Latest: 2024 Budget

Prime Minister Datuk Seri Anwar Ibrahim, who is also the Finance Minister, tables the 2024 Budget in Parliament today.

Get the latest announcements and key highlights for the 2024 Budget in the New Straits Times.

• The government will allocate a total of RM60 million for the purpose of developing the 5G Cyber Security Testing Framework as well as 5G Technology Local Expertise.

• RM400 million is allocated for the maintenance and renovation of armed forces family housing.
  RM20 million is provided for the phased upgrading of the army camp sewerage system.

• The government will establish a single border agency (SBA) for the entire nation, where RM20 million is allocated for the maintenance, improvement and acquisition of capital assets at international entry points across the country.

• To strengthen the nation's defence and security preparedness, the government will initiate the procurement of new assets, including:

  a. Procurement of 12 new helicopters for the Royal Malaysian Air Force.

  b. Procurement of key assets for the army, such as 60 infantry fighting vehicles, 50 High Mobility Light Tactical Vehicles (HMLTV), six Hovercraft Integrated Fast Interceptors, and 733 various types of support vehicles.

  c. Overhaul work on two submarines and continued procurement of three Littoral Mission Ships (LMS) for the navy.

  d. Procurement to replace old assets with seven twin-engine aircraft and five light helicopters for the police.

• The Defence Ministry has been granted RM19.7 billion, an increase of RM2 billion compared to this year.

  Meanwhile, the Ministry of Home Affairs was also granted RM19 billion, an increase of RM500 million compared to this year.

• The Pan Borneo Highway in Sarawak will be fully completed next year, and the tender process for 19 work packages for the Pan Borneo Highway in Sabah Phase 1B, covering 366 kilometres and costing RM15.7 billion, will be completed this November.

  The Sarawak-Sabah Link Road (SSLR) Phase 2 project, spanning over 320km and costing nearly RM7.4 billion, will also commence implementation by the end of this year.

  The Plus highway will be widened from four lanes to six and extended from Sedenak to Simpang Renggam, with a cost of RM931 million.

  The government will continue to subsidise air transportation with RM209 million for the benefit of rural residents of Sabah and Sarawak.

  The continuation of the My50 passes will benefit 180,000 Klang Valley residents using Prasarana bus and rail services.

• An allocation of RM1.1 billion is provided to implement solutions to the water supply issue, especially in Kelantan, Sabah, and the Federal Territory of Labuan.

• The government provides RM150 million to maintain the information technology system under the Health Ministry including providing Clinic Management System Subscription (CCMS) in 100 health clinics.

• A total of RM766 million was also provided for the procurement of medical equipment in government hospitals to replace equipment that reached Beyond Economic Repair (BER) in addition to meeting the needs of various new service disciplines.

• The government will build Universiti Sains Islam Malaysia (USIM) Teaching Hospital Complex Phase 1 in Kota Tinggi, Johor at a cost of RM938 million, and an additional Pathology Block at Raja Perempuan Zainab II Hospital, Kelantan at a cost of RM175 million.

  Five new health clinics will be constructed including in Rantau, Negeri Sembilan; Kuala Tahan, Jerantut, Pahang; Kuala Jengal, Dungun, Terengganu and Pulau Mantanani, Kota Belud, Sabah at a cost of RM150 million.

  The government will also continue to improve cooperation by outsourcing patients to other hospitals including military, university and private hospitals with an allocation of RM200 million.

• Health Ministry receives RM41.2 bilion allocation under Budget 2024.

• The government has agreed to provide a discount for PTPTN repayments starting Oct 14, 2023, to March 31, 2024 at the rate of 10 per cent on the outstanding debt for full loan settlement; 10 per cent for payment of of at least half of the outstanding debt in one payment; and 15 per cent for payments made through scheduled payments or direct debit.

  Starting Jan 2024, registration fees for public universities will not exceed RM1,500.

  Current students who cannot afford to pay university fees will not be prevented from registering for courses each semester, and payments can be settled after course registration.

  Any payment regulations set by the university should consider the welfare of the students.

• To enhance cross-disciplinary exploration in Artificial Intelligence, I am pleased to announce the establishment of the country's first Faculty of Artificial Intelligence (AI) at Universiti Teknologi Malaysia, with an initial allocation of RM20 million.

• The government will grant the Ministry of Higher Education RM16.3 billion, an increase from RM15.3 billion granted this year to prepare students with the skills and knowledge required by the current industry's demands.

