KUALA LUMPUR: Budget 2024, which will see a higher national revenue through economic and fiscal restructuring as well as implementation of tax reforms and targeted subsidies, will be utilised in the best way possible to uplift the people’s standard of living, said Prime Minister Datuk Seri Anwar Ibrahim.
Anwar said the record high RM393.8 billion budget contained three areas of focus, namely best governance for service agility; economic restructuring to accelerate growth; and improving the people’s standard of living.
He said with its emphasis on giving direct aid to the rakyat, RM58.1 billion had been allocated next year for providing various forms of assistance comprising subsidies, incentives and aid.
Anwar, who is also Finance Minister, said the focus was on channelling direct cash aid to people in need, apart from providing education, healthcare and basic infrastructure for all.
“Budget 2024, which I call the Second Madani Budget, represents the determination and seriousness of the Unity Government in fulfilling the need to improve the standing of the national economy and the people,” he said when tabling Budget 2024 in the Dewan Rakyat today.
Anwar said three ministries - finance, education and health - were the biggest recipients of allocations under Budget 2024, themed ‘Reformasi Ekonomi: Memperkasa Rakyat’ (Economic Reform: Empowering People).
The prime minister said based on the MADANI Economy framework unveiled last July, the country’s financial resources would be managed efficiently to ensure the nation’s resources would benefit all the people.
He said efforts were needed to widen the revenue base, implement targeted subsidy and eradicate all forms of corruption and irregularities, apart from enhancing the standard of government service and delivery system.
He said several tax reform measures to be implemented next year would not burden the majority of the people, including Service Tax rate adjustment, enforcement of Capital Gains Tax and introduction of Luxury Goods Tax.
Stressing that enforcement agencies would continue to intensify efforts to check leakages in national revenue, he said subsidy rationalisation would be implemented in phases beginning next year and part of the savings from this move would be used to increase allocations for Sumbangan Tunai Rahmah cash aid from RM8 billion to RM10 billion.
The subsidy rationalisation exercise would involve, among others, diesel and electricity, while for chicken and eggs, the temporary price control imposed previously would be lifted so that the local market can function freely again to ensure security of supply for these items. -Bernama