The government has announced a two percent reduction on income tax collection that would benefit the M40 group.

Those earning below RM100,000 per year will also be getting an e-wallet top-up of RM100 next year.

Breaking down the reduced income tax perks, Finance Minister Tengku Zafrul Abdul Aziz said those earning between RM50,001 to RM70,000 per year will be paying 11 percent in income tax instead of 13 percent.