Anwar plans to introduce new taxes, for example, luxury goods tax on expensive items such as watches, jewellery etc. The tax is expected to be imposed at the point of sale. theSun theSundaily taxes Budget2023 government economy growth Malaysia
the difficult economic environment domestically and internationally, Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim has focused on growing the economy by helping businesses largely through grants, cheaper financing, providing financial guarantees, and continuing with the provision of targeted tax incentives.
The highlight of this budget is the increase in the taxation of high-income earners. Those earning more than RM100,000 of taxable income up to RM1,000,000 will have to pay an additional 0.5% to 2.0 percentage points in taxes, amounting to RM10,950 for a person earning RM1,000,000 or more. Those earning less than RM100,000 will benefit from a 2.0 percentage point in tax, saving them up to RM1,300.
In the previous SVDP conducted by the IRB up to December 2019, many taxpayers got away with underdeclaring their understated or undeclared income by paying just a few thousand ringgit compared to their actual tax liability which could have been much larger. Taxpayers entering into this arrangement should be able to show the basis of arriving at the underdeclared/undeclared income. If they are unable to do that, then the tax authorities should help them arrive at the numbers.1) Stamp duty will be waived for transfers of property between parent and children, and grandparents and grandchildren for the first RM1 million, the balance will be accorded a 50% remission.
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