Too much to read in Budget 2023? Here are 31 key points of Budget 2023 for you.
1. Budget 2023 expenditure is RM388.1 billion, of which RM289.1 billion is administrative expenditure (74.9%) and RM99 billion is development expenditure (25.1%).
2. 2023 government revenue RM291.5 billion, direct revenue RM164.1 billion, non-tax revenue RM73.2 billion and indirect revenue RM54.1 billion.
3. The government increases electricity tariffs for large companies (out of the food and agriculture sector), while electricity tariffs for household customers and SMEs remain unchanged.
4. the government imposed a tax on luxury goods. 5.
5. The government imposed a 15% import tax and 5% sales tax on nicotine gum and a 10% sales tax on nicotine liquid.
6. the government plans to impose a capital transfer tax on unlisted companies, which is expected to be implemented in 2024.
7. 2% tax deduction for the taxable income group of RM35,001 to RM100,000 and 0.5% to 2% additional personal income tax for the taxable income group of RM100,001 to RM1,000,000.
8. The tax rate for the first RM150,000 of assessable income for SMEs is reduced from 17% to 15%.
9. The medical item tax credit for personal income tax was increased from RM8,000 to RM10,000.
10. Stamp duty exemption for property transfers between family members.
11. Electric vehicle tax exemption is extended to 31 December 2027.
12. Government launched the i-MADANI scheme, For ages 40 to 54 years old CPF first accounts of less than RM10,000 can get RM500 deposited by the government.
13. Extension of the KWSP i-Saraan scheme, the maximum subsidy for self-employed persons who contribute their own CPF is increased from RM250 to RM300.
14. Increase the annual limit of the KWSP Self-contributory Provident Fund from RM60,000 to RM100,000.
15. The government will cover the cost of obtaining a motorcycle license, a taxi license, and a dial-a-ride license.
16. RM200 e-Reward (e-Tunai Belia Rahmah) for youths aged 18 to 20 years old.
17. PTPTN borrowers who earn less than RM1,800 per month are entitled to a 6-month loan repayment moratorium.
18. 20% discount on loan repayment for PTPTN borrowers for a period of 3 months, effective March 1.
19. 50,000 laptops will be distributed to schools under the Ministry of Education.
20. Family income less than RM2,500 can receive up to RM2,500 STR assistance.
21. Family income from RM2,501 to RM5,000 can receive up to RM1,250 STR assistance.
22. Single persons of prime-age can receive up to RM600 STR assistance
23. Single persons aged 21 to 60 years old can receive an STR grant of RM350. 24.
24. The destitute under the e-Kasih list can get an RM600 food voucher, which means RM100 per month for 6 months.
25. Civil servants under the 56th grade are entitled to an RM700 Eid bonus and retired civil servants are entitled to RM350.
26. The maximum number of days of accumulated annual leave for civil servants is increased from 160 days to 180 days.
27. Exemption from the penalty for those who voluntarily declare tax evasion between June 1 and December 31.
28. Continue to implement the My50 monthly pass for unlimited public transport rides.
29. bankrupt persons with debts less than RM50,000 will be granted immediate relief from indigence from March 1.
30. eligibility for legal aid increased from RM30,000 to RM50,000. 31.
31. Employers who employ the disadvantaged, ex-prisoners, and vagrants are entitled to a monthly subsidy of RM600 for 3 months.
