Many M40 middle-income groups are complaining that they cannot benefit from the 2022 Budget. The First Deputy Minister of Finance said that the M40 middle income group can enjoy tax relief up to RM8,500.
It is understood that in Budget 2022, the government will continue to provide tax relief of up to RM2500 for the purchase of a personal computer, smartphone or tablet. A tax credit of up to RM3000 is also available for sending your child to a child care center.
In addition, there is a tax deduction of RM2000 for skills upgrading courses or further education expenses. A tax deduction of RM1000 is also available for local travel. All tax deductions add up to a total of RM8500 tax deduction.
The First Deputy Minister of Finance also pointed out that sales tax exemptions are also available for the purchase of cars, and import tax and sales tax exemptions are available for the purchase of electric vehicles. People can also be exempted from paying property profit tax when selling property that they have held for 6 years or more.
Children between the ages of 18 and 20 in the family are also eligible for the RM150 e-Start e-wallet incentive from the government. There is also a discount of up to 15% on the payment of the Higher Education Fund (PTPTN).
