Individual Tax Rates 2024 Malaysia. Here's how you can calculate based on your personal income band and the individual progressive tax rate in malaysia. For ya 2023, it’s important to note that the tax rates have been amended under budget 2023, with a reduction of 2% for those who fall under the m40 income group, and an increase of between 0.5% to 2% for selected higher income brackets.

Review the latest income tax rates, thresholds and personal allowances in malaysia which are used to calculate salary after tax when factoring in social security contributions,. According to its forecast for 2024, individual income tax revenue is expected to rise 6.9% to rm42.5 billion.