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Budget 2023: Fiscal deficit decrease to 5.5%

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Budget 2023: Income tax cut by 2% for RM50,000-RM100,000 taxable range

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Import bills are growing with rising prices and supply disruptions that may become widespread soon

As two-thirds of household income comes from paid salaries, the spike in living costs has, in fact, put the brakes on consumption expenditure and impeded demand-side growth

unemployment rate has decreased from 4.2% in January to 3.7% in July this year

Budget 2023 is balanced with generous measures, but it does not address the significant workforce shortage that affects the entire retail supply chain.

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5.Import bills and shortage of workers(negative impact)

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5.Import bills and shortage of workers(negative impact)

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1. Create a supportive environment for SMEs

2. Serve as a catalyst for economic growth

job creation and increased disposable income

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Bringing down the fiscal deficit is a challenge; at a projected 5.5% of Gross Domestic Product (GDP), the deficit must be brought down

GDP growth has slowed, and is expected at between 4% and 5% in 2023

Third challenge is to grow income from corporate taxes by 4.8% in 2023- possibility of a global recession in 2023, corporate taxes could be severely impacted

In terms of food security, some reforms and regulatory intervention are urgently needed;production of basic food necessities has been neglected

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Increased social protection for the self-employed

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Increased social protection for the self-employed

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80% of SOCSO contribution subsidy

Offering 50,000 career opportunities on a contract basis

Mobility assistance of RM500

Kasih Suri Keluarga programme extend to 2023.

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3.EPF and Social SecurityOrganisation (SOCSO)

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3.EPF and Social SecurityOrganisation (SOCSO)

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The GTFS is a special financing scheme introduced by the government to support the development of Green Technology (GT) in Malaysia.

GTFS is a soft loan supported by the government,  borrower must repay the loan to the bank throughout the tenure period.

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The government also plans to give waivers on import and excise duties on imported EVs until Dec 31, 2024, and exemptions on approved permit (AP) fee for imports of EVs until Dec 31, 2023.

EV charger manufacturers will also be given a 100 per cent income tax exemption on statutory income from assessment year 2023 to assessment year 2032 and a 100 per cent investment tax allowance.

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The guarantee scheme will be increased to RM 3 billion until 2025.

The scope of financing is expanded specifically to provide guarantees for Electric Vehincle sector with a guarantee limit up to 60%.

The waste management sector’s financing guarantee will be increased up to 80%.

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1. Increased allocation for the Green Technology Financing Scheme (GTFS)  

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1. Increased allocation for the Green Technology Financing Scheme (GTFS)  

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Reduction in corporate income tax rate (17% to 15%) (only applies to the first RM100,000 of taxable income)

Provision of a one-off grant for eligible SMEs

Introduction of various hiring and training incentives

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Impacts of the Budget 2023 announcements on any tax implications for Business & Individuals

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Impacts of the Budget 2023 announcements on any tax implications for Business & Individuals