The Malaysia Budget 2024, as presented by Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim on 13 October 2023, outlines a comprehensive plan to propel the nation’s economic growth and enhance the well-being of its people. With a total budget allocation of RM393.8 billion, the budget places emphasis on operating expenditure, development expenditure, and contingency savings, indicating a prudent approach to fiscal management.
Themed “Economic Reforms, Empowering the Rakyat,” the budget sets a clear roadmap for stimulating economic activity. One of the key strategies is to attract both foreign direct investments (FDIs) and domestic direct investments (DDIs), recognizing their crucial role in fostering a dynamic and thriving economy. At the same time, the budget prioritizes the upliftment of living standards, with a specific focus on assisting the lower-income groups.
To support these initiatives, the budget introduces a range of tax measures. While aimed at enhancing government revenue, these measures also serve the purpose of incentivising new investments and creating a favorable environment for reinvestment. The objective is to strike a balance between generating funds and fostering economic growth.
Malaysia Budget 2024 Business Snapshot
Budget 2024 revolves around three main pillars that encapsulate its overarching goals. The first pillar, “Good Governance for Service Agility,” underscores the importance of effective governance in delivering efficient public services. This ensures that resources are utilised optimally and provides a conducive environment for businesses to thrive.
The second pillar, “Restructuring of the Economy to Boost Growth,” highlights the government’s commitment to drive sustainable economic growth through strategic restructuring. This involves diversifying the economy, promoting innovation, and leveraging Malaysia’s competitive advantages to attract investments.
The third pillar, “Raising Rakyat’s Standard of Living,” places a significant emphasis on improving the well-being of the people. The budget includes measures such as targeted assistance programs and social safety nets to uplift the living standards of lower-income groups and ensure inclusivity in economic development.
For more detailed information and insights on the significant tax changes and key takeaways from the Budget 2024, please refer to our downloadable infographic below. Our team of experts at WeCorporate can provide comprehensive analysis and guidance on navigating the implications of the budget for your business.
Niresh Kaur is a content development manager who writes for WeCorporate. She mainly writes legal articles, as well as analytical content that serves entrepreneurs with insights on the business scene in the APAC region.
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