Everything You Need To Know For The M40 In Budget 2022
Next year’s national budget was tabled at parliament.
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The government has tabled Budget 2022 in Parliament which is aimed at uplifting the livelihood of the rakyat and the economy.
Here’s what’s in store for the Middle 40 (M40) income group:
For Families
The government will also provide additional assistance of RM500 via Bantuan Keluarga Malaysia to single parents who have dependent children and a monthly income of up to RM5000.
Parents with three or more children are eligible for a maximum BKM of RM2500.
Income tax reliefs
For mobile devices
The government intends to extend the special individual income tax relief of up to RM2500 on the purchase of mobile phones, computers and tablets until 31 December 2022.
For mental health
The government also plans to expand the scope of individual income tax relief for health screening expenses to cover the cost of consulting services of registered psychiatrists, clinical psychologists and counselors.
For working women with children
In recognition of working women who manage their children during working hours, the government intends to extend the individual income tax relief up to RM3,000 for the payment of daycare and kindergarten fees until the year of assessment 2023.
For upskilling
Tax relief for expenses for attending skills development or personal development courses has been increased from RM1,000 to RM2,000 until 2023.
In addition, those who take courses with approved professional bodies are eligible to get tax relief on fees up to RM7,000.
Approved professional courses include accounting, finance as well as those related to environmental, social and governance (or ESG).
For domestic tourism
Special individual income tax relief for domestic tourism expenditure up to RM1000 is extended until the Year Of Assessment 2022.
For gig workers
The government plans to extend tax relief of up to RM4,000 to EPF contributors including voluntary contributions such as those who are self-employed in the gig sector.
For electric vehicles
Income tax relief of RM2500 is given on the cost of purchase and installation, rental and hire purchase of facilities, as well as payment of subscription fees for EV charging facilities.
PTPTN discounts
- 15% discount on the outstanding balance for full settlement of the loan
- 12% discount for payment of at least 50% on the balance of the debt in one payment
- 10% discount for repayment through salary deduction or direct debit as per schedule
EPF
The Employees Provident Fund (EPF) will extend the 9% EPF minimum contribution rate until June 2022.
RPGT
The Government will no longer impose Real Property Gains Tax (RPGT) for disposals by individual citizens, permanent residents and companies from the sixth year and above.
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Unkempt in both stories and appearance, Hakim loves tech but tech left him on read, previously he used to write about tall buildings and unoccupied spaces that he can't afford, and legend has it that he still can't afford it to this day