KUALA LUMPUR: The 2024 Supply Bill (2024 Budget) was passed by the Dewan Rakyat today at the policy stage with a majority voice vote.
The voice vote was called for by Dewan Rakyat Speaker Tan Sri Johari Abdul after Prime Minister Datuk Seri Anwar Ibrahim, who is also Finance Minister, completed his winding-up speech on the bill.
Johari then proceeded to announce that the bill had been passed after more voices of Members of Parliament were heard supporting the 2024 Budget compared to the voices against it.
The 2024 Budget will now proceed to its second reading to be debated at the committee level, before being presented in Dewan Negara.
Anwar tabled the 2024 Budget on Oct.13, 2023, the second Madani budget which demonstrates the unity government’s commitment to empowering the people’s economy.
The 2024 Budget with the theme “Economic Reform, Empowering the People” involves an allocation of RM393.8 billion being the highest budget ever tabled by the government of Malaysia.
From the total, RM303.8 billion was allocated for operating expenditures, RM90 billion for development expenditures and RM2 billion for contingency savings.
Among the key points of the budget was that next year’s fiscal deficit was projected to decrease to 4.3 per cent compared to the 5.0 per cent target this year.
Meanwhile, the government will also enforce a capital gains tax for the disposal of unlisted shares by local companies based on net profit at the rate of 10 per cent from March 1, 2024. –Malaysia World News