Malaysian Prime Minister Anwar Ibrahim. (Photo: Bloomberg)Kuala Lumpur (VNA) - Malaysian Prime Minister Anwar Ibrahim on October 13 submitted to the country’s parliament a draft budget for 2024 which includes bolder reforms for the economy with new tax measures.
Among the measures announced include an increase to the Sales and Services Tax (SST) from 6% to 8%, excluding food and beverages or telecommunications.
A capital gains tax on unlisted shares will also be introduced at a rate of 10% from March 1 next year.
Separately, a high-value goods tax of five to 10% on items such as jewelry and watches will also be introduced, he said.
He said the expansionary 2024 budget of 393.8 billion RM (83.26 billion USD) surpasses the 388.1 billion RM unveiled for the 2023 budget in February this year, the largest then.
Anwar, who is also the Minister of Finance, said that in the draft budget plan there are three focus points, which are the best governance to ensure the flexibility of services, restructuring the economy to promote growth, and improving the people's living standards.
He said the government will ease the pressure on living costs through giving subsidies of food, fuel and other essential needs.
Anwar expressed his hope that the country’s gross domestic product (GDP) will grow by between 4-5% next year./.
