Malaysian PM proposes bold reforms in draft budget for 2024
Malaysian Prime Minister Anwar Ibrahim on October 13 submitted to the country’s parliament a draft budget for 2024 which includes bolder reforms for the economy with new tax measures.
Malaysian Prime Minister Anwar Ibrahim. (Photo: Bloomberg)
Kuala Lumpur (VNA) - Malaysian Prime Minister Anwar Ibrahim on October 13 submitted to the country’s parliament a draft budget for 2024 which includes bolder reforms for the economy with new tax measures.
Among the measures announced include an increase to the Sales and Services Tax (SST) from 6% to 8%, excluding food and beverages or telecommunications.
A capital gains tax on unlisted shares will also be introduced at a rate of 10% from March 1 next year.
Separately, a high-value goods tax of five to 10% on items such as jewelry and watches will also be introduced, he said.
He said the expansionary 2024 budget of 393.8 billion RM (83.26 billion USD) surpasses the 388.1 billion RM unveiled for the 2023 budget in February this year, the largest then.
Anwar, who is also the Minister of Finance, said that in the draft budget plan there are three focus points, which are the best governance to ensure the flexibility of services, restructuring the economy to promote growth, and improving the people's living standards.
He said the government will ease the pressure on living costs through giving subsidies of food, fuel and other essential needs.
Anwar expressed his hope that the country’s 🦹gros🔯s domestic product (GDP) will grow by between 4-5% next year./.
The Malaysian government is working on fronts to phase out single-use non-biodegradable plastics by promoting alternatives and sustainable substances in plastic production, in line with the Malaysia Plastics Sustainability Roadmap 2021-2030, Malaysian news agency Bernama reported on October 5.
Malaysia is poised to become a regional leader in energy transition and the renewable energy industry as a result of the introduction of the Hydrogen Economy and Technology Roadmap (HETR) and the implementation of the National Energy Transition Roadmap (NETR).
The clarity of policies including for the Madani economy framework that anchor the comprehensive restructuring of the Malaysian economy, the National Energy Transition Roadmap (NETR), and the New Industrial Master Plan 2030 (NIMP 2030) can help in attracting investments and strengthening the value of the ringgit (MYR), Prime Minister Anwar Ibrahim said at the Dewan Rakyat (lower house) on October 10.
Prime Minister and Minister of Finance of Thailand Srettha Thavisin has held talks with Malaysian Prime Minister Anwar Ibrahim to seek ways to enhance bilateral ties.
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Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Malaysian Prime Minister Anwar Ibrahim. (Photo: Bloomberg) 
