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Budget 2024
at a glance
This year’s budget aims to drive economic growth through highly anticipated reforms in support of overarching policies
-4.3% Budget deficit, % of GDP in 2023
62.0% Government Debt-to-GDP ratio as at August 2023
0.8% Decrease in overall expenditure for 2024
7.2% Decrease in gross development expenditure for 2024
Economy
4.0%-5.0%Real GDP growth, 2024
2.1%-3.6%Headline inflation, 2024
3.4%Unemployment rate, 2024
Rakyat
Aid
RM10 bn allocation for Rahmah Cash Aid (STR) to benefit 9 million recipients
Maximum rate increased from RM3,100 to RM3,700
Affordable housing
RM10 bn allocated to the Housing Credit Guarantee Scheme, benefiting 40,000 borrowers
Employment
RM6.8 bn allocation for TVET education inclusive of RM1.6 bn for Human Resources Development Corporation (HRD Corp) to train 1.7 million workers
Digital
High-Growth, High-Value
RM1.5 bn by GLCs and GLICs to encourage startups venturing into digital economy, space technology and electronics and electrical (E&E)
Cybersecurity
Bank Negara Malaysia to develop a National Fraud Centre (NFC), expected to be completed in mid-2024
Digital startup
To develop MYStartup platform optimising RM200 mn fund under various funding agencies and venture capital
Tax
Service tax increasing from 6% to 8%
Global minimum tax to be implemented in 2025 for companies with a global income of at least EUR750 mn
e-Invoicing to be fully implemented by July 2025
Capital gains tax will be imposed at 10% on unlisted shares from 1 March 2024
Investment and Trade
The Budget recognises the importance of remaining competitive, investing in entrepreneurship as well as sustainable development
MSME development
RM44 bn in loans and financial guarantees to MSMEs
New Industrial Master Plan 2030
RM200 mn initial fund to implement the planned programmes and initiatives
Public infrastructure
Multi-billion projects such as LRT3, Sabah Pan Borneo, and Sarawak-Sabah Link Road
Subsidy
Diesel subsidyto be rationalised in stages
Chicken and eggswill see temporary price controls removed, enabling sustainable market supply
Sustainability
RM200 bnto be provided by financial institutions to encourage low-carbon economy transition
RM2 bnallocation for Fund to Facilitate National Energy Transition
RM1 bnissuance of biodiversity sukuk
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Our views in the media
Pre-Budget
- New taxes must not be too taxing (Star Biz7)
- Reforms needed in Budget 2024 (The Edge)
- Notepad with Ibrahim Sani | Belanjawan2024: Examining tax code on capital vs labour (Astro AWANI)
- ‘GST critical to restoring the country’s fiscal health’ (The Star)
- Onboarding Malaysia to e-Invoicing (Astro AWANI)
- GST for sustainable revenue growth (The Edge)
- What You Can Expect To See In Budget 2024 (iMoney)
- Rationalising subsidies for economic prosperity (The Star)
- Why Is The Government Considering The Return Of GST? (iMoney)
- Will we see launch of capital gains tax in Budget 2024, and what happened to luxury goods and online sales taxes? (Malay Mail)
Post-Budget
- Budget 2024: More clarity needed for tax reforms — tax analysts (The Edge)
- Progressive wage model a glaring omission in Anwar’s Budget 2024 (Free Malaysia Today)
- Chit Chat 1: Post Budget 2024 - Tax matters (RTM Fresh Brew)
- Budget 2024 Overview: Tax Incentives, SST, Capital Gains Tax, E-Invoicing, and More (BFM)
- Govt’s 5% growth target for 2024 seen as optimistic (Free Malaysia Today)
- Revised SST impact (Niaga AWANI)
- 18 Oktober 2023 - Biz Malaysia (RTM Biz Malaysia)
- Tax reforms for sustained outcomes (The Edge)
- A need to de-demonise GST (The Edge)
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