PETALING JAYA: The income tax of those earning between RM50,001 and RM70,000 will be lowered by one percentage point, says the Finance Ministry.
This initiative is expected to benefit 1.4 million taxpayers, said its Minister Tengku Datuk Seri Zafrul Abdul during the tabling of Budget 2021 in parliament on Friday (Nov 6).
He added that for a period of two assessment years, the income tax exemption limit for compensation paid upon job loss will be increased from RM10,000 to RM20,000 for every year of service completed.
These initiatives are among many introduced to reduce the burden of the people who are affected by the Covid-19 pandemic.
