The change in government had meant that Budget 2023 underwent a retabling – one that is reflective of the new administration’s vision.
Here are some highlights:
- #Budget2023 is the highest budget allocation in the history of Malaysia
Accumulating to RM386.10 billion, the 2023 budget is by far the highest that has been tabled and allocated for the year. This is in part due to combat high inflation plaguing the nation at the given moment. The budget is said to have increased 16% from the previous budget.
- Budget allocations for small businesses owned by women and youth
A win for women and youth-owned grassroot businesses. A budget of 1.7 billion is set to be allocated to loans for small businesses.
- E-wallet credit of RM200 granted to 18-20 year-olds
RM400 million will be distributed across Malaysia for the majority of youth
- Implementation for income tax increase and decrease
For those who earn RM35,000 to RM100,000 per annum, income tax will be decreased by 2%. For those who earn from RM100,000 to RM1 million, income tax will be increased approximately 0.5% to 2% depending on their earnings
- Imposed luxury tax and excise duties on ni cotine for vapes and e-cigarettes
Considering the dissolve of GST, new tax will be imposed on luxury goods such as watches and fashion goods (Luxury Tax). This is followed by excise duties on liquid nicotine for vapes and e-cigarettes.
These are only some of the highlights for the 2023 budget. Malaysiakini has produced a handy little quiz for you to find out what taxes might be imposed onto you. To find out, click here.