Budget 2023 has recently been announced, here are some of the key takeaways of Budget 2023:
- Malaysia's economy estimated to grow 6.5%-7% in 2022, and 4%-5% in 2023
- Fiscal deficit expected to shrink to 5.5% of GDP in 2023 from 5.8% of GDP in 2022
- Federal government revenue expected to drop 4.4% to RM272.57 billion in 2023, from a growth of 22.0% (RM285.22 billion) in 2022
- RM372.3 billion allocated under Budget 2023 — RM272.3 billion for operating expenditure, RM95 billion for development expenditure, RM5 billion for Covid-19 fund and RM2 billion for contingency savings
- Ministry of Finance is the biggest recipient of Budget 2023 allocation at RM67.2 billion, followed by Ministry of Education (RM55.6 billion), and Ministry of Health (RM36.1 billion); these three constitute 43.3% of total budget expenditure
- RM18.3 billion allocated to Ministry of Home Affairs (KDN)
- Ministry of Defence to get RM17.4 billion allocation
- From 2023, electricity bill subsidy of up to RM40 will be provided for households with income of RM1,169 and below, compared to the present RM980 and below
- 2% income tax cut for RM50,000 to RM100,000 income bracket, but 0.5% rise for RM250,000-RM400,000
