rental of Electric Vehicles (EV)

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• Previously, companies renting non-commercial motor vehicles are given tax deduction of up to RM50,000 or RM100,000 depending on the cost of the motor vehicle.
• To encourage the utilization of low-carbon vehicles, it is proposed that tax deduction of up to RM300,000 be given for the rental of electric vehicles.
• The proposal is effective from YA 2023 to YA 2025.

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Tax implication of Malaysia Budget 2023 On Business and Personal Income Taxation

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Tax implication of Malaysia Budget 2023 On Business and Personal Income Taxation

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No gain and no loss are not applicable. 

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No gain and no loss are not applicable. 

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The disposal price is equal to the acquisition price.

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The disposal price is equal to the acquisition price.

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3.Extension of Period for Fees Paid to Childcare Centre and Kindergartens

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3.Extension of Period for Fees Paid to Childcare Centre and Kindergartens

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1. Expansion of Income for Medical Expenses for Self, Spouse and Child

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1. Expansion of Income for Medical Expenses for Self, Spouse and Child

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2. Expansion of Scope for Contribution to Employees Provident Fund (EPF)

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2. Expansion of Scope for Contribution to Employees Provident Fund (EPF)

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Adjustment happen in tax deduction on contribution to non -profit in sports development tax cut of up to 10% on aggregate income.

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Adjustment happen in tax deduction on contribution to non -profit in sports development tax cut of up to 10% on aggregate income.

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a. Reduce motivation to work for individuals 

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a. Reduce motivation to work for individuals 

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Due to rising tax rates, some people may decide to work less because they believe that their efforts are not worthwhile.

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Lowering individual tax rates can also promote tax compliance because people may be inclined to pay taxes if they feel the tax system is just and the rate is acceptable.

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People will receive extra money to invest or spend as they see fit. Boost the economy's purchasing power.

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The tax rate of resident individuals for chargeable income band between RM100,001 to RM1,000,000 will be increased by 0.5% to 2%.

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The tax rate of resident individuals for each chargeable income band between RM 35001 to RM100,000 will be reduced by 2%

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b. Drive individual decision to save and invest less 

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b. Drive individual decision to save and invest less 

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High tax rates can limit a person's ability to work for or make investments in their company or government.

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Transfer of Real property to a former spouse

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Transfer of Real property to a former spouse

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By fulfilling the Malaysia citizen's economic needs government proposed that the income tax rate for the first RM 150,000 of chargeable income be reduced from 17% to 15%.

A company having a paid-up capital in respect of ordinary shares of not more than RM2.5 million, or LLP with a total capital contribution of not more than RM2.5 million and gross business income of not more than RM 5O million.

Implication
1. It can promote economic growth
2. It can help to reduce the burden for MSMEs

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Adjustment to tax deduction for qualified donations

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Adjustment to tax deduction for qualified donations