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Malaysia Budget 2024 Highlights

LHDN

Tax Relief

New tax relief of up to RM1,000 introduced for the purchase of sports equipment and activities, inclusive of training fees.

Tax relief for parents' medical treatment, special needs and career expenses expanded to include full medical examination, limited to RM1,000.

Tax exemption for childcare allowance to be increased from RM2,400 to RM3,000.

PERKESO
Effective July 2024, foreign workers aged below 60 are now eligible for SOCSO's Invalidity Scheme (previously applying only to Malaysian employees aged below 60). That includes 24-hour protection and funeral repatriation. They now contribute under the First Category (Employment Injury and Invalidity Scheme). The second category (Employment Injury Scheme) applies to Malaysian and foreign employees aged 60 and above.

Starting 1 October 2024 , PERKESO has strengthened the new salary ceiling limit for contribution purposes from RM5,000 to RM6,000 per month.

The amount of contribution applicable to employees whose salary exceeds RM5,000 per month is as stated in the Third Schedule, Act 4 and the Second Schedule, Act 800. For employees whose salary exceeds RM6,000 per month, the contribution amount is according to the ceiling limit of RM6,000.

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