• A total of 26 new schools will begin construction with a total project cost of RM2.5 billion.

• RM1.9 billion is provided to upgrade and maintain schools throughout the country.

  This includes RM930 million for upgrading poor buildings and infrastructure in 450 schools including 185 projects in Sarawak and 155 in Sabah. Another RM1 billion is for maintenance in all types of schools.

• Education Ministry will be allocated with RM58.7 billion.

• The government will table amendments to the Drug Addicts (Treatment and Rehabilitation) Act 1983 to enable drug addicts to receive treatment and rehabilitation without being admitted to prison institutions.

• RM1.2 billion will be allocated for aid in various aspects for the disabled, such as care for chronically incapacitated disabled persons, those who are jobless, and disabled worker allowances.

  Next year, the allowance rate for disabled trainees participating in the community rehabilitation programme will be increased to RM300 per month from RM150, benefitting over 18,000 disabled trainees, with an additional allocation of RM30 million.

  To benefit micro-entrepreneurs with disabilities, special financing facilities provided by Bank Simpanan Nasional amounting to RM50 million.

• The Orang Asli people will get an increase in allocation from RM305 million this year to RM333 million next year, for socioeconomic development projects, facilities and social aids.

  RM28 million will be provided to improve entrepreneurship development programmes among Orang Asli, and the recultivation of their lands including in Batang Padang, Perak, and Hulu Langat, Selangor.

• The Tunas Usahawan Belia Bumiputera programme will be continued with an allocation of RM20 million, while the Tekun Belia Mobilepreneur will also receive RM10 million to continue funding youths in the delivery service.

  To promote Malaysia as an e-sports industry hub, RM30 million will be allocated to encourage companies or international video game studios to invest in Malaysia in the development of digital products with local talents.

• Early childhood education will continue to receive attention where RM586 million will be allocated to KEMAS.

  An additional RM20 million is also provided for the upgrading of KEMAS Early Childhood Education premises.

  A total of 26 new preschools under the Ministry of Education will be built, involving a cost of RM82 million, next year.

• The government has proposed that the income tax exemption limit on childcare allowances received by employees or paid directly by employers to childcare centres be increased from RM2,400 to RM3,000.

• The government will increase the monthly salary ceiling for SOCSO contributions from RM5,000 to RM6,000. This increase will increase cash benefits at a rate of 20.2 per cent for the benefit of 1.45 million workers and their dependents.

• To continue encouraging women to return to work, the tax incentives for women who return to work will be extended until December 31, 2027.

• RM1.6 billion worth of loan and guarantee facilities will be provided specifically for bumiputera's micro, small, and medium enterprises owners to enhance their capacity and competitiveness, including the provision of venture capital financing to bumiputera startups.

• The EPF i-Sayang program will be expanded to also allow the wife to transfer two percent of the employee share EPF contribution to the husband. The Housewives Social Security Scheme will continue with an allocation of RM50 million benefiting more than 400,000 female housewives registered under e-Kasih.

• The government matching contribution limit under the EPF i-Saraan program is increased to RM500 per year limited to RM5,000 for life.

• The government's contribution rate under the Self-Employed Social Security Scheme (SKSPS) will be increased to 90 per cent with an allocation of RM100 million.

• 100,000 helmets including for children will be distributed free of charge to underprivileged families.

• For the year 2024, the aid channeled by the Social Welfare Department (JKM) involves the allocation of more than RM2.4 billion to benefit more than 450,000 people, especially the severely poor households, the elderly, children and the disabled.

  The eligibility requirements have also been expanded in line with the increase in Food Poverty Line Income (PGK) 2023 which is RM1,198 per month.

• RM35 million is provided to fund training fees and income replacement incentives for 9,000 gig workers who attend training programs under SOCSO Career Building Program.

• SOCSO will provide a special incentive of RM1,500 per month for six months to support the entry of more than 3,300 job seekers with an allocation of RM30 million.

• MyFutureJobs will match jobseekers with jobs to build a future career and earn a higher income. This initiative will offer 50,000 contract job opportunities in the public sector and Government Linked Companies (GLCs) starting January 2024.

• Next year, RM500 million will be provided to increase the participation of more hardcore poor people in the People's Income Initiative program to increase their income.

• The maximum rate for STR will be increased from RM3,100 to RM3,700, and the minimum for the youth will also be increased from RM350 to RM500.

