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On 24 February 2023, the Prime Minister and Minister of Finance, YAB Dato' Seri Anwar Ibrahim re-tabled the Malaysian Budget 2023 ("Budget") themed "Building Malaysia Madani". The MADANI Budget is focused on addressing the current economic challenges, inspiring confidence with institutional and governance reforms and facilitating social justice by reducing inequality.
In administering taxes, the Government intends to adopt a more progressive tax structure to ensure fair distribution of revenue to prioritize the low and middle-income groups. Amongst others, these measures include a proposed increase to the personal income tax rates of higher income groups, imposition of luxury goods tax, voluntary disclosure programs and capital gains tax for the disposal of unlisted shares.
We discuss these tax measures further in this client alert.
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