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Malaysia plans more taxes for rich in budget

25 February 2023
30603
2023-02-25 15:25

Malaysia will raise development spending and plans new taxes for the wealthy in a smaller budget plan this year, as the new government sought to balance between spurring growth and reining in the budget deficit.Three months after his election victory, Prime Minister Anwar Ibrahim unveiled a 386.1 billion ringgit national budget that focuses on tackling rising cost of living amid an economic slowdown.

Fuel and other subsidies, along with cash aid for the poor, farmers and industries are retained along with other new incentives to tackle youth unemployment and bolster foreign investment.Anwar said some 2.4 million middle-income earners will benefit from lower taxes but the rich will face higher taxes.He said a luxury goods tax will be introduced this year.

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