  The first payment for STR for households will increase from RM300 to RM500 in 2025, with the payment being made before Ramadan.

  The government has agreed to expand the Sumbangan Asas Rahmah to 700,000 STR recipients who will receive RM100 a month for 12 months.

  STR 2024 will also take a different approach with the government opening new applications as early as November 2023, and will be open throughout the year.

• The retargeting of subsidies enables the government to improve and increase the cash aid under the Sumbangan Tunai Rahmah (STR).

  Next year, the STR will benefit nine million or 60 per cent of Malaysian adults.

  The allocation for the STR will be increased by RM2 billion or 25 per cent, from RM8 billion to RM10 billion.

• RM200 million will be spent to continue the implementation of Payung Rahmah.

  The Pasar Rahmah programme, which offers incentives to 1.2 million wholesalers, night market and farmers market traders will also be continued.

• RM58.1 billion will be allocated to finance various forms of government assistance to the people, including subsidies, incentives, and aid next year. Nearly 50 per cent of this allocation is for controlling the prices of goods and services.

  RM225 million is set aside to cover the distribution costs of essential necessities such as petrol, LPG, flour, rice, and cooking oil to rural and remote areas under the Community Drumming Programme, which will be expanded to new areas including the Abai zone in Sandakan, Sabah, and Engkerebai in Mukah, Sarawak.

• The government will increase the number of K9 dogs for the Fire and Rescue Department, police, and customs with an allocation of RM5 million.

• The National Disaster Management Agency (NADMA) as the main agency for flood preparedness will be granted a total of RM300 million. This includes RM100 million that will be disbursed immediately to ensure smooth flood preparation for the end of this year.

• To prevent landslide tragedies like the Batang Kali tragedy that happened last year, the government allocates RM563 million for slope repairs nationwide, including monitoring, prevention and early warning programs involving over 2,000 high-risk slopes.

• To reduce the risk of flash floods, RM20 million is allocated to 150 local authorities (PBT) to carry out repair work on damaged drains and canals.

• The Acceptance Letter (SST) for 24 projects is expected to be issued this year starting from October 2023, with a total cost of RM5.1 billion. The remaining SST will be issued in the first quarter of 2024.

• The government will extend the tax exemption application period on all social enterprise income until 2025.

• A total of 33 high-priority Flood Mitigation Projects will be implemented with a cost of RM11.8 billion.

• The government will give tax deductions to entities that sponsor tree planting activities or environmental preservation and conservation awareness projects certified by the Malaysian Forestry Research Institute (FRIM).

• The Federal government will pioneer the issuance of biodiversity sukuk of up to RM1 billion involving the replanting of degraded forests that will generate carbon credits.

• A sum of RM10 million is provided to help ease the burden of losses incurred by people involved in wildlife conflicts.

• The government will increase the number of community rangers to 2,000 people instead of 1,000 people this year to increase the enforcement of permanent forest reserves. RM60 million is allocated with a focus on appointing rangers from army veterans, police, Orang Asli and local communities.

• Next year, the Ecological Fiscal Transfer for Biodiversity Conservation (EFT) allocation will be increased to RM200 million instead of RM150 million this year.

• The government proposes an additional tax deduction of up to RM300,000 to be given to companies that spend on Measurement, Reporting and Verification (MRV) related to the development of carbon projects. The expenses can be deducted from the income from the sale of carbon credits traded on the Carbon Exchange (BCX).

• The government plans to extend tax exemptions to fund management companies that manage sustainable and responsible investment (SRI) funds as well as tax deductions on the cost of issuing SRI sukuk until the year of assessment 2027.

• The government is ready to extend the offer period of the Net Energy Metering (NEM) program until Dec 31 2024 to encourage more people to install solar panels in residential premises.

• Government-linked investment companies (GLIC) and GLCs have increased their contribution for the implementation of various programs for the welfare of the people and also the country, from RM250 million in 2023 to RM300 million in 2024.

• The government plans to extend individual income tax relief of up to RM2,500 on EV charging facility expenses for a period of four years and tax deductions for EV rental costs for another two years.

• Prasarana Malaysia Berhad agreed to acquire 150 electric buses and build three bus depots at a cost of RM600 million.

• The government introduced a scheme to encourage the use of electric motorcycles for people with an annual income of RM120,000 and below. The scheme will provide a rebate of up to RM2,400 to buyers.

• RM10 million is allocated to implement a pilot project for the use of stimulant gas to benefit small rubber planters in a 1,000-hectare plantation.

