
Budget 2027: What actually matters for our income tax?
Been looking through the Budget 2027 announcements & a few things caught my attention.
Some of the proposed changes that could affect individual taxpayers include:
- Individual tax relief: The basic relief is set to increase from RM9,000 to RM12,000.
- Tax rates: Some tax brackets are getting rate changes, so the impact depends on your chargeable income.
- More relief categories: Things like AI subscriptions, tuition fees, certain care expenses & pet-related expenses were mentioned.
- Gig workers: There are also measures involving EPF and SOCSO contributions.
Of course, an announcement doesn't automatically mean you can claim it right away. We'll need to see the implementation details and official LHDN guidance before making any claims.
Personally, I think the interesting part is whether people will actually take advantage of these reliefs or just forget about them until tax filing season comes around. 😂
How many of you actually track your tax reliefs throughout the year, instead of scrambling to find receipts when e-Filing opens?