Malaysia Budget 2023

Malaysia's Budget 2023 has been retabled by Prime Minister Datuk Seri Anwar Ibrahim. Here are some interesting highlights you should know.

This is to encourage women to get back into the workforce after long maternity or parental leave. This is the same amount as the original Budget 2023. Six flood mitigation projects will be re-tendered immediately, the latest by June 2023. This will give more comprehensive support to children. This is also to help SMEs implement low-carbon practices. There will be a certain value limit depending on the type of luxury goods. In addition to the above, over RM2.5 billion will be provided to implement projects mainly involving public infrastructure for the benefit of Sabah and Sarawak. SOCSO will amend its act to allow the disbursement of a grant equivalent to 80% of the insured salary value of workers. Half of the revenue from this tax will be allocated to the health ministry. To combat the rise of online scams, the government will be allocating RM10 million to The National Scam Response Centre (NSRC). Taxes will be reduced from 17% to 15% on the first RM150,000 of revenue of MSMEs. The government will be conducting a study to introduce a low-rate capital gains tax for the disposal of unlisted shares by companies from 2024 onwards.

PETALING JAYA: Prime Minister and finance minister Anwar Ibrahim has tabled Budget 2023, announcing an allocation of RM388.1 billion.

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BUDGET 2023 | Prime Minister and Finance Minister Anwar Ibrahim re-tables Budget 2023 in the Dewan Rakyat today. This marks the first time Anwar has tabled ...

He expects 130,000 people to be discharged as a result of the amendments. Around RM46 billion was used to pay debts alone. This marks the first time Anwar has tabled a budget in 26 years. 4.50pm: Only 12 percent of wakaf land has been developed, Anwar says. This amounts to 16 percent of government revenue - above the 15 percent limit. The government will also re-introduce a scheme to waive the penalties for self-declaration of unpaid taxes. To achieve this, the government plans to provide tax incentives to companies that relocate to Malaysia and a tax rate of 15 percent for the C-suite until 2024. Nevertheless, the government projects the Malaysian economy to grow by 4.5 percent in 2023. The government will increase efforts to unlock the value of wakaf assets. The government plans to subsidise the cost of vehicle licence tests for the following licences: B2 motorcycle, taxi, bus, and e-hailing. BUDGET 2023 4.55pm: The Anwar administration pledges to legislate a Government Procurement Act as soon as possible to improve transparency.

Pre-election budget sets government expenditure to hit $117 billion this year. Read more at straitstimes.com.

Stripping out the subsidy element, the government’s expenditure this year is set to exceed that of last year. Mr Anwar’s so-called unity government was cobbled together after the election resulted in Malaysia’s first ever hung Parliament. The government’s fuel subsidy bill should also ease this year, with oil prices forecast to average about US$80 per barrel this year instead of upwards of US$100 in 2022. The fiscal deficit was 5.6 per cent of GDP last year, lower than the targeted 6.0 per cent thanks to the 8.7 per cent economic growth which exceeded projections of 6.5 to 7.0 per cent. The Pakatan Harapan chief, who is also Finance Minister, unveiled Budget 2023 in Parliament on Friday, his first since taking office after the general election in November. [six states are expected to head to the ballot box](https://www.straitstimes.com/asia/se-asia/six-malaysia-states-set-for-july-polls-after-multi-party-talks) in July, with about half of Malaysia’s electorate casting their vote.

KUALA LUMPUR: Malaysia's fiscal deficit is expected to consolidate further in 2023 to 5.0 per cent of gross domestic product (GDP), falling to RM93.94 ...

"In achieving sound public finances and rebuilding fiscal space, the government is committed to continue the fiscal consolidation plan guided by the Medium-Term Fiscal Framework (MTFF), enhance fiscal discipline, and ensure debt sustainability. The development expenditure (DE) allocation is estimated to increase significantly to RM97 billion for programmes and projects under the 12th Malaysia Plan (12MP) involving the construction of highways and public transport infrastructures, health facilities as well as educational institutions. According to the report, the operating expenditure (OE) allocation is estimated to decrease to RM289.1 billion, primarily due to lower allocation for subsidies following the expected lower crude oil prices and the gradual move towards a more targeted subsidy mechanism. Total expenditure is estimated to be slightly lower at RM386.1 billion, or 20.4 per cent of GDP, mainly due to the expiry of the COVID-19 Fund and spending optimisation measures, it said. The report said the government’s revenue is expected to be lower at RM291.5 billion, or 15.4 per cent of GDP, compared to RM294.36 billion in 2022, as a result of slower global economic growth and an anticipated moderation of commodity prices. Similarly, the primary deficit is estimated to reduce further to 2.5 per cent of GDP, that is down to RM47.84 billion from RM58.21 billion in 2022, the Ministry of Finance (MoF) said in its "Updates on Economic & Fiscal Outlook and Revenue Estimates 2023” report.

KUALA LUMPUR: Malaysian Prime Minister Anwar Ibrahim re-tabled the budget for 2023.

