With Budget 2025 just around the corner, it’s natural to wonder what we can expect from it. In fact, some people are still trying to figure out what Budget 2025 is all about.
Instead of dancing around the topic, here’s everything you need to know about Budget 2025. Keep reading to find answers to your questions, and thank us later!
What is Budget 2025?
According to TaxPod, Budget 2025 is the Malaysian government’s financial game plan for the next year. The budget is part of a larger strategy known as Ekonomi MADANI, which focuses on inclusivity, sustainability, and economic resilience.
The goal is to overcome economic issues in Malaysia
The main goal of Budget 2025 is to overcome the economic issues the country is facing. It focuses on improving public services, keeping the cost of living in check, and encouraging economic growth.
The budget aims to relieve households, support the private sector, and make sure wealth is distributed more fairly across Malaysia.
Bernama also reported that the key focus will be on raising the living standards of the people, which will be a big part of the budget’s financial plan for next year.
Things that will be tabled during Budget 2025
CNA shared that Prime Minister Anwar Ibrahim is enjoying Malaysia’s recovering economy and a stronger ringgit.
However, he recently pointed out that there’s still room for improvement when it comes to public finances. This usually means finding ways to earn more while cutting down on spending.
Given the situation, he would need to tackle the country’s growing costs for subsidies and social assistance. However, he has to tread carefully to avoid going too far and upsetting the public.
According to DollarsandSense, several key initiatives are expected from Budget 2025, such as:
- Subsidy Rationalisation: There may be changes to existing subsidies, particularly for petrol, sugar and locally produced white rice to manage the subsidy bill effectively.
- Investment in Infrastructure: Continued support for development projects, with a focus on transportation, including the Pan Borneo Highway and MRT3 project
- Introduction of Global Minimum Tax: Following international frameworks, a global minimum tax may be implemented, affecting multinational corporations operating in Malaysia
- High-Value Goods Tax: Clarity on this tax could emerge, potentially impacting luxury goods and high-income earners
When and where will Budget 2025 be presented?
According to Bernama, the official announcement for Budget 2025 is scheduled for presentation on October 18 (Friday) at 4:00 PM. The tabling of the budget will take place in Parliament.
Earlier today, Anwar visited the Ministry of Finance to oversee the final touches being made ahead of tomorrow’s Budget 2025 announcement. Stay tuned for more updates!
Also read: PMX is Putting an End to Subsidies for Rich Students in Top Govt-Funded Schools, Says It’s Unfair