Budget 2024 highlights

[superadmin]

KUALA LUMPUR - Following are the highlights of Budget 2024 tabled in Dewan Rakyat today by Prime Minister Datuk Seri Anwar Ibrahim.

Themed "Reformasi Ekonomi, Memperkasakan Rakyat" (Economic Reform, Empowering People), Budget 2024 involves an allocation of RM393.8 billion with RM303.8 billion for operating expenditure while the remaining RM90 billion for development expenditure, with RM2 billion in contingency savings.

This is the second budget presented by Anwar, who is also Finance Minister, since the formation of the Unity Government in November 2022. Last February, Anwar presented a revised budget amounting to RM388.1 billion.

- Unemployment rate stands at 3.4 per cent as of August 2023
- Government proposes to increase Service Tax to 8 per cent compared to 6 per cent currently
- Proposed Service Tax hike excludes food, beverages and telecommunications
- Targeted subsidy to be implemented in stages starting 2024
- Savings from targeted subsidies to be used to increase Rahmah Cash Aid allocation from RM8 billion  to RM10 billion
- Price controls for chicken and eggs to be lifted to allow local market to function freely in ensuring a guaranteed supply
- Targeted subsidies are not an excuse to hike prices arbitrarily and unreasonably
- RM2.4 billion is allocated to build, maintain, repair quarters for civil servants, teachers, hospitals, police, armed forces, firefighters

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