Pre-Budget Statement (PBS) for Budget 2022

Pre-Budget Statement (PBS) for Budget 2022
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Pre-Budget Statement (PBS) for Budget 2022

The Ministry of Finance (MOF) has published Pre-Budget Statement (PBS) for Budget 2022.

This PBS is the first in Malaysia history.

This move is in line with international best practices, whereby a PBS is published to enhance the transparency of the budget process in formulating the annual budget.

As well as increase public confidence in the country fiscal management.

Key summary of PBS

  • Increase Tax Revenue 1. Improve tax compliance 2. Tackle revenue leakage

  • Special Voluntary Disclosure Program (SVDP) for indirect taxes administered by Royal Malaysian Customs Department.

  • Tax Compliance Certificate as a pre-condition for tender in government procurement.

  • Introduce Tax Identification Number (TIN) in harmful practices with high revenue leakage.

  • Increase transfer pricing audit.

  • Revise the definition of related companies under group relief.

  • Revise Tax Incentive

    1. Relocation

    2. Pharmaceutical industry

    3. Special Reinvestment Allowance for selected manufacturing projects or agricultural activities.

  • Reduce Income Tax Rate 1% for taxable income RM50,001 to RM70,000.

  • Compensation for loss of employment Tax exemption increase from RM10k to RM20k per year for full services

The full PBS report in MOF

https://www.mof.gov.my/.../Pre-Budget-2022-Statement.pdf

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