Malaysia Cuts Personal Income Tax by 2 Percentage Points (1)

Malaysia will reduce the personal income tax rate for residents by 2 percentage points, Finance Minister Zafrul Aziz said in a budget speech to parliament.

• Rate on taxable income of 50,001 rgt-70,000 ringgit lowered to 11% from 13%
• Rate on taxable income of 70,001 rgt-100,000 rgt cut to 19% from 21%
• The tax cuts equate to an estimated 800 million ringgit in additional income for the people to spend
• Malaysia will also increase the rate for the taxable income of 250,000 rgt-400,000 rgt to 25%

(Updates with details in third, fourth bullet points)

--With assistance from Kok Leong Chan. ...