KUALA LUMPUR: Finance Minister Lim Guan Eng said today that even with the two-percentage point increase in the income tax rate for those with taxable income in excess of RM2 million, the percentage remains among the lowest in the region. He said the new tax band was inspired by a proposal from the World Bank – which set an even higher rate of 35 per cent. Lim added that the government views the increase as being within the taxpayers’ means. While tabling the 2020 Budget on Friday, Lim said a new band for taxable income above RM2 million will be introduced, and taxed at 30 per cent – up from the present rate of 28 per cent – to ensure a more progressive personal income tax structure. The Budget 2020 Forum was jointly organised by Malayan Banking Bhd, CGS-CIMB Securities Sdn Bhd and RHB Banking Group to provide a platform for government officials, industry experts and corporates to share their views and expectations on the 2020 Budget.

Source: New Strait Times October 14, 2019 06:33 UTC