On 23 October 2015, Malaysia's Prime Minister and Finance Minister Najib Razak presented the Budget for 2016 to parliament. The main tax-related measures concern individual income tax brackets, tax incentives and GST.
Individual Income Tax Brackets
Two new upper individual income tax brackets and rate will be added:
- over MYR 600,000 up to MYR 1 million - 26%
- over MYR 1 million - 28%
The current top rate is 25% for income over MYR 400,000.
Tax Incentives
- Companies whose reinvestment i…