Budget 2024

Budget 2024 was tabled in Parliament on 13 October 2023 with the theme of "Economic Reforms, Empowering the People".

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



Real GDP growth, 2024


Headline inflation, 2024


Unemployment rate, 2024




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


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


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)


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


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


Diesel subsidy

to be rationalised in stages

Chicken and eggs

will see temporary price controls removed, enabling sustainable market supply


RM200 bn

to be provided by financial institutions to encourage low-carbon economy transition

RM2 bn

allocation for Fund to Facilitate National Energy Transition

RM1 bn

issuance of biodiversity sukuk



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Contact us

Jagdev Singh

Jagdev Singh

Tax Leader, PwC Malaysia

Tel: +60 (3) 2173 1469

PwC Malaysia

General enquiries, PwC Malaysia

Tel: +60 (3) 2173 1188