Budget 2014 was announced in October 25, 2013. As expected, GST was introduced in the budget and it is scheduled to be implemented in 2015. In line with the implementation of GST, the government has also reviewed the personal income tax rates. Here are some of the key highlights:
The following table illustrates the income tax rate for each taxable income group for the year 2013 and 2014 assessment. As you can see in the table below, the tax rate increases accordingly with your taxable income per annum.
Most companies remained cautious in the first quarter of 2013 while they waited for financial uncertainty in foreign markets to settle. However, this didn’t last long and the rest of the year was much more positive with job openings across the IT sector encouraged by multinational companies looking to Malaysia for their technology needs.
The recruitment trend of HR professionals were mostly the same as compared to in 2012. Companies continued to place an emphasis on business-partner roles and hiring HR professionals with business acumen rather than those with administrative and operational experience.
Recruitment in Kuala Lumpur saw increased levels of activity in 2013, particularly for risk, project management and finance professionals. It was a positive year for regional insurance companies who expanded their local presence, with experts required in risk underwriting, claims, policy servicing and insurance finance.