SHAH ALAM - Finance Minister and Prime Minister Datuk Seri Anwar Ibrahim unveils a RM386.14 billion revised Budget 2023.
Last year, the government under Datuk Seri Ismail Sabri Yaakob had announced a RM372.3 billion under Keluarga Malaysia budget.
Below is the breakdown for the revised budget:
Prime Minister Datuk Seri Anwar Ibrahim unveils RM386.14 billion 2023 Budget.
- Anwar says govt leakages for 2020 and 2021 amounts to RM3 billion
-Anwar reveals that last year the country lost over RM10 billion worth of diesel subsidies from leakages.
- Anwar says according to Transparency International, the leakages is due to the government's failure to curb corruption.
- Anwar says inflation to remain manageable between 2.8 per cent and 3.8 per cent, this year.
- Country's economy to grow at 4.5 per cent compared to an earlier projection of between 4.0 and 5.0 per cent, this year.
- Governmet to bear cost for driving test of B2 vehicles
- Tekun allocates RM10 million for the poor.
- Fire and Rescue Department, Rela and Malaysian armed forces to have RM50 million for natural disaster aid.
- Nadma gets RM150 million allocation to beef up its assets, disaster warning systems and related disaster aid
- Community Grant to benefit 2,000 resident associations with an allocation of RM20 million.
- Dilapidated clinics and schools across the country will be refurbished immediately with RM1.2 billion allotted for such improvements.
- Government to use district engineers to speed up the repairing of federal roads.
- Government to propose restructuring and empower Bumiputra investments including Yayasan Amanah Hartanah Bumiputra and Yayasan Ekuiti Nasional.
- Jendela project to benefit 47 industrial areas and 3,700 schools at a cost of RM725 million.
- A total 5,000 armed personnel who will retire this year to recieve re-skilling in order to enhance their employability upon exiting the force.
- Government to counter Islamphobia in Sweeden by donating 20,000 Al-Quran that are translated in Swedish.
Madani budget reflects responsibility and virtuous value system
- The Madani budget reflects the principles of responsibility and virtuous value system needed in facing the global economic challenges and uncertainties
Inflation rate to be between 2.8 to 3.8 per cent
- Anwar says inflation to remain at manageable inflation level
Budget 2023 sees RM13.8 billion increase compared to earlier budget tabled by Ismail Sabri
- The retabled RM388.1 billion budget comprises of RM289.1 billion for Operating Expenditure and RM99 billion for Development
- Government is committed to achieve sustainable fiscal deficit level in the medium term with a target of 3.2 per cent of GDP by 2025.
Putrajaya to table Fiscal Responsibility Act to manage the economy better
GST will not be making a comeback for now
- Anwar says no plans for GST yet.
Government will introduce luxury goods tax starting this year
- RM40 billion allocated for SMEs
Putrajaya retains power subsidies for households,SMEs
Excise duty will be imposed on nicotine and e-cigarettes
- Half of revenue collected from excise duties collected under laws to end generational end game will be channeled to health ministry.
Government to look into introducing capital gains tax from 2024
- RM40 billion allocated for SMEs.
Tax cuts for SMEs
- The first RM150,000 of SMEs taxable income will enjoy 15 to 17 per cent tax reliefs.
Hike in budget for biodiversity conservation
- Ecological Fiscal Transfer for Biodiversity Conservation for states to be increased from RM150million to RM70 million.
- A total of 1,500 rangers will be employed; priorities will be given to those of the Orang Asli communities and retired armed personnel.
- RM39 million aloocation will be provided to protect wildlife such as tigers, elephants, among others.
- More wildlife rangers among Orang Asli, army and police veterans with an allocation of RM50 million.
Bank Negara to allocate RM2 billion to back tech,SMEs with low carbon
- Bank Negara will prepare up to RM2 billion funds for start-ups in the sustainable technology industry in order to promote low-carbon businesses.
- Khazanah will prepare RM150 million to spur the development of environmental friendly projects.
Govt to cut redtape at state level to ease FDIs
Tax incentives for manufacturers to open operations extended to 2024
Subang and Penang Airports to be expanded
- The expansion will be led by the Malaysia Airports Berhad.
Government to introduce New Industry Master Plan 2030
- The move includes restructuring of investment incentives.
Government to separate syariah EPF savings for competitive returns
- The syariah account was introduced in 2017.
Private sector to set up "Madani wakaf” involving more than RM1 billion.
