Budget 2023: Budget 2023 revised up to RM388.1bil, GDP growth at 4.5%.
KUALA LUMPUR: Budget 2023 is revised upward to RM386.1 billion, making it the largest allocation in Malaysia’s history, as the government continues to provide support to steer the economy, according to the Ministry of Finance (MoF).
The budget allocation is an upward revision from the RM372.3 billion budget tabled by the previous government in October 2022, which could not be passed before Parliament was dissolved.
In its Updates on Economic & Fiscal Outlook and Revenue Estimates 2023 report released today, the ministry said of the amount, 74.8 per cent will be utilised for operating expenditure while the remaining 25.2 per cent is for development expenditure.
A substantial allocation of 23.5 per cent will be provided for emoluments, subsidies and social assistance (15.2 per cent), economic (14.3 per cent), debt service charges (11.9 per cent), supplies and services (8.3 per cent), retirement charges (8.0 per cent), social (6.9 per cent), security (3.0 per cent), grants and transfers to state governments (2.1 per cent), general administration (1.0 per cent) and others (5.8 per cent).
Budget 2023: GDP to grow 4.5% in 2023
Budget 2023: Moving on to 2023
Budget 2023: Income taxes up for those earning above RM100,000 (Live Updates)
Budget 2023: Malaysia expects fiscal deficit to consolidate to 5% of GDP in 2023
Budget 2023: Anwar arrives in Parliament
Budget 2023: Outstanding government guarantees at 17.8% of GDP
Budget 2023: Government reiterates emphasis on enhancing governance and plugging leakages
Am not too sure, what will be the impact of the budget for 2023. Hopefully, we rakyat will see the real neon light at the end of the tunnel. Frankly, the budget outlook without an in-depth reality of what will be defining the landscape of the economy of the nation in a more positive tone. Paramount rhetoric that rakyat have heard over the years, "enhancing governance", and "plugging leakages" seems to be the daily morning breakfast side dishes to swallow.
The global economic situation in the coming months will decide how much will Malaysian will be affected. If we observed, the sources of revenue for the government to manage the nation effectively or at any time a stable, acceptable, and of course reasonable rate of inflation, thus the increase in the cost of living. Now we hardly heard about " Our Fundamental is Strong" , Not to sure what lefts for now.
Frankly, hardly any of the budget and its components are to be lauded with. Increasing PIT to +2% for Top 20, or those earning RM100k/annum and above. So simple understanding, for those earning more than 8K per month or about an annual income of RM100K and above faced 2% an increase in tax .





