The Prime Minister of Malaysia has stated that Budget 2024 will clarify and address key issues including proposed targeted subsidies for petrol, taxation issues, and revenue strategies.
Datuk Seri Anwar Ibrahim had highlighted this during his winding up speech for the 12th Malaysia Plan mid-term review. He said that taxation matters will be addressed so that the government will be able to allocate its resources more effectively.
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This in turn will help the government reach their target of reducing the country’s fiscal deficit to 5% of gross domestic product (GDP) by 2023.
Datuk Seri Anwar Ibrahim stated this in an answer to Datuk Seri Wee Ka Siong, who sought for updates regarding the proposals made to introduce a luxury goods tax and a capital gains tax, while also reimplementing the goods and services tax in an effort to boost national revenue.
Since the abolishment of the goods and services tax (GST) in 2018, experts have called for its reintroduction as it can help replenish Malaysia’s depleted coffers. For a summary on what was the previous government’s policy when GST was implemented in 2015, check out our infographic guide.
