Malaysia Budget 2024 Highlights
13 October 2023
Prime Minister Dato’ Seri Anwar Ibrahim, tabled the Belanjawan 2024 Malaysia MADANI in Parliament on 13 October 2023. The Prime Minister, who is also Finance Minister, highlighted that the Government is determined to uplift the economy of the nation and the Rakyat’s standard of living through consolidated efforts.
With the theme of “Economic Reforms, Empowering the People”, the second MADANI budget allocates a total of RM393.8 billion in expenditure, the highest tabled by the country with RM303.8 billion set aside for Operating Expenditure and RM90 billion allocated for Development Expenditure, which includes RM2 billion for contingency savings.
The three key pillars of Budget 2024 are as follows:
- Good Governance for Service Agility;
- Restructuring of the Economy to Boost Growth; and
- Raising Rakyat’s Standard of Living.
Budget 2024 focuses on economic policies that promotes growth and economic equality to address income disparity. It is notable that various tax reform measures have been proposed to expand the country’s revenue base such as the introduction of capital gains tax, high value goods tax and the widening of the scope of service tax.
We’re pleased to present you with our Budget 2024 Highlights for your reading pleasure.