Despite inflation and the escalating cost of goods, the population of young millionaires, specifically those under 30, is on the ascent.

According to data from the Inland Revenue Board (LHDN), the number of individuals under 30 who reported earnings surpassing RM1 million in 2022 stood at 35—a remarkable 75% surge from the preceding year's count of 20 individuals.

"LHDN notes that at least 20 young individuals have consistently declared incomes exceeding RM1 million annually since 2018," as stated by the agency.

However, LHDN is yet to compile data for 2023, as the e-filing process for that fiscal year remains ongoing. New Straits Times highlighted that over 94% of taxpayers under 30, earning above RM1 million, have maintained a clean tax record between 2018 and 2021.

It's mandatory for all, including social media influencers whose total taxable income surpasses the threshold, to register for an income tax file. This stipulation applies to individuals earning an annual employment income exceeding RM34,000 and subject to Monthly Tax Deduction (PCB).

"Nonetheless, assessing the taxpayers' compliance level necessitates considering factors such as the annual submission of income tax declaration forms, adherence to tax installment and balance payment instructions, and ensuring accurate and precise tax declarations," affirmed LHDN.