BUDGET 2018 | Prime Minister Najib Abdul Razak today announced a reduction of income tax that is aimed at benefitting the middle class.

Najib, in his Budget 2018 speech to Parliament, announced that those under the tax bracket of RM20,001 to RM70,000 per annum will enjoy a reduction in income tax rate of two percent.

Specifically, those earning RM20,001 to RM35,000 per annum will see their income tax rate reduced from five percent to three percent.

Those earning RM35,001 to RM50,000 a year will see their income tax rate slashed from 10 percent to eight percent.

As for those earning RM50,001 to RM70,000 a year, their income tax rate will go down from 16 percent to 14 percent.

"This will increase the disposable income (of those affected) between RM300 to RM1,000.

"This means there will be a total of RM1.5 billion in disposable income that can be spent by the people," he said.

He added that some 261,000 people are not expected to pay income tax.

Those under other tax brackets are expected to see their income tax rate maintained.

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