Income tax for 2016 increases between 1-3 pct

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KUALA LUMPUR: The income tax rates for resident individuals whose chargeable income from RM600,001 to RM1 million are proposed to be increased by one per cent to 26 per cent from 25 per cent now.

For those with income exceeding RM1 million, the tax will be higher by three per cent at 28 per cent from 25 per cent, from year of assessment 2016, Prime Minister, Datuk Seri Najib Tun Razak announced here, today.

The fixed income tax rate for non-resident individuals will be increased by three per cent to 28 per cent from 25 per cent, he said when tabling the Budget 2016 at the Dewan Rakyat here, today.

He said the move was to enhance the progressivity of the individual income tax structure.-BERNAMA