Updated: Jun 5
We would like to inform you that the second reading of the Finance Bill 2023 was presented in the Parliament by YB Tuan Steven Sim Chee Keong - Timbalan Menteri Kewangan on 3rd April 2023.
After going through a Committee Stage, some mirror amendments have been made to the Bill.
Two amendments that we would like to highlight are as follows:
The personal tax relief of up to RM8,000 for contributions to the National Education Savings Scheme (SSPN) will be extended to the year of assessment 2024.
This supersedes the previous proposal in the Finance Bill 2023 issued on 14th March 2023, which sought to remove the personal tax relief for contributions to SSPN in section 46(1)(k) of the Income Tax Act 1967, with effect from the year of assessment 2023.
This decision was made in response to public concerns and complaints, and we believe it will benefit approximately 400,000 taxpayers. However, it will also incur losses of RM250 million per year in the Government's revenue.
2. The amendment to Paragraph 2F of Part I of Schedule 1 of the ITA 1967
The amendment to Paragraph 2F of Part I of Schedule 1 of the ITA 1967 about reviewing the income tax treatment of micro, small and medium enterprises is to affect YA 2024 and subsequent YAs.
For your reference, the amended Finance Bill 2023 can be downloaded by clicking on the attachment provided below:-
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