KUALA LUMPUR, Nov 1 — Prime Minister Datuk Seri Anwar Ibrahim, as the Minister of Finance, is scheduled to wrap up the Supply Bill 2024 policy-level debate for the Finance Ministry in Parliament tomorrow.
This will conclude eight days of policy-level debates on the Supply Bill 2024 which began on October 16.
He is expected to provide further clarification on a number of matters announced during Budget 2024’s tabling on October 13, including implementing the progressive salary policy. Anwar is expected to outline how the progressive pay system will work.
Tomorrow’s closing session will also see the Prime Minister explain the government’s measures to strengthen the economy, boost the business sector, and achieve a balance of fiscal support and prudent spending.
Budget 2024, themed ‘Economic Reform, Empowering the People’, involves a RM393.8 billion allocation, the highest budget ever tabled in Malaysian history, with RM303.8 billion for operating expenditure, RM90 billion for development expenditure, and RM2 billion for contingency savings.
Among the essence of Budget 2024 is that next year’s fiscal deficit is projected to decrease to 4.3 per cent compared to the 5.0 per cent target this year.
The government will also enforce a capital gains tax for the disposal of unlisted shares by local companies based on net profit at a rate of 10 per cent from March 1, 2024.
— Bernama
