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Malaysian Parliament Passes Finance Bill 2023 Including Budget and Other Measures

13 April 2023

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Approved Changes

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Malaysia

Malaysia's House of Representatives and Senate passed the Finance Bill 2023 on 3 April 2023 and 10 April 2023, respectively. The Finance Bill 2023 contains certain measures of the revised Budget for 2023 and others. The main income tax measures of the bill include: An increase in the personal deduction limits for certain medical expenses from MYR 8,000 to MYR 10,000, as well as the introduction of a personal deduction for diagnosis, early intervention, and treatment of learning disabilities in children subject to an MYR 4,000 limit and a deduction for voluntary contributions to the Employees Provident Fund; The introduction...