KUALA LUMPUR – Malaysia on Friday (Feb 24) unveiled plans to scale back spending for the year and tax the wealthy as prime minister Anwar Ibrahim focuses on narrowing the budget deficit while supporting a slowing economy. Three months into the job, Anwar is facing a sharp moderation in Malaysia's export-driven economy, lower revenue and growing calls to address higher...
Malaysia's prime minister and finance minister Anwar Ibrahim holds the 2023 Malaysia's budget document at the finance ministry building, as he departs to the parliament, in Putrajaya, Malaysia on Feb 24, 2023.KUALA LUMPUR – Malaysia on Friday unveiled plans to scale back spending for the year and tax the wealthy as prime minister Anwar Ibrahim focuses on narrowing the budget deficit while supporting a slowing economy.
"Given that the income and wealth of the country is concentrated among the wealthy and elites, it is appropriate that the distribution of national revenue is focused on low and middle income groups," Anwar said in parliament as he presented the 2023 budget.Anwar forecast the deficit to narrow to 5 per cent of gross domestic product this year from 5.6 per cent last year.The government will introduce a luxury goods tax this year for items such as luxury watches and fashion goods.
The prime minister, who heads a coalition government that includes former rivals, stuck to his reformist roots and promised to clean up government finances, minimise leakages and strengthen governance to shore up the deficit.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PM Anwar revises 2023 budget upwards to RM388.1 billion, biggest allocation in Malaysia’s historyKUALA LUMPUR: Malaysian Prime Minister Anwar Ibrahim re-tabled the budget for 2023
Read more »
Malaysia PM Anwar tables expansionary budget, aims to lower cost of livingKUALA LUMPUR: Malaysia Prime Minister Anwar Ibrahim unveiled an expansionary 2023 budget of RM388.1 billion (US$87.50 billion) on Friday (Feb 24), the largest in the country’s history. At the same time, he announced a slew of measures aimed at lowering the cost of living amid high inflation as well as mo
Read more »
Anwar’s corruption-busting campaign opens up a Pandora’s box of greed: Sin Chew DailyThe paper says those found guilty of siphoning illegitimate funds into their own bank accounts must be dealt with sternly. Read more at straitstimes.com.
Read more »
Malaysian PM Anwar expands Budget 2023 ahead of crucial state pollsPre-election budget sets government expenditure to hit $117 billion this year. Read more at straitstimes.com.
Read more »
10 best beach resorts in MalaysiaWith its vast coastline, Malaysia is one of the most beautiful countries in the world for a beach holiday. Add to that its large number of pristine white-sand islands and you are truly spoiled for choice. Our list of the 10 best beach resorts in Malaysia balances natural beauty with creature comforts and location. 1. […] The post 10 best beach resorts in Malaysia appeared first on SETHLUI.com.
Read more »
Six Malaysia states set for July polls after multi-party talksThe state elections will be a barometer of people's approval of the Anwar Ibrahim administration. Read more at straitstimes.com.
Read more »