Here Are 9 Highlights From #Budget2023

The total allocation for this year's federal budget is the highest in history with a value of RM386.10 billion.

Cover image via Parlimen Malaysia (YouTube) & Zulfadhli Zulkifli/New Straits Times

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1. The total allocation for this year's federal budget is the highest in history with a value of RM386.10 billion

The total allocation for Budget 2023 has increased to RM386.10 billion, a 16% increase from the amount announced by former finance minister Datuk Seri Tengku Zafrul Abdul Aziz last October, which was RM372.3 billion.

2. Luxury items will be taxed starting this year

Anwar said it will only apply to certain luxury items, such as watches and skincare.

3. The government has allocated RM300 million in loans for small businesses owned by women and youth

The effort is part of the RM1.7 billion easy loans set aside for small businesses.

4. All liquid and gel products containing nicotine will be taxed with excise duty

Anwar said half of the tax collected will be funnelled into the Ministry of Health (MOH).

5. Bankrupt Malaysians who owe less than RM50,000 will get a second chance

The government will amend the Insolvency Act 1967 so that bankruptcy cases that fulfil the conditions may be released starting 1 March, said the Finance Minister.

6. B40 families earning less than RM2,500 are eligible for financial aid of up to RM2,500

The amount of financial aid given will depend on the number of children in their households.

Meanwhile, families in the extreme poor category are eligible for additional RM600 financial aid.

7. Employers who hire people with disabilities (OKU), former inmates, the homeless, and the unemployed will be awarded RM750 per month

Employers can enjoy the incentive for a period of six months.

8. Malaysian youth aged between 18 and 20 will be given e-wallet credit worth RM200

A total allocation of RM400 million will be distributed among those eligible.

9. A 2% income tax reduction is being proposed for Malaysians making between RM35,000 and RM100,000 a year

In other words, Malaysians whose monthly incomes are between RM2,916 and RM8,333 will get to enjoy the income tax cuts.

Meanwhile, Anwar announced that people who make more than RM100,000 a year will have to pay 0.5% to 2% more in income tax.

Today marks the first time Anwar Ibrahim has tabled a budget in 26 years since the last time he was finance minister:

Meanwhile, the national debt and liabilities has hit RM1.5 trillion:

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