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Budget 2027: Individual tax relief increases to RM12k
The measures are expected to save up to RM1,600 for 5 million taxpayers and RM6,000 for 300,000 businesses, officials said.
- On Friday, Prime Minister Datuk Seri Anwar Ibrahim tabled an expansionary Budget 2027 in Parliament, proposing RM459.8 billion in total spending. Themed 'Reaching for the Sky, Rooted in the Ground,' the plan targets a fiscal deficit of 3.3% for 2027.
- Addressing geopolitical tensions and higher energy costs, the budget balances economic growth with fiscal discipline. The Ministry of Finance projects 2027 GDP growth between 4.2 per cent and 5.2 per cent, maintaining medium-term consolidation despite external pressures.
- Anwar announced a minimum wage increase to RM2,000 effective June 2027 and raised individual tax relief to RM12,000. These measures are expected to save up to RM1,600 for 5 million taxpayers, supporting middle-income families and small businesses.
- Supporting youth and education, the government introduced a RM2,500 living allowance for Form Six students and increased Early Schooling Aid to RM200 per child. PTPTN borrowers earning under RM2,500 monthly will receive repayment deferments in 2027.
- Industry leaders, including Khazanah Nasional Berhad and UOB Malaysia, welcomed the budget's pragmatic balance between growth and fiscal responsibility. Experts note the focus on strategic sectors like semiconductors and infrastructure strengthens Malaysia's long-term investment ecosystem and resilience.
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24 Articles
Budget 2027: Individual tax relief rises to RM12,000, income tax percentage lowered
KUALA LUMPUR, Oct 9 — The government will increase individual income tax relief from RM9,000 to RM12,000 and reduce tax rates for selected income brackets under Budget 2027.Prime...
·Petaling Jaya, Malaysia
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Coverage Details
Total News Sources24
Leaning Left1Leaning Right5Center0Last UpdatedBias Distribution83% Right
Bias Distribution
- 83% of the sources lean Right
83% Right
L 17%
R 83%
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