KUALA LUMPUR: The government has raised income tax rates on the wealthy, with the rates for those earning between RM600,000 to RM1 million increased to 26 per cent, starting year of assessment 2016.
Tabling the Budget 2016, Prime Minister Datuk Seri Najib Razak said tax rates will be raised to 28 per cent for those with income exceeding RM1 million.
Income tax rates for individuals in both brackets were at 25 per cent previously.
"The move is to strengthen the individual income tax structure and make it more competitive and progressive," Najib said.