Here Are 11 Highlights From #Budget2023 & How They May Benefit You

The total allocation for next year's federal budget is the highest in history with a value of RM372.3 billion.

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

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Here are the highlights of #Budget2023 and how they may benefit you:

1. B40 families with five or more children are entitled to Bantuan Keluarga Malaysia (BKM) assistance of up to RM2,500

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said families earning less than RM2,500 per month with five or more kids are entitled to the cash assistance.

Meanwhile, families who earn less than RM2,500 with one to four kids are entitled to between RM1,000 and RM2,000.

2. Under the BKM initiative, single parents will also receive RM3,000 in cash assistance

Zafrul said this is RM500 more compared to previous years.

3. Malaysian taxpayers earning between RM50,001 and RM100,000 per annum will see a 2% decrease in income tax

The Finance Minister proposed a deduction in tax from 13% to 11%.

Meanwhile, Malaysians earning between RM70,001 and RM100,000 yearly will see their tax rate drop from 21% to 19%.

4. Women returning to the workforce from their career break will be given a tax exemption for six years

Zafrul said the tax exemption is for women who earned salaries within the 2023-2028 assessment years to encourage them to return to the workforce.

5. M40 individuals earning an annual income of less than RM100,000 will receive RM100 in e-wallet credit

Zafrul said the initiative, with an allocation of RM800 million, will benefit over eight million M40 recipients and aims to promote cashless transactions.

6. Malaysian youth aged 18 to 20 will receive RM200 in e-wallet credit

Malaysian students above the age of 21 are also eligible to receive RM200 in e-wallet credit.

The Finance Minister said this implementation will be given under the ePemula initiative, where RM400 million is expected to benefit two million Malaysians.

7. PTPTN students who pay back their loans in full will be entited to a 20% discount

PTPTN students will have to pay back between 1 November 2022 and 30 April 2023.

Meanwhile, those who settle at least 50% of their loans will receive a discount of 15%. 

PTPTN students who graduate with first-class honours will be fully exempted from their loans.

8. RM100 vouchers and discounts on domestic tourism expenses

To encourage Malaysians to travel within the country, Zafrul said the government will be allocating RM25 million in the form of vouchers, rebates, and discounts to boost domestic tourism.

The discounts and vouchers can also be used on handicrafts and artworks.

9. To encourage students to pursue their studies at local universities, RM3.8 billion has been allocated for scholarships and study loans

Meanwhile, JPA-sponsored living allowance for students and officers would be standardised and increased by RM100 per month for all levels of study, bringing the JPA living allowance to between RM700 and RM900 per month.

Zafrul said MARA and PETRONAS students' living allowances will also be increased, but it was not specified how much.

10. RM8 million allocated to help Malaysians suffering from domestic violence and mental health issues

The Finance Minister said the government will be allocating RM8 million to assist local social support centres that help Malaysians who have undergone domestic violence and suffered from mental health disorders.

The allocation aims to help early intervention as well as providing counselling sessions.

Zafrul said the government is continue to work with local non-governmental organistations (NGO), such as PS The Children, to give support to domestic violence victims.

11. RM11 million has been allocated to encourage Malaysian women to go for breast cancer and cervical cancer screening

Zafrul also announced that cervical cancer screening will use a new PCR technology that was pioneered by ROSE Foundation and University Malaya.

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