Malaysia Budget 2023

The Malaysia 2023 Budget, which was re-tabled under the new Unity Government on 24 February 2023, introduced several tax changes aimed at rebuilding Malaysia’s economy and achieving long-term sustainable economic growth.

Key highlights of the announcement included:

  • Revision of Income Tax Rates for individuals and owners of Micro, Small and Medium Enterprises (MSMEs)
  • Implementation of a tax on luxury goods, with a prescribed value, will begin in 2023.
  • Enforcement of capital gains tax on companies on the sale of unlisted shares
  • Reintroduction of the Special Voluntary Disclosure Programme (SVDP) for taxpayers to disclose any unreported taxes or duties

At this BoardRoom webinar, our Head of Tax for BoardRoom Malaysia, Ms Cheong Woon Chee and Tax Manager, Mr Victor Cheow, spoke about the incentives and reliefs for general Malaysians and business owners announced in this latest budget.

We’re pleased to share the presentation slides and a recording of this webinar for you to watch on-demand. Please contact us should you require any assistance in your tax planning.


Woon Chee MY TAX

Cheong Woon Chee, Head of Tax Services, BoardRoom Malaysia

Woon Chee is a chartered accountant and tax advisor with more than 13 years of experience in providing tax advisory services concerning corporate & individual tax, partnership & foundation tax compliance, tax incentives, tax audits & due diligence. Her broad clientele includes construction companies, property developers, hotels, logistics firms, plantations, education institutions, manufacturing and food & beverages companies.

Victor Cheow

Victor Cheow, Tax Manager, BoardRoom Malaysia

Victor has more than 10 years of tax experience, specializing in tax engagement and advisory for individual and corporate organisations, Sales and Service tax, tax audit and compliance and other tax related matters.