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GPMYS: Global Payroll Malaysia Legislative Changes for Tax Year 2023 (Doc ID 2902824.1)

Last updated on MARCH 09, 2023

Applies to:

PeopleSoft Enterprise HCM Global Payroll Malaysia - Version 9.2 to 9.2 [Release 9]
Information in this document applies to any platform.

Details

The intent of this document is to describe solutions for problems or questions related to Global Payroll Malaysia Legislative Changes for Tax Year 2022-2023 This solution applies to customers on PeopleSoft Release 9.2. This is a living document and will be updated as new solutions are created; please review thoroughly on a regular basis.

Please see table below for details.

 
Legislative Change Effective Date Additional Info P1 Patch Fix Target Date Targeted into PUM Image/Patchset

MALAYSIA BUDGET CHANGES FOR THE YEAR 2023

Based on the re-budget presented on Feb 24th 2023

  1st Jan 2023

The following changes are proposed by the Government of Malaysia.

1) Proposes a 2% reduction in individual income tax rates for each chargeable income band between RM35,001 to RM 1,00,000 and a 2% increase in individual income tax rates for each chargeable income band between RM 1,00,001 to RM 1,000,000.

2) Proposes to the annual tax relief of RM3,000 for life insurance premiums or takaful contributions will be expanded to include voluntary Employees Provident Fund (EPF) contributions the existing relief of RM3,000 on life insurance premiums is expanded to cover voluntary EPF contributions.effective Year of assessment 2023.

3) Proposes to The overall annual limit for tax relief on medical expenses will be increased from RM8,000 to RM10,000 the existing relief of RM8,000 for medical treatment expenses will be increased to RM10,000 effective year of assessment  2023.


4)The annual tax relief of RM3,000 for fees paid to approved childcare centers and kindergartens will be extended until YA Year of assessment 2024.

  <Bug 35132802>

Pum Image# 46

 

Actions

 You need to apply the critical patches / GP Updates whenever their legislative fixes are posted

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