• The government has agreed to increase the activation of rubber production incentives to RM3 per kilogramme with an allocation of RM400 million.

• The government allocates RM70 million to enhance the sustainability of the palm oil industry on the international stage.

• A total of RM90 million will be allocated for the Rubber Industry Smallholders Development Authority (Risda) and Felcra for smallholders to optimise their land use.

• The government will provide incentives through the Palm Replanting Program with an allocation of RM100 million. These incentives will be offered in the form of grants and loans to 7,000 private small oil palm farmers.

• The government will provide RM2.4 billion to FELDA, FELCRA, and RISDA to continue and enhance agro-commodity activities and improve the socio-economic status of small farmers.

• RM10 million is allocated for technology-related areas, including electrical and electronic technology under MIMOS, the aerospace sector under MYSA, and drone and robotics technology under MRANTI.

• A total of RM76 million is allocated to strengthen the R&D&C&I (Research and Development, Commercialisation and Innovation) ecosystem by providing support funds for the commercialisation of products created by business, non-governmental organisations as well as government departments and agencies.

• A total of RM510 million will be allocated as research and development funding under the Ministry of Science, Technology & Innovation and the Ministry of Higher Education.

  Of the total, RM50 million is earmarked as matching grants for public universities collaborating with the private sector to accelerate research and innovation activities.

Government will once again organize the National Art Awards annually.

• Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) has guaranteed over 100,000 small and medium-sized enterprises, including 75 per cent non-Bumiputera and 25 per cent Bumiputera SMEs, with a total approved value of more than RM75 billion.

  Next year, SJPP will guarantee up to 80 per cent of loans for SME entrepreneurs, especially those involved in the green economy, technology, and halal sectors, with a guarantee fund availability of up to RM20 billion.

• RM600 million will be allocated in 2024 under the National Impact Fund with the priority of promoting economic growth and providing more opportunities for rural, semi-urban communities and underprivileged groups to access financial services.

• Under Bank Negara Malaysia, a total of RM8 billion in loan funds is provided to support small and medium-sized enterprises.

  Of the total, RM600 million is specifically allocated to assist microenterprises, low-income entrepreneurs, small contractors, the adoption of sustainable practices, and the food security sector.

• Micro-entrepreneurs and small traders will be provided with small loans totalling RM2.4 billion through agencies like Bank Negara Malaysia, Bank Simpanan Nasional and TEKUN

  RM1.4 billion under BSN's microloans is intended to help provide capital for businesses, equipment purchases, premises and marketing for small-scale vendors and entrepreneurs.

  RM330 million ringgit under TEKUN is also allocated to provide financing facilities to small traders such as batik and craft entrepreneurs, indigenous entrepreneurs, as well as bumiputera entrepreneurs in Sabah and Sarawak, where RM30 million of this is specifically provided to fund businesses managed by the Indian community.

  The remaining RM720 million is earmarked to encourage women and youth to enter the business sector.

• The government will increase funds to RM500 million for simple loans to increase the redevelopment of waqaf lands throughout the country.

• Under the existing i-TEKAD social finance program, the government allocates additional funds of up to RM25 million in matching grants with financial institutions to benefit more entrepreneurs.

• The government will shorten the processing period for halal certification from 51 days to 30 days. Halal Development Corporation (HDC) together with JAKIM will lead efforts to facilitate the processing of halal certification, especially for exporters of halal products.

• The government is allocating RM20 million to stimulate research, creativity, and innovation in Islamic economics. This effort will be led by the International Centre for Education in Islamic Finance Education (INCIEF), with the participation of Malaysia International Islamic Financial Centre (MIFC) and the industry.

• The government also plans to fully exempt Labuan entities from income tax for 5 years that carry out trading activities related to Islamic finance such as Islamic digital banking, Islamic digital exchanges, ummah-related companies and Islamic digital token issuers from assessment year 2024.

• The government proposes to exempt income tax on income arising from Islamic Securities Selling and Buying (ISSB) from assessment year 2024.

• The direction of Islamic economics needs to be set to realise the broader objectives of Islam, including addressing the gap between economic practices in line with the teachings of the Quran and Sunnah.

  The International Conference on Islamic Economics and Finance (ICIEF2023) will be held in December this year to shed light on this issue as an effort to lead the transition to a more comprehensive Islamic financial system, which will bring together over 400 thinkers and technocrats in the Islamic finance field.

