KUALA LUMPUR, Oct 9 — A total of 300,000 micro, small and medium enterprises (MSMEs) in Malaysia are expected to have additional income of up to RM6,000 each amid expected lower taxes, as the federal government will be cutting their income tax rates, Prime Minister Datuk Seri Anwar Ibrahim said today.
As a response to MSMEs’ concerns over rising operating costs, Anwar said the federal government has agreed to reduce their income tax rates by one percentage point:
For the first RM150,000 in taxable income, the tax rate will be reduced to 14 per cent;
For the taxable income from RM150,000 to RM600,000, the tax rate will be reduced to 16 per cent.
