SINGAPORE: Malaysia faces uncertainties in raising revenue to fund its spending for 2023, analysts told CNA on Friday (Feb 24) after Prime Minister Anwar Ibrahim unveiled a budget of RM388.1 billion (US$87.50 billion). The budget, which was the largest in the country’s history, contains measures to make
SINGAPORE: Malaysia faces uncertainties in raising revenue to fund its spending for 2023, analysts told CNA on Friday after Prime Minister Anwar Ibrahim unveiled a budget of RM388.1 billion .
It has also proposed introducing a luxury goods tax for items like luxury watches and fashion goods from this year, and an excise duty on liquid or gel products containing nicotine used for electronic cigarettes and vaping. But he noted that Malaysia is very heavily affected by what’s happening in the global economy and there are some “headwinds” on the international front.
Prof Williams pointed out that actual revenue for 2022 turned out to be “very much higher” than predicted in the original budget that year. “Capital gains tax will have wide implications, pending details of the mechanism that will be in place; more of interest will be the tax rate that will be imposed,” he said.
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