Malaysia – Tax Initiative for Individual

Below are some of the adjustments on tax incentives that Individual will enjoy effective from year assessment 2024:

1.  Expanded lifestyle tax relief, this relief to include fees for self-improvement expenses such as language studies, photography, sewing and others. Granting annual tax benefit of RM2,500.
2.  RM2,000 out of RM7,000 education fees tax relief for upskilling courses which initially provided until YA 2023 is extended to YA2026.
3.  New tax relief for expenses incurred from sports equipment and activities is introduced. Individuals can claim up to RM1,000 annual tax relief.
4.  Medical treatment expenses for self, spouse and child will cover dental examination and treatment expenses. It will be limited to RM1,000.
5.  Tax relief for electric vehicle (EV) charging facilities RM2,500 which is initially provided until YA 2023 is extended to YA 2027.
6.  Extended tax relief for women returning to work to YA 2028.
7.  Tax relief for medical expenses for parents will be expanded to include full medical examination, limited to RM1,000.
8.  Tax exemption on children allowance received by employees has increased from RM2,400 to RM3,000.