Budget 2023 highlights

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Prime Minister and Finance Minister Anwar Ibrahim re-tabled Budget 2023 in the Dewan Rakyat today. Budget 2023 has to be re-tabled because it was not passed before the Dewan Rakyat was dissolved in October last year.


This was the first time Anwar has tabled a budget in 26 years. The theme for his budget is “Membangun Malaysia Madani” (Developing a Civil Malaysia).

The highlights of the revised budget include:

  • Electricity tariffs to be maintained for domestic users and SMEs
  • New taxes, including a luxury goods tax, capital gains tax and taxes on tobacco and vape products
  • Taxes on the first RM150,000 in revenue of micro and SMEs reduced to 15 percent, down from 17 percent
  • RM50 million to build new stalls or kiosks for small traders throughout the country
  • RM1.2 billion to repair 400 clinics and 380 schools
  • RM2.7 billion to maintain and upgrade federal roads and RM1.5 billion to upgrade and build new roads in rural areas
  • RM50 million for immediate installation of streetlights
  • RM100,000 for each district to mend potholes
  • Pending amendment of Insolvency Act 1967, cases of debt of less than RM50,000 will be automatically discharged from March 1
  • RM64 billion in subsidies, aid, services and incentives for the people to cope with inflation
  • RM2,500 Sumbangan Tunai Rahmah for each household with monthly income below RM2,500, and additional aid of RM600 for poorest households registered with e-Kasih
  • Farmers to get RM1.6 billion in subsidies, and 240,000 farmers to get RM200 per month for three months
  • E-wallet top-up of to RM200 for those aged 18 to 20
  • 2% income tax deduction for those earning RM35,000 to RM100,000, while those earning RM100,000 to RM1 million pay 0.5% and 2% more tax
  • RM50 million for maintenance and repair of non-Muslim houses of worship
  • RM2.5 billion welfare aid for more than 400,000 recipients
  • Contribution of RM500 into EPF accounts of those aged 40-54 with less than RM10,000