Targeted fuel mechanism subsidy almost finalised

THE mechanism of an overall targeted fuel subsidy is close to being finalised, with discussions at 75% progress and just a few issues remaining, says Datuk Seri Ahmad Maslan.

The Deputy Finance Minister said among them is the method of implementation.

“The decision (to implement targeted subsidies) has been agreed in principle. However, details about it are yet to be finalised. On whether the method is to use identification cards, special cards, or the car’s engine capacity, it is not yet decided,” he said, referring to RON95 and diesel targeted subsidies.

Ahmad said the government was also aware of concerns about the parameters for deciding the socio-economic classification.

“We are aware there are concerns about the classification, especially among those on the borderline of T20. There are other considerations that we need to deliberate about such as the number of dependencies,” he told the reporters after attending a signing ceremony yesterday.

Ahmad, however, hinted that the completed mechanism could be presented during the tabling of Budget 2024.

Ahmad represented the Malaysian government on the inking of the agreement on the Elimination of Double Taxation on Income Tax and the Prevention of Tax Evasion and Avoidance (DTAA) between Malaysia and the Maldives. The agreement aims to avoid double taxation on the same income in Malaysia and the Maldives, providing tax certainty to taxpayers in both countries.

The Maldives was represented by its Finance Minister Ibrahim Ameer.

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