The government has launched several new policies in 2022. Here is a look at them.
1. Malaysian citizens or permanent residents can be exempted from paying property profits tax (RPGT) when they sell properties that they hold for more than 6 years.
2. The government will increase the tax on sugary beverages from 40 cents per liter to 47 cents per liter. The scope of sugary beverages will be expanded to include chocolate, cocoa malt, coffee, and tea mixed beverages.
3. People who purchase electric vehicles can enjoy personal income tax relief of up to RM2500, as well as exemption of import tax, excess tax, and road tax.
4. The government has introduced a tax identification number (TIN) measure. In the future, you will need to provide your TIN for opening bank accounts and buying cars.
5. Companies that collect more than RM 100 million in revenue will be levied on the Cukai Makmur, the first RM 100 million will be levied 24%, and the subsequent revenue will be levied 33%.
7. Income from overseas foreign exchange returning to the country needs to pay income tax, and taxpayers participating in the voluntary declaration plan only need to pay 3% tax.
8. At least 18 years old and one month after the birthday will be automatically registered as a qualified voter.
9. BKM assistance is issued. Families with a monthly income of less than RM5,000 and single persons with a monthly income of less than RM2,500 can receive assistance.
10. Primary and secondary school students with a family monthly income of less than RM3,000 can receive start-up assistance of RM150.
11. Faculty members under the Ministry of Education can receive RM100 rewards.
12. Young people between 18 and 20 years old and students over 21 years old can receive eStart RM150 e-wallet rewards.
13. Low-income groups can get an RM75 stable guarantee voucher, which can be used to purchase micro-insurance.
14. Raise the age of beneficiaries of the i-Saraan voluntary provident fund scheme to 60 years old.
15. The government will implement digital ID measures starting in 2022. Digital ID cards only make it more convenient and safer for people to conduct business online, and will not replace the existing physical ID cards.
16. Abolish the upper limit of stamp duty on stock transactions and service tax, and increase the stamp duty rate to 0.15%.
17. University students from B40 low-income families can get tablet computers distributed by the government.
18. The tax bureau can obtain taxpayer information from the bank, and the bank cannot notify the taxpayer.
19. Industries with an annual commission of more than RM100,000 are required to withhold a 2% tax. Withholding tax is levied on agents, dealers, and distributors with an annual commission of more than RM100,000.
20. The toll gates on the North-South Highway from Penang to Johor will support RFID payment for tolls from January 15th.
21. My50 monthly bus pass will be on sale from January 1st, and you can take unlimited bus rides for only RM50 per month.
