Budget 2023 Malaysia

PETALING JAYA: Malaysia's Budget 2023 will be the first that Datuk Seri Anwar Ibrahim will table as Prime Minister – and the eighth that he will present to ...

The year 2023, however, will see two Budgets. Of the 10 Finance Ministers who have presented the nation’s budgets, Tan also holds the record for the longest budget speech. Tun Hussein Onn, meanwhile, was the last to delivered a budget speech in English when he tabled the Budget for 1976. The Budget to be tabled on Friday, Feb 24, will be the second Budget 2023. The budgets for 1960 to 1976 were tabled on various days of the week other than Friday. Anwar incidentally is not the Finance Minister to have tabled the most number of budgets in the nation’s history.

According to an official source, Mr Anwar, who is also Finance Minister, will be able to spend more on the back of higher revenue from an economy that recovered ...

The government is also likely to provide employment opportunities despite a recovering labour market,” he said. According to a Bloomberg survey of 11 economists, Mr Anwar’s administration could likely target a lower deficit of 5 per cent of GDP from the 5.5 per cent set by his predecessor in October. [national unemployment rate for 2022 was 3.6 per cent,](https://www.straitstimes.com/asia/se-asia/malaysians-struggle-to-make-ends-meet-even-as-unemployment-rate-down#:~:text=The%20unemployment%20rate%20in%20October,per%20cent%20to%2016.08%20million.) still above the 2019 pre-pandemic level of 3.3 per cent. Individuals in the next tier up to annual incomes of RM100,000 face a rate of 21 per cent. [surpassing the RM372.3 billion (S$112 billion) plan](https://www.straitstimes.com/asia/se-asia/malaysia-aims-to-maintain-same-spending-level-in-new-budget-2023) proposed by the previous government last October, in a bid to address Malaysia’s slowing growth and higher cost of living. According to an official source, Mr Anwar, who is also Finance Minister, will be able to spend more on the back of higher revenue from an economy that recovered better than expected in the past year.

The finance minister's political opponents are hoping he delivers a damp squib of a budget, so they can hammer him with it.

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More EV incentives could be announced in the retabled budget, given the broad hints that have already come about on the matter. Last month, natural resources, ...

Last month, natural resources, environment and climate change minister Nik Nazmi Nik Ahmad said that the government [expected to be included](https://paultan.org/2023/01/26/targeted-fuel-subsidy-expected-in-revised-budget-2023/) in the revised budget is the announcement of a [targeted fuel subsidy](https://paultan.org/2022/12/29/targeted-fuel-subsidy-to-utilise-info-from-a-number-of-databases-not-only-from-jpj-alone-kpdn-minister/), which Anwar has said is a topic he [wants to address as quickly as possible](https://paultan.org/2022/11/29/govt-ministries-given-two-weeks-to-discuss-targeted-subsidies-says-anwar-fuel-electricity-under-focus/). As with previous editions, we will be monitoring the speech by the PM for any automotive- and transport-related matters.

KUALA LUMPUR: Youth and Sports Minister Hannah Yeoh claimed that she has “whispered” to Prime Minister Datuk Seri Anwar Ibrahim to not cut sports funding ...

KUALA LUMPUR: Any plans to give direct cash aid to reduce poverty will be announced during the tabling of Budget 2023, says Datuk Seri Anwar Ibrahim.

Zahari had asked whether the government would implement a basic income assistance scheme where households earning less than RM2,208 per month would receive some cash every month. “In 2022, the government allocated RM8bil for the implementation of direct cash assistance to 8.7 million recipients in a bid to address the cost of living issues faced by the people after the Covid-19 pandemic,” said the Prime Minister. Anwar said the government was concerned about the welfare of all Malaysians, especially the B40 income earners.

BUDGET 2023 | Prime Minister and Finance Minister Anwar Ibrahim re-tables Budget 2023 in the Dewan Rakyat today. This marks the first time Anwar has tabled ...

He expects 130,000 people to be discharged as a result of the amendments. Around RM46 billion was used to pay debts alone. This marks the first time Anwar has tabled a budget in 26 years. 4.50pm: Only 12 percent of wakaf land has been developed, Anwar says. This amounts to 16 percent of government revenue - above the 15 percent limit. The government will also re-introduce a scheme to waive the penalties for self-declaration of unpaid taxes. To achieve this, the government plans to provide tax incentives to companies that relocate to Malaysia and a tax rate of 15 percent for the C-suite until 2024. Nevertheless, the government projects the Malaysian economy to grow by 4.5 percent in 2023. The government will increase efforts to unlock the value of wakaf assets. The government plans to subsidise the cost of vehicle licence tests for the following licences: B2 motorcycle, taxi, bus, and e-hailing. BUDGET 2023 4.55pm: The Anwar administration pledges to legislate a Government Procurement Act as soon as possible to improve transparency.

