PM Anwar to wind up Budget 2024 debate in Parliament tomorrow

KUALA LUMPUR - Prime Minister Datuk Seri Anwar Ibrahim, who is also the Finance Minister, is scheduled to wrap up the policy-level debate of the Finance Ministry's Supply Bill 2024 in parliament tomorrow.

The winding-up will be made after the Supply Bill 2024 after eight days of policy-level debate starting on Oct 16.

The Prime Minister is expected to provide further clarification on a number of matters announced by him when he presented Budget 2024 on Oct 13, including the implementation of the progressive salary policy. He is expected to outline how the progressive pay system will work.

Tomorrow's closing session will also see the Prime Minister explain the government’s measures to strengthen the economy, boost the business sector and achieve a balance of fiscal support and prudent spending.

Budget 2024, themed 'Economic Reforms, Empowering the People', involves an allocation of RM393.8 billion, which is the highest budget ever presented, with RM303.8 billion for operating expenditure, RM90 billion for development expenditure and RM2 billion for contingency savings.

Among the essence of Budget 2024 is that next year’s fiscal deficit is projected to decrease to 4.3 per cent compared to the 5.0 per cent target this year.

The government will also enforce the implementation of a capital gains tax for the disposal of unlisted shares by local companies based on net profit at a rate of 10 per cent from March 1, 2024. - BERNAMA