Budget 2023 Developing Malaysia Madani
Key Takeaway
- Review of individual income tax rate and corporate income tax rates
- Extension of time and expansion of scope for certain tax incentives
- Proposed introduction of capital gains tax on the sale of unquoted shares
- Special Voluntary Disclosure Programmefrom 1 June 2023 to 31 May 2024 by the Inland Revenue Board (IRB) and Royal Malaysian Customs Department (RMCD) with a 100% waiver in penalty
2023 Budget Highlights
On Friday, February 24, 2023, the Honourable Prime Minister and Finance Minister, Dato’ Seri Anwar bin Ibrahim, retabled the National Budget 2023 based on the new national theme, “Membangun Malaysia Madani” (Developing Malaysia Madani).
The Budget 2023 serves as the initial phase in implementing the Malaysia MADANI Development framework and emphasizes 12 key measures organized around three pillars:
First: Inclusive and sustainable economic growth
Second: Institutional reforms and good governance to restore confidence
Third: Combating inequality through social justice
Here are the highlights of the Retabled Budget 2023 presented by Prime Minister Dato’ Seri Anwar bin Ibrahim on Friday, February 24, 2023.
The full Budget Speech is available at the following link:
https://budget.mof.gov.my/en/budget2023/
