PETALING JAYA, Oct 7 (Bernama) — The 2023 Budget, amounting to RM372.3 billion, was tabled by YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz at 4 pm today, 7 October 2022.
The proposal addressed critical areas and sectors and has taken into account the rising cost of living of Malaysians, particularly the M40 and the worst affected economic sectors such as tourism and travel. Most significantly, a 2% reduction in personal income tax rate for individuals with taxable income ranging from RM50,000 to RM100,000; the reinvestment allowance and income tax exemption for the hotel and tourism industries – these reliefs are well received.
