(Update) New PCB Rate

(Update) New PCB Rate

Tax Latest Development

Adoption of new tax rates to calculate Monthly Tax Deduction effective from 1 June 2023

The Inland Revenue Board of Malaysia (HASiL) announced the adoption of new tax rates to calculate Monthly Tax Deduction (MTD) effective from 1 June 2023 on its website together with the issuance of the following documents:

✅Amendment To: Specification for MTD Calculations Using Computerised Calculation for 2023 (updated 1 June 2023).

✅Questions for MTD Calculation Using Computerised Calculation Method 2023.

✅ Form PCB/TP1 (1/2023) – Individual Deduction and Rebate Claim Form for the Purpose of MTD and

Explanatory Notes on Form TP1

✅ Form PCB/TP3 (1/2023) – Information Form Related to Employment with Previous Employers in the Current Year for the Purpose of MTD and Explanatory Notes on Form TP3

Budget 2023

The announcement is in line with Section 16(a) of the Finance Act 2023 (Act 845) which was gazetted on 31 May 2023.

Please read our past social media posting dated 7 March 2023 on the "Revisited Budget 2023 for Individual"

https://www.ktp.com.my/blog/tax-budget-2023-individual/07mar2023

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