Malaysian PM proposes bold reforms in draft budget for 2024
Malaysian Prime Minister Anwar Ibrahim on October 13 submitted to the country’s parliament a draft budget for 2024 which includes bolder reforms for the economy with new tax measures.
Malaysian Prime Minister Anwar Ibrahim. (Photo: Bloomberg)
Kuala Lumpur (VNA) - Malaysian Prime Minister Anwar Ibrahim on October 13 submitted to the country’s parliament a draft budget for 2024 which includes bolder reforms for the economy with new tax measures.
Among the measures announced include an increase to the Sales and Services Tax (SST) from 6% to 8%, excluding food and beverages or telecommunications.
A capital gains tax on unlisted shares will also be introduced at a rate of 10% from March 1 next year.
Separately, a high-value goods tax of five to 10% on items such as jewelry and watches will also be introduced, he said.
He said the expansionary 2024 budget of 393.8 billion RM (83.26 billion USD) surpasses the 388.1 billion RM unveiled for the 2023 budget in February this year, the largest then.
Anwar, who is also the Minister of Finance, said that in the draft budget plan there are three focus points, which are the best governance to ensure the flexibility of services, restructuring the economy to promote growth, and improving the people's living standards.
He said the government will ease the pressure on living costs through giving subsidies of food, fuel and other essential needs.
ꦫ Anwar expressed his hope that the country’s gross domestic product (GDP) will grow by between 4-5% next year./.
The Malaysian government is working on fronts to phase out single-use non-biodegradable plastics by promoting alternatives and sustainable substances in plastic production, in line with the Malaysia Plastics Sustainability Roadmap 2021-2030, Malaysian news agency Bernama reported on October 5.
Malaysia is poised to become a regional leader in energy transition and the renewable energy industry as a result of the introduction of the Hydrogen Economy and Technology Roadmap (HETR) and the implementation of the National Energy Transition Roadmap (NETR).
The clarity of policies including for the Madani economy framework that anchor the comprehensive restructuring of the Malaysian economy, the National Energy Transition Roadmap (NETR), and the New Industrial Master Plan 2030 (NIMP 2030) can help in attracting investments and strengthening the value of the ringgit (MYR), Prime Minister Anwar Ibrahim said at the Dewan Rakyat (lower house) on October 10.
Prime Minister and Minister of Finance of Thailand Srettha Thavisin has held talks with Malaysian Prime Minister Anwar Ibrahim to seek ways to enhance bilateral ties.
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
Malaysian Prime Minister Anwar Ibrahim. (Photo: Bloomberg) 