The government will also top up RM500 in the Employees Provident Fund (EPF) accounts for those aged 40 to 54 who have a balance of less than RM10,000. Those who are earning between RM35,000 and RM100,000 annually will have their income tax rate reduced by 2 per cent. However, those who earn between RM100,000 and RM1 million annually will have their tax rate increased by 0.5 per cent to 2 per cent going forward. Additionally, there will are retirement charges (8.0 per cent), social (6.9 per cent), security (3.0 per cent), grants and transfers to state governments (2.1 per cent), general administration (1.0 per cent) and others (5.8 per cent). Advertisement A substantial allocation of 23.5 per cent will be provided for emoluments, subsidies and social assistance (15.2 per cent), economic (14.3 per cent), debt service charges (11.9 per cent), as well as supplies and services (8.3 per cent).

KUALA LUMPUR, MALAYSIA — After a gap of 26 years, Malaysia's 10th Prime Minister Datuk Seri Anwar Ibrahim re-tabled Budget 2023 in Parliament today (24 ...

[ Budget 2023 could be tabled](https://www.malaymail.com/news/malaysia/2022/10/07/tengku-zafrul-budget-2023-can-be-tabled-again-if-parliament-dissolved-halfway-through-debate/32348) again after the election was held, citing the 1999 snap polls as precedent. The Budget 2023, which was prepared by the administration headed by the former Prime Minister Datuk Seri Ismail Sabri Yaakob, was not subject to debate and approval as Parliament was dissolved on 10 October of last year to make way for the 15th General Election (GE15). Prior to GE15, Finance Minister Tengku Zafrul Aziz, under the leadership of Ismail Sabri Yaakob, presented the Malaysia Budget 2023 on 7 October of last year, which included an allocation of RM372.3 billion. Ismail Sabri’s administration intended to allocate RM404.3 billion for the 2023 budget, representing an increase of RM40.2 billion from the previous year. The budget allocates a total of RM372.3 billion, with RM289.1 billion allocated for operational expenditure and RM97 billion designated for development. KUALA LUMPUR, MALAYSIA — After a gap of 26 years, Malaysia’s 10th Prime Minister Datuk Seri Anwar Ibrahim re-tabled Budget 2023 in Parliament today (24 February) with a total allocation of RM386.14 billion (approximately 87.046 billion USD).

KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim today said Malaysia will have to embrace the uncertainty of the world economy this year.

Malaysia's revised Budget 2023 (Bajet 2023) is presently being tabled by finance minister and prime minister Datuk Seri Anwar Ibrahim in parliament.

RM100,000 will be allocated to each district for this purpose. In his speech, Anwar said there was a pressing need to plug leakages from wastage as well as irregular payments and collections, something highlighted in the Auditor General’s reports for 2020 and 2021. This means that there will be no additional cost impact for charging an EV at home. As with previous editions, we will be monitoring his speech for any automotive- and transport-related matters. More EV incentives could be announced today, given the broad hints that have already come about on the matter. [expected to be included](https://paultan.org/2023/01/26/targeted-fuel-subsidy-expected-in-revised-budget-2023/) in the revised budget is the announcement of a [targeted fuel subsidy](https://paultan.org/2022/12/29/targeted-fuel-subsidy-to-utilise-info-from-a-number-of-databases-not-only-from-jpj-alone-kpdn-minister/), which Anwar has said is a topic he [wants to address as quickly as possible](https://paultan.org/2022/11/29/govt-ministries-given-two-weeks-to-discuss-targeted-subsidies-says-anwar-fuel-electricity-under-focus/).

The government will spend US$87 billion to help people struggling with soaring inflation, including on handouts for the poorest and income tax cuts for ...

Malaysia on Friday unveiled plans to scale back spending this year and tax the wealthy as Prime Minister Anwar Ibrahim focuses on narrowing the budget ...

KUALA LUMPUR, Feb 24 — Following are the highlights of Budget 2023 tabled in Dewan Rakyat today by Prime Minister Datuk Seri Anwar Ibrahim.

• Home Ministry and Defence Ministry to receive RM18.5 billion and RM17.7 billion, respectively. • RM50 million to maintain and repair non-Muslim houses of worship nationwide. • Government allocates up to RM64 billion in subsidies, aid and incentives to minimise cost of living. • RM1.6 billion to provide various subsidies and incentives for padi farmers. • RM50 million to Melaka and Penang to maintain UNESCO world heritage sites. • RM50 million in matching grants to encourage the automation of the plantation sector through the use robotics and Artificial Intelligence. • Government to formulate Consumer Credit Act and establish Consumer Credit Oversight Board to regulate credit businesses. • RM30 million to improve liveability in public housing in Kuala Lumpur. • RM1.5 billion to upgrade and construct new rural roads. • RM50 million to build and upgrade 3,000 stalls and kiosks for small traders. • RM2.7 billion to maintain and upgrade federal roads. • RM1.2 billion to repair 400 dilapidated clinics and 380 dilapidated schools.

The Online Citizen Asia Malaysia Budget 2023: Anwar Ibrahim receives enthusiastic support from MPs in Parliament on pledge to fight corruption Malaysia.

The decline in the Corruption Perceptions Index (CPI) from 29 in 1998 to 61 was cited as evidence of this decline. This must be stopped if we want the country to move forward bravely and gloriously.” Referring to Malaysian politicians named in the Pandora Papers, Anwar said investigations are ongoing for those involved in corruption.