  A realignment of the Islamic financial system is necessary to strengthen the impact of the Islamic finance sector, enabling it to offer equality, well-being, and prosperity to all levels of society.

  BNM and other Islamic financial institutions are also advancing impact investment pilot programs through more extensive Investment Accounts (IA).

• Government-linked companies (GLCs) and government-linked investment companies (GLICs) are providing funding of up to RM1.5 billion to encourage startups, including bumiputera small and medium enterprise owners to enter High Growth, High-Value (HGHV) sectors such as the digital economy, aerospace technology and electronics and electrical (E&E) fields.

• The government will allocate RM28 million for the development of the MYStartup platform as a single gateway that gathers startups and facilitates their business activities.

  The initiative will optimise a fund of RM200 million from various financing agencies and venture capital under one platform.

• The government aims to achieve a position within the top 20 for the Global Startup Ecosystem by 2030, with the goal of making Kuala Lumpur a hub for the digital industry and startups in the Southeast Asia region.

• The responsibilities of the Ministry of International Trade and Industry (MITI) and the Malaysian Investment Development Authority (MIDA) will no longer be solely focused on investment incentive approvals but will also involve facilitating foreign direct investment (FDI) and domestic direct investment (DDI) from the application process to investment realisation.

  Following this, an Investment and Trade Coordination Task Force has been established and is responsible for reporting directly to the National Investment Council chaired by the Prime Minister.

• To create a broader ecosystem for the electrical and electronics (E&E) cluster in the northern region, the government will establish a high-tech industrial area in Kerian, Northern Perak.

• The government will implement several new policies and directives to facilitate business operations to allow Malaysia to become a foreign investment destination.

• The government is also in negotiations to transfer the Bintulu Port and the operation of Rural Air Services (RAS) to the Sarawak state government.

• Pengerang Integrated Petroleum Complex (PIPC) will be made a hub for the development of the chemical and petrochemical sector by providing a tax incentive package in the form of a special tax rate or investment tax allowance.

• To ensure stability and reduce power supply disruptions in Sabah, especially in the eastern regions, the federal government will support the implementation of solar-hybrid energy generation and the construction of electricity transmission networks in southern Sabah.

• The government plans to provide reinvestment tax incentives on a tiered basis in the form of investment tax allowances of 70 per cent or 100 per cent.

• The federal government, in collaboration with the Sabah state government, has reached an agreement regarding the transfer of power for the regulation of electricity supply, which will come into effect on January 3, 2024.

  Although regulatory authority is being handed over to the Sabah state government, the federal government will continue to support Sabah in strengthening the electricity supply industry through subsidies to Sabah Electricity Sdn Bhd (SESB) until the successful implementation of the SESB Transformation Plan within a seven-year period, extending until 2030.

• The government will provide an allocation of up to ten per cent of the total investment of NIMP as a catalyst to drive the mission of NIMP with an initial fund of RM200 million in 2024.

• Under the New Industrial Master Plan 2030 (NIMP 2030), the government is targeting a total investment of up to RM95 billion in addition to involving 3.3 million job opportunities with an intermediate salary of up to RM4,510 per month by the year 2030.

• In order to further improve the level of public service efficiency, the development of the National Digital Identity (NDI) will be accelerated as a trusted self-verification platform.

• The federal allocation for Sarawak's development has increased to RM5.8 billion next year, up from RM5.6 billion.

  Similarly, Sabah will have its allocation increased to RM6.6 billion ringgit, up from 6.5 billion ringgit.

  To enhance implementation efficiency, the federal government has also delegated project implementation authority for projects valued at less than RM50 million to the technical agencies of Sabah and Sarawak.

  The unity government has raised the rate of Special Interim Grants for Sarawak and Sabah to RM300 million, compared to the previous RM16 million for Sarawak and RM125.6 million for Sabah, which was last reviewed in 1969 and 2022, respectively.

• Since its establishment, the National Scam Response Centre has handled over 49,000 calls and successfully frozen transactions worth up to RM60 million.

  Next year, the government will increase NSRC allocation to RM20 million, an increase of RM10 million from the previous allocation, to enhance NSRC's effectiveness in combating scam-related crimes.

  Bank Negara Malaysia (BNM), in collaboration with the financial sector, is developing the National Fraud Portal (NFP), which is expected to be completed by mid-2024.

  Relevant agencies are examining the need to amend the laws, including the Criminal Procedure Code, to enable more effective actions to be taken against syndicates and money mules.

