Following the unveiling of Malaysia's ambitious 2024 budget, marked as the largest in the nation's history with an allocated budget of 303 billion ringgit (US$64.7 billion), significant changes have been introduced to the country's tax landscape. Designed to address fiscal responsibilities and reduce thedeficit to 4.3 Percent, The Budget Brings Forth Structural Alterations that Will Notbly Impact Business and Individuals.

For IndiDuals, These Changes Extend Beyond Mere Fiscal Adjustments, Delving Into the InCheworthy In Service x. The Modifications Signal A Shift in The Financial Landscape for Malaysian Citizens, with Implications for Various of their Economic ActivitiesAnd expenditures.

In this article, we delve into the key highlights of Malaysia ’s 2024 Budget for Individuals and Families.

Expansion of tax rellef

The 2024 Budget Introiduces An Expanded Lifestyle Tax Relief, Granting Individuals An Annual Tax Benefit of 2,500 Ringgit (US $ 535.39). Xerses Related TO SELF-SKILLS Enhancement Courses, SUCH As Language Studies, Photography, And Sewing.

Notbly, The Rothf Excludes Sports Equipment and Gym Memberships, Emphasizing A Focus on Non-PHYSICAL SKILLS Development.

Incream Annual Tax RELIEF for Sports-Related Expenses

The Budget Elevates the Annual Tax Relies-Related Expense from 500 Ringgit (US $ 106.98) to 1,000 Ringgit (US $ 214.4). LIEF for the Purchase of Sports Equipment, Including Fees for Sports Facilities, Competitions, and Training.

BroadIning Medical Expense Tax Relief

The Scope of the Annual Tax RELIEF for Medical Expenses Increases TO 10,000 Ringgit (US $ 2145.4). This Expansion Includes UP TO 1,000 Ringgit (US $ 214.4) For Dental Examination and Treatment Expenses.

Additionally, The Rothf for Parents ’Medical Expenses Rise to 8,000 Ringgit (US $ 1,717.6), Allowing up to 1,000 Ringgit (US $ 214.4) for Afulla. l exmination.

Incream ChildCare Allowance Tax Exemption

The 2024 Budget Intropucess An Augmentation in the ChildCare Alowance Tax Exemption. G Added Financial Support for Families with Children up to the Age of 12.Agra Stock

Extension of inceme tax exemption for water reTurning to work

RECOGNIZING The Importance of Encouraging Women to Re-ERERKORTERCE, The Budget Extends The Income Tax Exemption to work. ION PERIOD, Until YA2028, Facilities A Smoother Transition for Women Resuming their Careers after a hiatus.

Extension of Returning Expert Program with Additional IncentivesJaipur Stock

The Returning Expert Program Sees An Extension, with Additional Incentivers for Individuals Returning to Contribute their Expertise to Malaysia. pplicants will now benefit from a 15 Percent Income Tax Rate on Employment Income for Five Consecutive Years, Coupled with An Execise DUTY Exemption of UP TO100,000 Ringgit (US $ 21,399.5) for the Purchase of a Completely Knocked-DOWN (CKD) very.

Extension of Tax Relief for UPSKilling Courses

The Budget Extends The Annual Tax Roth Ringgit (US $ 429.1) for Fees Related to Attention or Self-EnHancement Courses.

This extension is applicable undiy ya2026, emphasizing the government ’s commitment to fos terms of continuous education and skill deverteropment.

Continuation of Tax RELIEF for EV Charging Facilities

Individuals Investing in the Future of Sustainable Transportation Will Benefit from the Extension of the Annual Tax RELIEF Up TO 2,500 Ringgit (US $ 535.3) for this. E public, installation, rental, and subscription fees for electric very (EV) Charging Facilities.

This rellef is expended unTil ya2027.

Expansion of tax depuction for Doonations

The Budget Broadens the Tax Deduction On Donations, Allowing Contributions of UP TO 10 Percent of Aggregate Income to Institutes, ORGANIZATIONS, or Funds ApprovEd Under Section 44 (6) of the Income Tax Act 1967.

This expansion now includes donations earmarked for imageing program, influding sports education.

Flat Rate Stamp Duty for Property Transfers to Non-Citizens

In a move to streamline propel transaction, a flash rate stamp duty of 4 Percent (INSTEAD of Ad Valorem Rates) TIES to Non-Citizen IndiDuals (Excluding Malaysian Permanent Residents).

