In this video, KTP (www.ktp.com.my) dives into the major highlights of Malaysia's Budget 2025, especially focusing on updates that will impact individual taxpayers.
From new dividend tax regulations and foreign income exemptions to expanded reliefs for child and elderly care, we break down everything you need to know in simple terms.
Key Highlights Covered :
1. Dividend Tax on Individual Shareholders
A 2% tax rate on annual dividend income above RM100,000, with exemptions for certain funds like KWSP and LTAT.
2. Foreign Source Income (FSI)
Extended tax exemption on FSI received in Malaysia, as long as it’s taxed at the source country, valid until December 2036.
3. Expanded Child and Elderly Care Allowances
Up to RM3,000 exemption for child and elderly care, providing additional support for taxpayers.
4. Medical Expenses Reliefs
Expanded coverage for mental health consultations, self-test kits, diagnostic tests, and rehabilitation treatments for children with learning disabilities, with increased limits.
5. Disability Benefits
Higher relief amounts for disabled individuals and their families.
6. Reliefs on Elderly Care and Sports Activities
Expanded to include elderly care expenses and sports activities for parents and grandparents.
7. Deferred Annuity and PRS
Extended relief for deferred annuities and Private Retirement Schemes until YA 2030.
8. Education and Medical Insurance
Increased limit from RM3,000 to RM4,000 for education and medical insurance.
9. Housing Loan Interest Relief
Tiered relief for first-time home buyers, with specific conditions based on home value.
10. Electric Vehicle and Eco-Friendly Expenses
Relief for EV charging facilities and food waste composting machines to promote sustainable living.
These updates are effective from YA 2025, helping individuals and families optimize tax reliefs in areas like healthcare, elderly care, education, and environmental sustainability. Watch to stay informed and understand how Budget 2025 can impact you.
YouTube Video
Watch our Budget 2025 Webinar for Individuals on YouTube : https://youtu.be/MY9NtYHgOMU
Past Update on Budget 2025
Dividend Income : https://www.ktp.com.my/blog/2percent-tax-dividend-income-above-rm100k/17oct2024
HR : https://www.ktp.com.my/blog/malaysia-budget-2025-hr/23oct2024
Companies : https://www.ktp.com.my/blog/malaysia-budget-2025-companies/24oct2024
Individual : https://www.ktp.com.my/blog/malaysia-budget-2025-individual/25oct2024
Tax Incentives : https://www.ktp.com.my/blog/malaysia-budget-2025-new-tax-incentives/30oct2024
Indirect Tax : https://www.ktp.com.my/blog/malaysia-budget-2025-indirect-tax/1nov2024
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