Key tax aspects of Budget 2023

The government expects to widen Malaysia’s tax base with the introduction of e-invoicing to shore up revenues by capturing “missing income” from the shadow economy.

BUDGET 2023, with an allocation of RM388.1bil, is an expansionary one by a mile, being 17% higher than the previous one, but with a lower deficit at 5% compared to 5.6% in 2022.

Therefore, the curiosity heightens when you note that the reduced deficit comes on the back of lower expected revenue for 2023 of RM291.5bil compared to RM294.4bil in 2022.