Prime Minister Datuk Seri Anwar Ibrahim on Friday (Oct 13) has tabled the country’s largest-ever expansionary Budge MADANI 2024 of RM393.8 billion surpasses the RM388.1 billion that was unveiled for the 2023 budget earlier this year, the largest then.
Slaient Points of Budget 2024, include:
The Health Ministry gets RM41.2bil, up by RM4.9bil from Budget 2023. It receives the biggest bump among ministries.
RM6.8bil allocated for TVET education. RM100 mil allocated to ready professional certification of TVET graduates in recognised industries to enable cooperation between public TVET institutions and industries.
RM720mil (out of RM2.4bil for micro entrepreneurs and smallholders) allocated to encourage women and youth to go into business.
Tax incentives for angel investors extended until Dec 31, 2026 to encourage capital funding in technology startups. Government proposes a reinvestment tax incentive in a ‘tiering’-based system in the form of a reinvestment tax allowance of 70% or 100%.
Govt to ready allocation of 10% from New Industrial Master Plan’s (NIMP) total investments to drive NIMP’s mission with starting funds of RM200mil in 2024.
Bank Negara Malaysia, with the cooperation of the financial sector, is working on the National Fraud Portal (NFP) that is expected to be completed mid-2024.
Capital gains tax on disposal of non-listed local companies at a rate of 10% clean profit from March 1, 2024 while exceptions on disposal of shares for approved IPOs, internal restructuring and venture capital companies on certain conditions.
Flexible Employees’ Provident Fund (EPF) accounts will be introduced where contributors can access it at any time, says Datuk Seri Anwar Ibrahim. The Prime Minister also said that the EPF accounts of contributors will also be restructured to empower the savings of retirees.
Rahmah cash aid will increase to RM10 billion next year which rises by increased by RM2 billion from RM8 billion last year.