PETALING JAYA: Prime Minister and finance minister Anwar Ibrahim has tabled Budget 2023, announcing an allocation of RM388.1 billion.

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KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim, who is also Finance Minister, retables the revised Budget 2023 in Parliament.

Pre-election budget sets government expenditure to hit $117 billion this year. Read more at straitstimes.com.

Stripping out the subsidy element, the government’s expenditure this year is set to exceed that of last year. Mr Anwar’s so-called unity government was cobbled together after the election resulted in Malaysia’s first ever hung Parliament. The government’s fuel subsidy bill should also ease this year, with oil prices forecast to average about US$80 per barrel this year instead of upwards of US$100 in 2022. The fiscal deficit was 5.6 per cent of GDP last year, lower than the targeted 6.0 per cent thanks to the 8.7 per cent economic growth which exceeded projections of 6.5 to 7.0 per cent. The Pakatan Harapan chief, who is also Finance Minister, unveiled Budget 2023 in Parliament on Friday, his first since taking office after the general election in November. [six states are expected to head to the ballot box](https://www.straitstimes.com/asia/se-asia/six-malaysia-states-set-for-july-polls-after-multi-party-talks) in July, with about half of Malaysia’s electorate casting their vote.

KUALA LUMPUR: Malaysia's fiscal deficit is expected to consolidate further in 2023 to 5.0 per cent of gross domestic product (GDP), falling to RM93.94 ...

"In achieving sound public finances and rebuilding fiscal space, the government is committed to continue the fiscal consolidation plan guided by the Medium-Term Fiscal Framework (MTFF), enhance fiscal discipline, and ensure debt sustainability. The development expenditure (DE) allocation is estimated to increase significantly to RM97 billion for programmes and projects under the 12th Malaysia Plan (12MP) involving the construction of highways and public transport infrastructures, health facilities as well as educational institutions. According to the report, the operating expenditure (OE) allocation is estimated to decrease to RM289.1 billion, primarily due to lower allocation for subsidies following the expected lower crude oil prices and the gradual move towards a more targeted subsidy mechanism. Total expenditure is estimated to be slightly lower at RM386.1 billion, or 20.4 per cent of GDP, mainly due to the expiry of the COVID-19 Fund and spending optimisation measures, it said. The report said the government’s revenue is expected to be lower at RM291.5 billion, or 15.4 per cent of GDP, compared to RM294.36 billion in 2022, as a result of slower global economic growth and an anticipated moderation of commodity prices. Similarly, the primary deficit is estimated to reduce further to 2.5 per cent of GDP, that is down to RM47.84 billion from RM58.21 billion in 2022, the Ministry of Finance (MoF) said in its "Updates on Economic & Fiscal Outlook and Revenue Estimates 2023” report.

Malaysia's revised Budget 2023 (Bajet 2023) is presently being tabled by finance minister and prime minister Datuk Seri Anwar Ibrahim in parliament.

RM100,000 will be allocated to each district for this purpose. In his speech, Anwar said there was a pressing need to plug leakages from wastage as well as irregular payments and collections, something highlighted in the Auditor General’s reports for 2020 and 2021. This means that there will be no additional cost impact for charging an EV at home. As with previous editions, we will be monitoring his speech for any automotive- and transport-related matters. More EV incentives could be announced today, given the broad hints that have already come about on the matter. [expected to be included](https://paultan.org/2023/01/26/targeted-fuel-subsidy-expected-in-revised-budget-2023/) in the revised budget is the announcement of a [targeted fuel subsidy](https://paultan.org/2022/12/29/targeted-fuel-subsidy-to-utilise-info-from-a-number-of-databases-not-only-from-jpj-alone-kpdn-minister/), which Anwar has said is a topic he [wants to address as quickly as possible](https://paultan.org/2022/11/29/govt-ministries-given-two-weeks-to-discuss-targeted-subsidies-says-anwar-fuel-electricity-under-focus/).

KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim today said Malaysia will have to embrace the uncertainty of the world economy this year.

2 million youths in Malaysia will get RM200 eWallet credit under eTunai Belia Rahmah. However, the RM100 eWallet credit for M40 groups was not mentioned ...

When the initial Budget 2023 was tabled by former Finance Minister Tengku Zafrul Aziz, a total of RM8 million was allocated to provide RM100 eWallet credit for 8 million eligible M40 recipients. Previously called ePemula, the new eWallet programme is now called eTunai Belia Rahmah following the change of government. A total of 2 million youths are expected to benefit from this eWallet programme.

The government will spend US$87 billion to help people struggling with soaring inflation, including on handouts for the poorest and income tax cuts for ...

KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim today said that Malaysia was experiencing a decline in its administration.