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Malaysia Budget 2023 Highlights

On Friday, 24 February 2023, our Finance Minister, YAB Dato' Seri Anwar Bin Ibrahim tabled the Malaysia Budget 2023 themed “Developing Malaysia Madani”.

 

 

Being the first budget after the 15th General Election (GE), amidst the preparation of strategies for the 12 Malaysia Plan midterm review, its proposals are realistic and achievable, demonstrating Malaysia MADANI principles towards

 

  • Protecting the livelihood of the rakyat,
  • Upholding integrity,
  • Enhancing a caring & compassionate society, and
  • Improving the effectiveness of public & private delivery systems.

 

 

The Budget 2023 of RM388.1 billion is expansionary and larger than the RM332.1 billion and RM322.54 billion under the 2022 and 2021 Budgets respectively. It has thus emerged as the country’s biggest to date. The budgeted revenue for 2023 is RM291.5 billion (2022: RM285.2 billion) leading to a fiscal deficit of RM94 billion (2022: RM99 billion), which is expected to moderate to 5% of GDP (2022: 5.6%).

 

 

For further information, we share with you the important highlights from the Malaysia Budget 2023 for your better understanding. Read and download our Malaysia Budget 2023 Highlights here

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Author(s)

Mohd Faried Jamil
Partner,

Tax


Norzila Othman
Executive Director,

Tax


Muhammad Aminudin Bin Awaludin
Manager,

Tax


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