- The private sector has agreed to commit RM1 billion to create the Madani Wakaf which comprised lands, mosques, buildings, health infrastructures, and education facilities to be used by the poor.
Goverment to increase availability of Islamic financing
The RM7 billion flood mitigation project involving Jana Wibawa — that was done via direct negotiation — has been cancelled
Government aims to table the Government Procurement Act and amend the Whistleblower Protection Act by this year
Chief Secretary to the Government to chair special task force to cut bureaucracy in government agencies
- A pilot project will be carried out
Government allocates RM10 billion to fight online scam
- Bank Negara to enforce "kill switch" policy for all banks to immediately freeze accounts including bank cards of any suspicious activity.
Bankrupts will get a second lease of life
- Those with less than RM50,000 debts will be immediately freed of their bankruptcy status upon fulfilling the needed conditions starting March 1 this year.
TVET workers salary to be upped
- Government to ensure that TVET students will be getting salary worth more than RM2,000.
- Petronas, DRB Hicom, Sunway and MRCB to lead in various TVET projects.
- Government to prepare RM50 million matching grants to spur automation in the plantation sector through the use of robotics and artificial intelligence.
Civil servants to get RM180 childcare subsidies a month
- This is for those who earn lease than RM7,000 a month.
- Government to build another 80 kindergartens and 13 new projects.
Grants to encourage women to get back to work after maternity
- The government allocated RM290 million in salary-matching grants to encourage 130,000 women to go back to the workforce after giving birth.
GLCs will start investing in local startups
- GLCs such as Khazanah and EPF will invest in innovative and high performing startups with funds worth RM1.5 billion.
- GLCs to help the abject poor across the country with corporate social responsibility contributions totalling to RM250 million.
2023 - the year we end hardcore poverty, says Anwar
- Sarawak Premier and Sabah Chief Minister has agreed to use a portion of the petroleum payment to their respective states for poverty eradication in their states.
RM64 billion for subsidies, aid, incentives to ease cost of living
Government allocates RM100 million at each Parliament for Jualan Rahmah programme
- Sumbangan Tunai Rahmah recipients to also get food baskets and vouchers.
Education Ministry gets higher allocation of RM52.2 billion
- Government will give additional subsistence aid worth RM600 per household to existing Sumbangan Tunai Rahmah recipients in the form of food baskets and vouchers.
- Government increases allocation from RM200 million to RM225 million to expand basic necessities including in Sarawak, Terengganu, Kelantan.
Bernas agrees to profit sharing
- Bernas will be sharing 30 per cent of its rice import nett profits with padi farmers.
Two per cent income tax reduction for PR holders
- This will benefit 2.4 million tax payer.
T20 to pay more income tax, increment up to two per cent
Felda, Felcra, Risda to work on abandoned land owed by the agencies totalling 800 acres
Head Govt allocates RM50 mil to reduce racial gap
- RM50 million has been alotted for the refurbishment of non-Islamic places of worships across the country.
Pan Borneo to cost RM20 billion for 1,000 kilometres
Sabah receives RM6.5 billon, Sarawak gets RM5.6 billion
- RM2.5 billion for infrastructure projects in Sabah and Sarawak including road, power and water supply projects.
- Government allocates RM1 billion to develop several towns, including Kalabakan in Sabah and Ba’kelalan in Sarawak.
RM18.5 billion for Home Ministry, RM17.7 billion for Defence
Transport
- Government to continue with My50 monthly pass. It will benefit RM180,000 users.
Government to review MRT project to save at least RM45 billion
Education Ministry gets higher allocation of RM52.2 billion
- Government allocates RM108 million for Program Makanan Prasekolah, benefitting 240,000 students.
- RM777 million allocated for Rancangan Makanan Tambahan to benefit 700,000 students.
- A total of 50,000 laptops will be supplied to schools and educational institutions across the country.
RM36.3 billion for Health Ministry
- Last year the allocation was RM34.4 billion
- RM700 million to upgrade the Melaka hospital to ease congestion
- RM3 billion alotted for the employment of permanent and contract hiring of medical officers, dental officers and pharmacists
20 per cent repayment discount will be given to PTPTN debtors starting March 1
Free internet in 56 public housing in the country
RM500 for EPF contributors with less than RM10,000 in Account 1
RM100 a day for rescue team in Turkey, Syria
Raya allowances for civil servants under grade 56