Malaysia

New personal income tax (PIT) rates for certain chargeable income bands from the year of assessment 2023

From the year of assessment 2023, the income tax rates of Malaysian tax resident individuals for: 

• each of the chargeable income bands from 35,001 to 100,000 Malaysian ringgits (MYR) is reduced by 2%, and
• each of the chargeable income bands from MYR 100,001 to MYR 1 million is increased by between 0.5% to 2%.

See the Taxes on personal income section for new PIT rates from the year of assessment 2023 onwards.

Luxury goods tax

A luxury goods tax is proposed to be introduced in 2023. Details of the threshold value and type of items subjected to the luxury tax have yet to be announced.