PETALING JAYA: From an income tax cut to a rise in aid payments for lower income earners, Budget 2023 features targeted measures to help Malaysians from all segments of society.
With an allocation of RM372.3bil, Budget 2023 is Malaysia’s biggest to date.
More than RM55bil is allocated in the budget for subsidies and incentives benefiting groups ranging from employees, students and taxpayers to families and the disabled.
The following are among the allocation and measures provided for the different groups:
In terms of allocation for ministries, the Education ministry received the largest amount at 14.9% of Budget 2023, followed by the Health ministry at 9.7% and Finance ministry at 7.7%.
The National Unity ministry was allocated the smallest proportion of Budget 2023, at 0.12%, followed by the Plantation Industries and Commodities ministry at 0.12% and the Entrepreneurship Development and Cooperative, as well as the Federal Territories ministry at 0.18% each.
Meanwhile, the Finance ministry saw the greatest increase in allocation in comparison to Budget 2022, with a 61.1% increase.
This was followed by the International Trade and Industry ministry with 28.2% increase and Women, Family and Community Development ministry at 26.5% increase.
The following shows the allocation of Budget 2023 based on ministry and how it compares with the previous budget.