Are Malaysians ready for higher taxes?
Datuk Seri Amir Hamzah Azizan, Minister of Finance II, has announced the imposition of tax of 20% and more on individuals earning more than RM100,000 starting next year.
In his speech at the winding up of the Supply Bill 2025, Amir Hamzah stated that this tax includes those who earn income through salaries and dividends of private companies.
For company owners who receive salary and dividends, company tax can increase up to 30% while owners who only receive dividends will be subject to company tax of 20%.
Furthermore, dividend tax is mandatory for all shareholders in listed and unlisted companies.
Amir explained that this step aims to ensure that the able-bodied contribute to the country's income.
However, the date for the enforcement of this new tax has not yet been finalized and will be announced later.