• An additional RM50 million ringgit is also set aside for the same purpose in local authority (PBT) areas across the country.

• A total of RM100 million is allocated for the maintenance of streetlights, including replacement with energy-efficient LED types that can save electricity.

• The government will increase the allocation to RM200,000 from the previous RM100,000 for 115 district engineers, with a total allocation of RM30 million.

• RM2.8 billion will be allocated for the maintenance of federal roads and bridges, with RM300 million ringgit specifically earmarked for contractors in categories G1 to G4.

• Next year, RM150 million is allocated to maintain and repair public toilets in 150 local councils across the country.

• The toilet repair project in 8,354 schools is almost completely completed this year.

• The government allocates RM100 million to continue supporting the efforts undertaken by non governmental organisations and civil society organisations including Yayasan Hasanah.

• The government will also allocate RM20 million to empower the Malaysian Judicial Academy and the Malaysian Syariah Judicial Academy.

• A total of RM38 million will be provided to increase the productivity of the national judicial institutions, to include improving infrastructure and upgrading ICT facilities in courts.

• The government allocates RM18 million to launch legal reform activities, including preparations for the enactment of the Abolition of Mandatory Death Penalty Bill 2023.

• The government announced a total of RM2.4 billion ringgit will be allocated for the construction, maintenance and improvement of government employee quarters, teacher accommodations, hospitals, police, military and firefighter facilities

• The government will allocate RM10 million to strengthen the capacity and measures of the Malaysia Competition Commission (MyCC) in controlling prices of goods.

• Conceptually, subsidised diesel prices will continue to be enjoyed by selected users such as goods transport companies while other users will be charged a higher price.

• The government intends to rationalise diesel subsidy in a phased manner.

• There is a possibility of serious smuggling activities as a result of Malaysia's diesel prices being too cheap.

• In addition, the government also agrees to exempt electricity bill account deposit payments in its own name.

• The government agrees to continue providing electricity bill rebates of up to RM40 per month to extremely poor households with an allocation of RM55 million.

• The government will continue to improve the targeted electricity subsidy approach according to the level of electricity consumption.

• This targeted approach has been able to save more than RM4.6 billion from the projected electricity subsidy of RM20 billion.

• The government has implemented targeted subsidies by releasing a portion of the subsidy for the top 10 per cent of electricity users but at the same time, maintaining the same subsidy for 90 percent of consumers.

• The government has spent RM3.8 billion for egg and chicken subsidies since Feb 2022, to control the prices of these items.

• Savings from targeted subsidies would be channeled directly to increase allocation of the Sumbangan Tunai Rahmah aid from RM8 billion to RM10 billion.

• The government will conduct the retargeting of subsidies which will be implemented in phases starting next year.

• Subsidies are also being enjoyed by more than 3.5 million foreigners.

• Subsidised goods help the people with minimising the rising cost of living, but subsidies benefit the rich more and cheap prices has caused the increase of leakages and smuggling activities.

• The government has allocated RM64 billion for subsidy and aid spending, but this year's needs are expected to reach RM81 billion.

• The government announced that enforcement agencies, such as the police and the Malaysian Anti-Corruption Commission (MACC) will be rewarded accordingly through special incentives for their continuous commitment and outstanding performance.

• The government will enact a new legislation to implement the High Value Goods Tax at a rate of five to ten per cent on certain high value goods such as jewelery and watches based on the threshold value of the goods.

• The government agrees to enforce mandatory e-invoicing for taxpayers with annual income or sales exceeding RM100 million starting from August 1, 2024.

• The government is also considering the exemption of Capital Gains Tax on the disposal of shares related to certain activities such as approved Initial Public Offering (IPO), internal structuring and venture capital companies subject to set conditions.

• The government will enforce the implementation of Capital Gains Tax for the disposal of unlisted shares by local companies based on net profit at a rate of 10 per cent from 1 March 2024.

• The 2024 Budget is the highest of all budgets, with RM398.3 billion allocation by the goverment.

• Three main focus of 2024 Budget

  First: Best Governance For Service Agility;

  Second: Restructuring the Economy to Soar Growth;

  Third: Improving People's Living Standards.

• Debt service payments alone are expected to record RM46.1 billion or 15.2 per cent of the 2024 revenue.

• Past excesses resulted in national debt and liabilities reaching RM1.5 trillion or 82 per cent to GDP.