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Budget 2023: Women Get Tax Breaks To Return To Work

The tax breaks for women returning to work after a career break are applicable for the assessment years 2023-2028.

A woman office worker. Picture by StartupStockPhotos from Pixabay.

KUALA LUMPUR, Oct 7 – The government has announced income tax exemptions for women under Budget 2023 to encourage their return to the workforce after a career break.

The tax breaks are applicable for the assessment years 2023 to 2028.

In addition, RM235 million has been allocated to fund women entrepreneurs through the Semarak-Nita BSN, Tekunita TEKUN, Dananita MARA, and Bizlady Bank Rakyat schemes.

“As of October 2022, women comprise 29 per cent of the composition of board members at 100 major public companies,” said Finance Minister, Tengku Zafrul Aziz during the budget presentation. “All 100 of these companies have at least one woman on their board of directors.”

To continue empowering women at the corporate leadership level, the Securities Commission will introduce a special training programme to upskill, identify, and further increase the number of women who are eligible to be appointed as board members, he added. 

The government has also announced tax exemptions of up to RM3,000 for kindergarten and nursery fees.

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