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.
By May Vin Ang — 24 Feb 2023, 07:23 PM
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.
