This year’s budget aims to drive economic growth through highly anticipated reforms in support of overarching policies
-0% Budget deficit, % of GDP in 2023
0% Government Debt-to-GDP ratio as at August 2023
0% Decrease in overall expenditure for 2024
0% Decrease in gross development expenditure for 2024
Economy
0%-0%Real GDP growth, 2024
0%-0%Headline inflation, 2024
0%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
RM0 bnto be provided by financial institutions to encourage low-carbon economy transition
RM0 bnallocation for Fund to Facilitate National Energy Transition
RM0 bnissuance of biodiversity sukuk
Welcome to our TaXavvy Budget Edition which brings you the key tax proposals of Budget 2024 based on the Budget speech as announced by the Prime Minister and Finance Minister, YAB Dato' Seri Anwar bin Ibrahim on 13 October 2023.
このTaXavvy日本語版では、2023年10月13日に発表された、マレーシアの2024年度税制改正案の概要をお伝えいたします
