The government on Friday announced an RM372.34 billion expansionary Budget for 2023.
The national Budget comprises RM272.34 billion in operating expenditure and RM95 billion in development expenditure.
Provided are the highlights of the speech this Friday:
For Business
1）Reduce SME income tax rate from 17% to 15% for the first RM100,000 income range benefitting 150,000 SME Taxpayers.
2）100% stamp duty exemption for structuring/rescheduling of loans/financing until 2024
3）Socso to provide incentives for employers to hire the disabled, Orang Asli, ex-convicts and women returning to work. The incentive amounting to RM 600 to RM 750 a month will be given for 3 months per employee
4）RM750 million allocation for HRD Corp to upskill 800,000 workers.
5）Additional tax deductions for employers who hire former residents of juvenile detention centres
6）One-off RM1 billion grant to all registered MSMEs and taxi drivers to benefit 1 million recipients
7）RM45 billion Semarak Niaga funds for entrepreneurs
8）RM200 million for Chinese SME Financing scheme with rate as low as 4%.
9）RM10 billion BNM fund allocation for SMEs (including automation and digitisation)
10）100% stamp duty exemption for structuring/rescheduling of loans/financing until 2024
11）Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) provide RM9 billion financing guarantee for SMEs (including agrifood, leading technology, tourism & oil and gas)
12）RM1 billion to fund agro-food under BNM scheme
13）RM1 billion impact fund, where RM230 million will be invested in the field of digitalisation and high technology to support start-up companies
14）RM50 million allocated to Cradle Fund Sdn Bhd
For Individuals
1）Reduce Personal Income tax rate by 2%, from 13% to 11% for income range RM50,001 – RM70,000
2）Reduce Personal Income tax rate by 2%, from 21% to 19% for income range RM 70,001 – RM 100,000
3）Special Funding initiatives for Youth Entrepreneur up to RM 305 Million through SME Bank, TEKUN, MARA, BSN and Agrobank
4）Bantuan Keluarga Malaysia (BKM) cash assistance RM 2,500 for a household income of RM2,500 and has 5 children.
5）PERKESO Mobility Assistance (RM500 for those residing out of State, and RM1,000 for those from Sabah and Sarawak to the Peninsular Malaysia and vice versa)
6）RM6.7 billion for Pendidikan & Latihan Teknikal & Vokasional （TVET） training and education while implementing various initiatives and empower TVET
7）Up to 20% discounts for PTPTN full repayment from Nov 1, 2022 to Apr 30, 2023. 15% for settlement (50% of the balance debt), and 15% for payment by salary deduction.
8）Stamp duty exemption for house price range RM500,001-RM 1 million increase from 50% to 75% until 31 December 2023 to encourage first time home ownership.
9）RM25 million incentive for local travel. Rebate of up to RM100 in the form of discounts and vouchers for accommodation, tourism packages, handicraft & artworks
10）RM734 million for MySalam programme. This will benefit 1.5 million people from the B40 group.
