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Individual Income Tax Amendments in Malaysia for 2021 Individual Income Tax Amendments in Malaysia for 2021 March 1, 2021 Posted by ASEAN Briefing Written by Ayman Falak Medina Reading Time: 4 minutes Malaysia’s government has introduced several income tax amendments that will impact individual taxpayers for 2021. The individual income tax has been reduced from 14 to 13 percent for resident taxpayers in the 50,000 ringgit (US$12,375) to 70,000 ringgit band (US$17,325). Further, there are several tax relief schemes that residential taxpayers can benefit from for this year and beyond. Malaysia’s government introduced a slight reduction in individual tax as part of its 2021 budget proposals. Furthermore, the government has increased, expanded, and extended the scope of the individual tax relief schemes introduced in 2020.

National higher education fund corporationNational education savings schemeDepartment of skillsEmployment provident fundProvident fundExpert programPrivate retirement schemeReturning expertReturning expert programIncome tax actPrivate retirementNational education savingsதேசிய அதிக கல்வி நிதி நிறுவனம்தேசிய கல்வி சேமிப்பு திட்டம்துறை ஆஃப் திறன்கள்வேலைவாய்ப்பு வருங்கால நிதி