LIVE UPDATES: Budget 2023 Revision Tabled Under Theme: Developing Malaysia Madani Sees Largest Allocation In History of RM388.1Billion, Economic Growth To Surpass 4.5%
Prime Minister Datuk Seri Anwar Ibrahim is presenting the revision of the much-anticipated national Budget 2023 under the theme of “Developing Malaysia Madani” in Parliament today (Friday, Feb 24).
Anwar, who is also Minister of Finance took the floor of the Dewan Rakyat today to announce the Government formulated Budget 2023 based on six pillars.
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Budget 2023: No Plans For GST But Will Introduce Luxury Goods Tax
Prime Minister Datuk Seri Anwar Ibrahim among initiatives announced in Budget 2023 to increase revenue for the country has proposed to introduce a Luxury Goods Tax from this year with a certain value limit according to the type of goods, including watches and fashion.
Anwar explained that a more progressive approach was taken as a new step to broaden the tax base to those who have the means. “In line with international best practice, the government is also studying to introduce Capital Gains Tax for the disposal of unlisted shares by companies from 2024 at a low rate. “The government will hold an engagement session with relevant parties to examine the details of this proposal,” he said when presenting the 2023 Budget in Parliament.
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100 Soonicorns Selects 24 Founders for its First 2 Cohorts
ScaleUp Malaysia and Proficeo in partnership with Penjana Kapital and Malaysia Digital Economy Corporation (MDEC), announced the selection of the first 2 cohorts of 24 Founders for the 100Soonicorns program designed to groom the next Unicorns of Malaysia.
To participate, invited startups need to have raised at least US$1 million from a Venture Capital firm or institutional investor; or have generated US$2 million in revenue over the last 12 months.
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MITI: New Industrial Master Plan 2030 Reviewed To Address External Headwinds Against Malaysia’s Economy
The Ministry of International Trade and Industry (MITI) arrived at a decision to review the New Industrial Master Plan 2030 (NIMP 2030) in the face of external headwinds in the form of challenges and uncertainties caused by the adverse post-pandemic impact on the Malaysian economy, which include global geopolitical sentiments that could result in a trade war, rapid technological advancements, and the threat of climate change.
The reviewed NIMP 2030 will articulate a set of comprehensive strategies and action plans to ensure synergies at both the policy and industry level, particularly in creating supportive ecosystems to help catalyse Malaysia’s industrial development into the future, the ministry said in a statement today (Feb 23).
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Government To Go After Names Revealed In Pandora Papers
Prime Minister Datuk Seri Anwar Ibrahim revealed that the amount of money taken out of the country to be hidden in offshore accounts is one of the highest in the world. Anwar said it was based on the disclosure of the Global Financial Integrity (GFI) report and the Pandora Paper which showed Malaysia in a relatively high position with several other countries.
“The amount from the previous GFI report to the Pandora Paper, from Malaysia is quite high when compared to the population and economic position. “The money taken out from illegal sources, most of them are quite high for this country,” he said in the Dewan Rakyat today. Anwar said this in response to an additional question from Datuk Seri Tuan Ibrahim Tuan Man (PN-Kubang Kerian) who wanted to know whether the government would investigate all offshore accounts, including political funds from abroad.
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Cape EMS, Attractive Growth Prospects: Mercury
Mercury Securities subscribes a recommendation on Cape EMS Berhad with a target price of RM1.53 based on FY24F EPS of 8.5 sen and a PE of 18x in line with its peer’s 5-year average.
The securities firm said it liked the stock for its attractive growth prospect on the back of its expansion plans for its EMS and aluminum die-cast business. The target price represents a potential return of 70.0% over the IPO price. The company serves a diverse set of customers from the industrial and consumer sector, providing an overall larger market to grow and sustain its business, and to mitigate against unfavourable business conditions in the industry sector.
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