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Business
Tax cuts will boost economy, provide multiplier impact: Tengku Zafrul
KUALA LUMPUR: Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz acknowledged that the tax cuts announced in Budget 2023 would impact the government’s revenue but believes that it would give a positive multiplier effect on the country’s economy.
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Business
Budget 2023: Govt to enhance green tech financing scheme
KUALA LUMPUR: The government will enhance the green technology financing scheme (GTFS) by increasing the financing guarantee to RM3 billion until 2025, in addition to expanding the scope of financing, especially to the electric vehicles (EV) sector with a guarantee limit of up to 60 per cent.
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Energy
OGSE players to benefit from RM1bil maritime and logistics fund
KUALA LUMPUR: The RM1bil maritime and logistics fund is expected to benefit oil and gas services and equipment (OGSE) players, especially the close-to-100 offshore support vessel (OSV) service providers in Malaysia, according to Malaysia Petroleum Resources Corp (MPRC).
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Telcos
MNOs execute share subscription agreements with DNB
KUALA LUMPUR: Celcom Axiata Bhd, Digi Telcommunications Sdn Bhd, YTL Communications Sdn Bhd and Telekom Malaysia Bhd (TM) have executed share subscription agreements (SSA) to take up equity stakes in Digital Nasional Bhd (DNB).
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Business
Govt extends tax breaks on listing expenses to tech companies on Bursa Malaysia
KUALA LUMPUR: The government will extend tax deductions on listing expenses to cover technology-based companies on Bursa Malaysia’s Main Market.
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Investment
ASB, ASB 2 investment limit increased to RM300,000
KUALA LUMPUR: Permodalan Nasional Bhd (PNB) has announced the increment of investment limit for Amanah Saham Bumiputera (ASB) and Amanah Saham Bumiputera 2 (ASB 2) to RM300,000 from RM200,000 in 2023.
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SME
Govt allocates RM92mil towards developing halal industry
KUALA LUMPUR: The government has allocated RM92mil to develop the country's halal industry, according to Tengku Zafrul Abdul Aziz.
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Corporate News
EPF's investment income falls 21% to RM27bil in 1H22
KUALA LUMPUR: The Employees Provident Fund’s (EPF) total investment income tumbled 21%, or RM7.06bil to RM27bil in the first half to June 30, 2022 (1H22) from RM34.06bil in the corresponding period in 2021.
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Business
SemarakNiaga initiative receives RM45bil to spur business activity
KUALA LUMPUR: The SemarakNiaga 2023 initiative has been improved with a higher allocation of RM45 billion compared with RM40 billion in 2022 to spur business activity, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
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Plantations
Govt allocates RM70mil to improve palm oil industry's sustainability
KUALA LUMPUR: A total of RM70 million is allocated to improve the palm oil industry’s sustainability, including encouraging the recycling of palm waste material, Minister of Finance Tengku Datuk Seri Zafrul Abdul Aziz said.
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SME
RM10bil loan funding to spur automation, digititalisation in SME sector
KUALA LUMPUR: A total of RM10 billion in loan funds are provided to encourage automation and digitisation activities in the small and medium enterprise (SME) sector.
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Property
Budget 2023: Reactions from property sector
The property sector shares its thoughts on Budget 2023.
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SME
Govt reduces tax for MSMEs to 15%
KUALA LUMPUR: The tax rate for micro, small and medium enterprises (MSMEs) for the first RM100,000 in taxable income will be reduced from 17 per cent to 15 per cent, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
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Nation
Budget 2023: Stamp duty exemption increased for premier properties
PETALING JAYA: Houses worth from RM500,000 to RM1mil will enjoy an increase in stamp duty exemption from 50% to 75% until Dec 31, 2023.
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Markets
Bursa Malaysia ends lower, KLCI down 1.02%
KUALA LUMPUR: Bursa Malaysia ended lower on Friday, with the key index falling 1.02 per cent on lack of buying interest as investors digested the Budget 2023 announcements tabled today, as well as on global selldown, said an analyst.
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Taxation
M40: Individual tax reduced by 2.0%
KUALA LUMPUR: Close to one million resident individual taxpayers will enjoy reduced taxes as part of the government's efforts to increase disposable incomes, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
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Business
Highlights of the economic outlook, fiscal outlook and federal govt revenue estimates 2023
KUALA LUMPUR: Following are the highlights of the Economic Outlook, Fiscal Outlook and Federal Government Revenue estimates for 2023:
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Business
Effective debt management strategies
THE Federal Government debt level trajectory is forecast to remain within the statutory debt limit in the medium-term due to the scarring effect of the additional borrowing during the Covid-19 pandemic and the funding requirements for the implementation of the Twelfth Malaysia Plan.
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Business
Mitigating the rising cost of food
THE government has taken additional measures to mitigate the increase in food prices in the country, given it is the largest weighted category in the consumer price index and has an outsized impact on the lower income groups.
