Budget 2023 highlights
07 Oct 2022 05:11pm
Tengku Zafrul tables the Budget 2023 in Parliament today. - Bernama Photo
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Themed ‘Keluarga Malaysia, Prospering Together’, Budget 2023 involves an allocation of RM372.3 billion and will be driven by the 3R agenda - Responsive, Responsible and Reformist.
This is the second budget tabled under the government led by Prime Minister Datuk Seri Ismail Sabri Yaakob and also the second since the 12th Malaysia Plan was launched on Sept 27 last year.
Bantuan Keluarga Malaysia (BKM) to be improved with an allocation of RM7.8 billion, to benefit 8.7 million recipients.
BKM: New category of households with monthly income of below RM2,500 with five or more children will receive RM2,500.
E-wallet credit worth RM100 for the M40 group with an annual income of below RM100,000 under the e-Pemula M40 initiative.
Two percentage points cut on taxable income ranging from RM50,000 to RM100,000 for domiciled individuals.
Tax relief of childcare fees valued at RM3,000 will be extended until assessment year 2024.
One-off RM500 cash aid for mothers from BKM households who give birth in 2023 through the CahayaMata Keluarga Malaysia initiative.
Employers who hire youths aged 18 to 30 who are unemployed for over three months will receive employment incentive under Socso.
Loan facilities amounting to RM305 million will be provided through SME Bank, TEKUN, Mara, BSN and Agrobank, specifically for young entrepreneurs.
Government to bear the cost for B40 youth to obtain taxi, bus, e-hailing licences under the MyPSV programme.
The Pakej Remaja Keluarga Malaysia initiative to be extended until April 2023 to bridge the digital divide among youths.
Government to bear 80 per cent of Socso's contribution to reduce the burden of self-employed individuals.
The limit for Employees Provident Fund (EPF) Voluntary Contribution increased to RM100,000 a year.
EPF's i-Saraan programme extended to 2023; matching contribution increased from RM250 to RM300.
Amanah Saham Bumiputera (ASB) & ASB2 investment limit raised from RM200,000 to RM300,000.
Government to allocate over RM55 billion for subsidies, aid and incentives to lower cost of living.
RM100 million allocation to extend the Keluarga Malaysia Cheap Sales programme.
An incentive between RM600 and RM750 for three months to employers who hire persons with disabilities (PwDs), Orang Asli, ex-convicts and women who return to work.
Socso to provide mobility assistance of RM500 for individuals who secured a job in other states, RM1,000 for long-distance moves from Sabah or Sarawak to the peninsula, vice versa.
Service period for MySTEP in public sector to be extended to December 2023; salary to be raised by RM100.
Back To School Aid extended to all pupils irrespective of parents' income.
-- MORE TO COME
