“At least RM1 MIL income” – LHDN says number of M’sian millionaires under 30 is increasing

Despite inflation and the rising price of goods, the number of young millionaires is increasing – more specifically the number of young millionaires under the age of 30.

According to figures from the Inland Revenue Board (LHDN), that is 35 people under the age of 30 declared that their income would be above RM1 MILLION in 2022. This showed a 75% increase among millionaires aged 30 by 2022 (an increase compared to 20 people last year).

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“Since 2018, at least 20 young people have reported an annual income of at least RM1 million,” LHDN said.

However, LHDN has not yet received figures for 2023 as the e-filing process for that year is still ongoing. New Straits Times reported that more than 94% of taxpayers under the age of 30 who earn more than RM1 million have not posted any outstanding tax balances between 2018 and 2021.

Everyone, including social media influencers, whose total taxable income exceeds the threshold must register for an income tax file.

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This is because individuals who have a annual employment income of more than RM34,000 and have a monthly tax deduction (PCB) are eligible for tax.

“However, when assessing taxpayers’ compliance levels, consideration should be given to, among other things, the annual filing of income tax returns, compliance with payment instructions for tax installments and balances, and the assurance that tax returns are filed correctly and accurately.” said LHDN.

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Also read: “Good working environment” – M’sians working in S’pore and Brunei earn up to RM64K per month

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