Full 2024 Budget Summary

PM Anwar Ibrahim has unveiled a RM393.8 billion budget for 2024. Here’s a roundup:

✅ The government estimates a 4-5% GDP growth in 2024.
✅ The 2024 fiscal deficit is projected to be at 4.3%.

2024 Budget: Rakyat welfare

✅ RM2,000 bonus for Public Servants.
✅ RM1,000 in incentives for pensioners, including veterans without pensions.
✅ RM55 million for electricity subsidies of up to RM40 a month for the hardcore poor.
✅ RM100 million to support NGOs helping the rakyat.
✅ RM2.47bil for people’s housing project
✅ The My50 Unlimited Travel Pass will be continued.
✅ RM500 rewards for youths that complete a volunteering programme with an organisation recognised by the government.
✅ Additional RM10 million to help Malaysians who fall victim to overseas syndicates.
✅ Price ceiling for eggs, chicken to be lifted.
✅ RM500 million in loans to develop waqf land in Malaysia.
✅ RM11.8 billion for flood mitigation projects.
✅ RM2,400 rebates to encourage the use of electric motorcycles, targeted towards Malaysians with an annual income of RM120,000 and below.
✅ New ‘flexible’ EPF account to be introduced.
✅ RM2.4 billion for welfare department.
✅ RM50 million for social security scheme for housewives under e-Kasih.
✅ RM400 million to support food security programmes.
✅ RM200 million to continue the Payung Rahmah programme.
✅ RM10 billion for Rahmah cash aid programme. This will benefit 60% of Malaysian adults.
✅ RM100/month for 1 year to 200,000 Rahmah aid recipients.
✅ RM1.2 billion in various aid for the disabled.
✅ RM333 million for Orang Asli. This includes entrepreneurship and replanting programmes.

Taxes

✅ The government to introduce a 5-10% luxury tax. It will not apply to foreign tourists.
✅ SST to be raised from 6% to 8%. This will not apply to the f&B and telco industries.
✅ Capital Gains tax to be enforced at a rate of 10% from 1 March 2024.
✅ E-invoicing to be made mandatory for taxpayers with income exceeding RM100 million from 1 August 2024.

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Upgrades and improvements

✅ RM2.8 billion to repair federal roads, bridges.
✅ RM5.8 billion for Sarawak; RM6.6 billion for Sabah.
✅ RM38 million to upgrade courts and train more judges.
✅ RM18 million to implement legal reforms.
✅ RM2.4 billion for the construction and maintenance of government quarters.
✅ RM150 million to maintain and repair public toilets nationwide.
✅ RM50 million set aside for areas with high accident rates.
✅ RM100 million maintain street lights on federal roads.
✅ RM10 million to upgrade 10,000 food stalls and warungs nationwide.
✅ RM1.1 billion to tackle water woes in Kelantan, Sabah, Labuan
✅ RM12 million for the National Sports Council to support training of athletes.
✅ RM70 million to improve the palm oil industry in Malaysia.
✅ RM4.7 billion for the LRT3 project.
✅ RM5 million to increase the number of K9 dogs in police, custom and bomba units.
✅ RM200 million to The Ecological Fiscal Transfer for Biodiversity Conservation (EFT).
✅ RM563 million to improve slopes across the country.
✅ RM2.4 billion for Felda and Risda.

Arts, Tourism & Culture

✅ Next Visit Malaysia Year in 2026.
✅ RM350 million to promote tourism activities in Malaysia.
✅ RM80 million to preserve heritage buildings and sites that have the potential to be recognised by UNESCO.
✅ Entertainment tax cuts to 10% for international artistes and other entertainment events such as movie screenings, sports events and games.
✅ RM160 million for the creative industry in Malaysia.
✅ Local artistes will not be subject to entertainment duties.
✅ RM60 million to promote local creative works
✅ RM90 million for the Film in Malaysia Incentive to encourage the production of films that meet global standards
✅ RM10 million for MyCreative
✅ Special income tax of 0-10% for international film production companies, foreign actors, and film crews that choose to film in Malaysia.

Business

✅ The New Industrial Master Plan 2030 .is aiming to gain investments of up to RM95 billion with a median salary of RM4510/month by 2030.
✅ GLCs & GLICs will prepare a fund of up to RM1.5 billion for startups.
✅ Halal certification process to be shortened from 51 days to 30 days.
✅ RM44 billion to support micro SMEs
✅ RM30 million in incentives for companies to train locals.
✅ RM10 million to support the expansion of franchises.
✅ TNB, Gentari and Tesla Malaysia have committed RM170 million in investments to install EV charging stations

Education

✅ RM58.7 billion for education ministry.
✅ RM1.9 billion to upgrade schools.
✅ Entrance fees for public varsities capped at RM1,500.
✅ RM100 million for students who dropped out of school amid pandemic.
✅ RM250 million to expand WiFi access at all public universities.
✅ 10% to 15% discount on PTPTN loans.
✅ RM82 million to build 26 new pre-schools.

Health

✅ RM41.2 billion for the health ministry.
✅ Sugar tax increased from 40 sen/liter to 50 sen/liter.

Read more on the 2024 Budget

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