IN PHOTOS: Malaysia PM Anwar Ibrahim unveiled an expansionary 2023 budget of RM388.1 billion, the largest in the country’s history. The government will also introduce a luxury goods tax and an excise duty on some vape products (Photos: CNA/Fadza Ishak)
KUALA LUMPUR: Malaysia Prime Minister Anwar Ibrahim unveiled an expansionary 2023 budget of RM388.1 billion on Friday , the largest in the country’s history.
He outlined that out of the RM388.1 billion, RM289.1 billion will be allocated for operating expenditure and RM99 billion set aside for development expenditure - including RM2 billion reserved for contingencies. The Ministry of Health will also see its allocation increase to RM36.3 billion, compared to RM32.4 billion in 2022.CNA Explains: What might be the potential areas of focus in Malaysia’s updated budget for 2023?
The fiscal deficit in 2023 is projected to decrease to 5 per cent of GDP, compared with 5.6 per cent in 2022, said Mr Anwar. He also said that the aim is to reach 3.2 per cent by 2025. “What is mentioned is a transparent and honest presentation of the economic challenges that we have inherited together. Therefore, this MADANI Budget must have the ability to rally all forces and energies to translate new policies,” said Mr Anwar in Friday’s speech.
“I am grateful for their patience all this while, even though they have been squeezed by the increased cost of living. So I am happy to announce that the government has agreed to increase the disposable income of the M40 group through a reduction in the individual income tax rate,” he added. Mr Anwar added that for the B40 households with income of less than RM2,500 a month, they will receive cash aid of up to RM2,500 depending on the number of children through the Rahmah Cash Aid initiative.
The Tambun Member of Parliament added that the government would be taking a more progressive approach to broaden the tax base for “those who can afford”. This included introducing a “luxury goods tax” from this year for items like luxury watches and fashion goods. He noted that Malaysia’s ranking on the Corruption Perception Index fell to 61 in 2022 as compared to 29 in 1998. Mr Anwar was the finance minister then.
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