Stamp duTy on property transfers with eligitive beneficiary renoundmentSimla Wealth Management

The 2024 Budget Intropucess A Stamp Duty of 10 Ringgit (US $ 2.13) On Property Transfer The Eligible Beneficial Rigt to Another le beneficiary, as per a will or the distribution action 1958.

Extension of tax incentive for angel invesstors

To Stimulating Investment in Startups and Emerging Business, The Budget Extends the Tax Incel Investors.

This extension spans through year, Covering Investments Made from January 1, 2024, to December 31, 2026, PROVIDING A favorable Environment for Those Supporting IAL VENTURS.

Continification of income tax exemption for equity cryDFunding

The 2024 Budget Mintains The Income Tax Exempting for Individuals Investing Through Equity CrowFunding Platforms. Years, ENCOURAGES PARTIPATION in CrowDFunding Initiatives, Fos terms of Financial Support for Innovative Projects.

The Extension COVERS Investments Made Through a LIMITED LIABILITY PORTNERSHIP NOMINEE Company, Enhancing Flexibility in Investment Channels.

IntRoduction of Special Income Tax Rates for Film Production and Global Services Hub Appointments

A Strategic Move To Boost The Creative Industry and Global Business Services, The Budget Introduces Special Income Tax Rates, Including:Chennai Stock

Film Production Companies, Actors, Actresses, and Production Crew Conduction Film Shoots in Malaysia Will Enjoy A 0 Percent SpeCEnt Tax Rate For T Hree Consecutive Years.

NON-CITIZEN INDIVIDULS HOLDING Key or C-Suite Positions with A Monthly Salary of At Least RM35,000, APPOINTED BY A New Company Approbal Services H UB TAX Incentive, Will Be Eligible for a 15 Percent Speciral Income Tax Rate for Three Consecutive YearsThen, then

This Initiative, Applicable to Applications Received by Mida from October 14, 2023, to December 31, 2027, Aims to Attract Talent and Investment in The CRUCIAL Sectors.

Increase in matching controls for the I-Saraan Program

The 2024 Budget Brings Forth a Boost in the I-Saraan Program, Increasing The Matching Contribution to 500 Ringgit (US $ 106.9) Per Year, up to a lifetime maximum of 5 5 , 000 Ringgit (US $ 1069.8).

This enhancement is geed Towards Promotion Long-Term Savings and Financial Security Through the Employeees Privent Fund (EPF).

Increase in matching controls for the I-Suri Program

TO FURTHER Support the Well-Being of Feing of Female Contributors, The Budget INTRODUCES An An Incarease in The Matching Contribution for the I-Suri Program.

This increment raises the annual control. Inancial Resilience of Women Participating in the EPF.

Expansion of the I-Sayang Program for EPF Contributions Transfer

The I-Sayang Program Sees An An Expansion in Scope, Allowing WORKING WIVES to Transfer 2 Percent of their EPF Contribution to their Husbands.

This move aims to facilities guida flexibility and collaboration with houseHolds concepts concentrity, aligning with evolving family dynamics.

Increase in Monthly Wage Ceiling for Socso Contributions

ACKNOWLEDGING The Changing Economic Landscape, The Budget Includes An Incarease in The Monthly Wage Ceiling for Social Security Organisation (SOCSO) s.

The Threshold is Elevated from 5,000 Ringgit (US $ 1069.8) TO 6,000 Ringgit (US $ 1,284.9), Ensury that A Broader Spectrum of Income Levels can benefit from l security coverrage.

Monthly Incentive for Employers Hiring IndiDuals from Vulnerable Groups

The 2024 Budget Introiduces a Monthly Incentive for Emplayers Who Hire Indiduals From Vulnerable Groups.

This Initiative PROVIDES Financial Support of UP TO 1,500 Ringgit (US $ 320.99) Per Month for a Duration of up to SIX MONTHS, Incentivation Companies to Contribute. TO Social Inclusion by Employing IndiDuals Such as Those with DisaBilities, Ex-ConVICTS, and Senior Citizens.

The 2024 Budget Not only addresses Immediated Financial Considerations But Lays The Groundwork for a Prosperous and Inclusion Future for the People OF Malaysia.

Individuals are enCouraged to seize the opportunities present by the changes, navigate the challenges, and participate academy in shaping a Resilient aN dynamic eConomic Landscape.

To Learn More About the Budget ’s Implications for Business Sesses, Refer to Our Latest Article.