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Malaysia Budget 2021 Highlights


LHDN

Income Tax Rates
- Individual tax relief for income RM 50,001 - RM 70,000 reduced by 1%.

Tax Relief
- Disabled spouse tax relief increased from RM 3,500 to RM 5,000
- Medical treatment, special needs and carer expenses for parents increased from RM 5,000 to RM 8,000
- Education Fees tax relief expended the cover for approved skills upgrading programmes limited to RM 1,000.
- Medical expenses for serious diseases and fertility treatment for self and spouse increased from RM 6,000 to RM 8,000.
- Medical examination expenses for self, spouse and child increased from RM 500 to RM 1,000.
- Additional tax relief limited to RM500 for purchasing sports equipment, renting sports facilities and sports competitions registration fees.
- Child care centres and kindergartens fees tax relief increased from RM 2,000 to RM 3,000.
- Additional tax relief of up to RM 1,000 for domestic tourism expenditure made on or after 1 March 2020 but no later than 31 December 2021.

KWSP

EPF
- Reduced the minimum statutory contribution rate for employees to 9%. Effective beginning January 2021 to December 2021.


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