KUALA LUMPUR, Oct 12 (Bernama) -- The income tax rate for micro, small and medium enterprises (MSMEs) is proposed to be revised, including a one percentage point reduction for the two lowest taxable income bands, effective from the 2027 assessment year.
Business : Budget 2027: MSME Income Tax Rate Proposed To Be Reduced By One Percentage Point
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Key points
- In the Budget Tax Measures 2027 document, the Ministry of Finance (MoF) said through the proposal, the income tax rate for the first RM150,000 taxable income band is proposed to be reduced from 15 per cent to 14 per cent.
- The tax rate for the taxable income range of RM150,001 to RM600,000 is proposed to be reduced from 17 per cent to 16 per cent, while the tax rate for taxable income exceeding RM600,000 remains at 24 per cent.
- "In addition, the overall capital allowance limit for such assets eligible for claim by companies other than MSMEs is proposed to be increased from RM20,000 to RM30,000 for each year of assessment," it said.
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