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./.
See more
Indonesia accelerates modern agricultural transformation
Indonesia is pushing for a shift from traditional to modern agriculture through the development of high-tech agricultural clusters, a move expected to cut production costs by up to 50% and double output.
Thailand’s car production in 2024 drops to four-year low
Car output dropped to 1.47 million units from 1.83 million in 2023. Production on a year-on-year basis contracted for the 17th successive month in December, falling 17.4% to 104,878 units, according to the FTI.
Thailand’s agricultural product exports surpass 52 billion USD in 2024
Thailand generated 52.19 billion USD from agricultural and agro-industrial product exports in 2024, marking a 6% increase from the previous year.
Indonesia to build massive sea wall to combat rising sea levels
Indonesian President Prabowo Subianto has approved the construction of a massive 700-km sea wall stretching from Banten to East Java to protect rice fields on the north coast of Java Island.
Second phase of Thailand-China high-speed train project approved
The line would link up with the Bangkok-Nakhon Ratchasima first phase now under construction, allowing for fast travel from the Thai capital to China’s Yunnan via Laos where a high-speed line is already operating.
Cambodia’s tourism sees strong recovery
Cambodia welcomed 6.7 million foreign visitors in 2024, reflecting a nearly 23% increase from 5.45 million in 2023.
Malaysia commits to maintaining open economic policy
Malaysia continues to uphold its open economic policy based on international trade while taking strategic steps to balance national interests in the face of policy changes under the new US administration.
Philippines declares food security emergency for rice
The Philippines’ Department of Agriculture (DA) has declared a food security emergency for rice in response to a sharp increase in domestic rice prices.
Thailand's capital pledges more dust-free classrooms amid severe air pollution
Bangkok Governor Chadchart Sittipunt confirmed that 744 out of 1,966 classrooms are earmarked to be upgraded into dust-free classrooms in 437 BMA-run schools. The rest will be transformed into dust-free classrooms by the end of the year.
Timor-Leste on track for ASEAN accession: Ambassador
Timor-Leste is on the verge of attaining full membership in the Association of Southeast Asian Nations (ASEAN), said Timor-Leste Ambassador to Malaysia Lisualdo Gaspar.
Singapore to use heat-reflective paint to all public estates by 2030
Singapore plans to expand an initiative to coat Housing Board blocks with heat-reflective paint to all public estates by 2030.
Indonesia launches nationwide entrepreneurship training programme
The Indonesian Ministry of Micro, Small, and Medium Enterprises (MSMEs) and the Ministry of Manpower have joined forces to launch a nationwide training programme aimed at enhancing entrepreneurial skills for Indonesians.
Indonesia to provide aid to 3.1 million extremely poor
The Indonesian government has focused on overcoming all the problems faced by Indonesians in the extremely poor category, adding that the aid will be provided in three stages.
Thailand to halve power supply to Myanmar’s two towns
The National Security Council (NSC) of Thailand will target Shwe Kokko and KK Park, both located in Myawaddy, Myanmar, by initially reducing their power supply by 50% as a warning.
6.1-magnitude quake hits Indonesia
A 6.1-magnitude earthquake struck off the coast of Indonesia’s North Maluku province early on February 4 (local time), according to the country's Agency for Meteorology, Climatology and Geophysics.
Indonesia raises budget for free meal programme
Indonesia's Finance Minister Sri Mulyani Indrawati has announced an increase in the budget for the Free Nutritious Meal Programme (MBG) to 100 trillion Rp (5.9 billion USD).
Thailand sets up centre to combat influential figures
Chief of the Royal Thai Police Pol Gen Kitrat Phanphet has recently signed a police order on the establishment of a centre to combat influential figures, hired assassins and major criminals.
Indonesia hopes to gain big from peat, mangrove restoration
With around 3 million hectares of mangroves of various types, Indonesia is well positioned for carbon offsets and trading.
Thailand’s 2025 economic growth target at risk of slowing
Thailand's inflation is expected to reach 1.1% this year, aligning with the Bank of Thailand (BOT)’s target range of 1-3%.
IMF ranks Indonesia 8th in the world for GDP in 2024
Indonesia surpasses both France and the UK, with the IMF reporting their GDPs at 4.36 trillion USD and 4.28 trillion USD, respectively.