NATIONAL Higher Education Fund Corporation (PTPTN) borrowers earning less than RM1,800 will be granted a six-month moratorium in payments, with applications opening in March.
Prime Minister Datuk Seri Anwar Ibrahim, in his tabling of Budget 2023 in Dewan Rakyat today, also said the government is giving a 20% discount on PTPTN repayments for three months, also starting in March.
Meanwhile, in terms of personal income tax cuts, the prime minister further announced that the government is also proposing a tax cut by 2% for the RM35,000 to RM100,000 taxable income band.
Anwar said this policy – which is expected to benefit some 2.4 million taxpayers – is necessary as the M40 group had been very patient in the recent years while the B40 group had received the most government aid.
Meanwhile, those with a taxable income above RM100,000 will see an increase in taxes of between 0.5% to 2%, although he said fewer than 150,000 taxpayers will have to deal with higher taxes.
Overall, Anwar noted that the government is expected to collect RM900 mil less in personal income taxes due to these changes, which he said is to benefit the M40 group. – Feb 24, 2023
Main pic credit: Bernama