Malaysian PM proposes bold reforms in draft budget for 2024
Malaysian Prime Minister Anwar Ibrahim on October 13 submitted to the country’s parliament a draft budget for 2024 which includes bolder reforms for the economy with new tax measures.
Malaysian Prime Minister Anwar Ibrahim. (Photo: Bloomberg)
Kuala Lumpur (VNA) - Malaysian Prime Minister Anwar Ibrahim on October 13 submitted to the country’s parliament a draft budget for 2024 which includes bolder reforms for the economy with new tax measures.
Among the measures announced include an increase to the Sales and Services Tax (SST) from 6% to 8%, excluding food and beverages or telecommunications.
A capital gains tax on unlisted shares will also be introduced at a rate of 10% from March 1 next year.
Separately, a high-value goods tax of five to 10% on items such as jewelry and watches will also be introduced, he said.
He said the expansionary 2024 budget of 393.8 billion RM (83.26 billion USD) surpasses the 388.1 billion RM unveiled for the 2023 budget in February this year, the largest then.
Anwar, who is also the Minister of Finance, said that in the draft budget plan there are three focus points, which are the best governance to ensure the flexibility of services, restructuring the economy to promote growth, and improving the people's living standards.
He said the government will ease the pressure on living costs through giving subsidies of food, fuel and other essential needs.
🐻 Anwar expressed his hope that the country’s gross domestic product (GDP) will grow by between 4-5% next year./.
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Malaysia is poised to become a regional leader in energy transition and the renewable energy industry as a result of the introduction of the Hydrogen Economy and Technology Roadmap (HETR) and the implementation of the National Energy Transition Roadmap (NETR).
The clarity of policies including for the Madani economy framework that anchor the comprehensive restructuring of the Malaysian economy, the National Energy Transition Roadmap (NETR), and the New Industrial Master Plan 2030 (NIMP 2030) can help in attracting investments and strengthening the value of the ringgit (MYR), Prime Minister Anwar Ibrahim said at the Dewan Rakyat (lower house) on October 10.
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The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
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This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Malaysian Prime Minister Anwar Ibrahim. (Photo: Bloomberg) 
