The upcoming budget for fiscal year 2023 is expected to be tabled in February 2023 next year. The Malaysian Prime Minister who also holds the Ministry of Finance portfolio stated during his temporary budget presentation that the government has started preparations for the budget. He further revealed that the government will ensure that the rakyat as well as small businesses are protected, while reducing leakages that benefit giant corporations.
The government also strives to improve national development and steer economic growth to encourage high value foreign direct investments (FDI) in Malaysia, which will indirectly influence the employment market.
Previous Budget announcement: How the Budget 2023 Malaysia benefits businesses
Why is there a new Budget presentation?
With the recent government change following the Malaysian elections in November, Ministry of Economy, Mohd Rafizi Ramli stated that the new unity government Budget 2023 will be tabled soon. This is because the parliament was dissolved three days to make way for GE15 after the tabling of the budget 2023 – before it could be passed after a series of debates.
Stay tuned for updates on when the Budget 2023 will be tabled!
Malaysians will want to be sure to stay tuned in for updates on the new Budget 2023. The Budget is an important component of the country’s financial and economic planning process, so Malaysians generally should ensure they keep up-to-date with any changes and news that arise along with it. With Malaysia’s economy being significantly affected by the Covid-19 crisis, Budget 2023 holds promise for recovery and implementation of initiatives brought forth by the nation’s leaders. Stay involved as Malaysia strives for success and stay turned for the Budget 2023 announcement in February!