Malaysian Prime Minister Anwar Ibrahim on Thursday announced the implementation of several economic reforms, including new taxes and progressive cuts to state subsidies.
Malaysia will progressively cut subsidies and launch new taxes including for luxury goods next year as part of economic reforms and to tighten its finances, Prime Minister Anwar Ibrahim said Thursday. Anwar, who took power last November, announced the measures while tabling 2024 federal budget in Parliament. He said the 393.8 billion ringgit budget is aimed at fixing economic imbalances and helping people to cope with rising cost of living amid a global economic slowdown.
He said Malaysia's annual subsidies for fuel, food and other items were among the highest in the world but its taxes among the lowest. This year, for instance, he said government subsidies and social assistance surged to 81 billion ringgit as global commodity prices rose. For 2024, the government allocated 52.8 billion ringgit . Anwar said a revamp was needed to ensure the funds targeted only needy citizens.
Anwar said the government will introduce a 5%-10% tax on luxury goods such as jewelry and watches, as well as a 10% capital gains tax next year to expand its revenue base. Tourists will be exempt from the tax on luxury goods, he said. The current services tax will be raised from 6% to 8%, though this will exclude sectors such as food, beverages and telecommunications, he added.
Anwar said the moves will help reduce Malaysia's fiscal deficit to 4.3% of gross domestic product next year, from an estimated 5% this year.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Endeavor's Ari Emanuel denounces Israeli Prime Minister Netanyahu after deadly weekend attackEmanuel, who has spoken out about antisemitism, blamed Netanyahu for making Israel vulnerable to 'heinous' attacks by Hamas 'terrorists.'
Weiterlesen »
Antony Blinken meets Israeli Prime Minister Netanyahu in Tel AvivThis is additional taxonomy that helps us with analytics
Weiterlesen »
Keir Starmer, the Man Who Would Be Britain’s Next Prime MinisterJohn Cassidy writes on the Labour Party leader’s speech at the annual Party conference this week, in which he laid out plans to rebuild the U.K.
Weiterlesen »
Israeli Prime Minister Benjamin Netanyahu vows to 'destroy' Hamas, says Gaza offensive still in early stagesIsraeli Prime Minister Benjamin Netanyahu vows to 'destroy' Hamas, says Gaza offensive still in early stages
Weiterlesen »
How Israel’s Unity Government Could Keep a Broader War at BayPrime Minister Benjamin Netanyahu will share power with one of his most popular political opponents.
Weiterlesen »
Steve Scalise was nominated as the next Speaker. But it will likely be a brutal fight to get him the gavel.Israeli Prime Minister Benjamin Netanyahu Has Vowed 'Mighty Vengeance' on Hamas
Weiterlesen »