Discover How 2023s Budget Will Impact Your Life You Wont Believe What Time Its Set For

In his address, he stressed on a few key principles that will determine the success of the budget; specifically the need to eradicate corruption within the government and quick, definitive action in drawing up the framework of the Budget.

As explored in one of our pre-budget articles , it is understandable that the new government spearheaded by the Prime Minister wants to table a new budget, as this is their chance to shape government spending to help deliver on their promises.

How

In the tabling of Budget 2023, Datuk Seri Anwar Ibrahim announced that the theme of the new Budget 2023 is Budget Madani, and it will be driven on three main focuses – driving an inclusive and sustainable economy, inspiring confidence with institutional and governance reforms, and facilitating social justice by reducing inequality.

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As you can see from the table, the total budget for Budget Madani is slightly higher from the previous budget tabled during Datuk Seri Ismail Sabri’s government, at RM388.1 billion. Just like its predecessors, Budget Madani is the largest budget in Malaysian history, beating out the previous record holder, Budget 2022 by RM56.1 billion.

In Datuk Seri Anwar Ibrahim’s speech, he lined out a number of initiatives that are designed to help Malaysians combat the issues plaguing them right now, such as the rising cost of living and food security.

One of the first things that the Finance Minister announced during the tabling of the budget is the implementation of a few new taxes, most interestingly the luxury items tax, which will affect items like high end luxury clothing or watches.

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On the subject of taxes, he also announced a tax adjustment for personal income tax, which sees a 2% reduction for the RM35, 000-RM100, 000 tax bracket, but an increase of 0.5 to 2% for tax brackets above RM100, 000.

This move is actually similar to the personal tax reduction announced in the previous budget. In which a personal tax reduction of 2% was announced forthe RM50, 000-RM100, 000 income bracket.

Following that, Budget Madani also took some pointers from its predecessor in the initiatives for PTPTN borrowers, as Budget Madani included a 20% discount for PTPTN repayments for three months, starting from 1 March 2023.

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Along with that, PTPTN also received another boon in the form of a six months deferment of repayment for individual borrowers earning less than RM1, 800 per month.

While Budget Keluarga Malaysia focused on establishing women’s role in the corporate sector with its initiatives, Budget Madani chose to focus on helping women reintegrate into the workforce after maternity leave.

A bevy of initiatives and incentives were announced to help women re-enter the workforce, such as an amendment to SOCSO to allow for a grant that will cover 80% of the individual’s insured salary, a tax incentive to incentivise the establishment of nurseries in offices, and the development of 80 new KEMAS preschools.

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Just like in the previous budget, SMEs were given extra love and care from Budget Madani, with a host of initiatives to help SMEs regain their footing in a post-pandemic world.

In comparison, Budget Keluarga Malaysia introduced the same corporate income tax reduction from 17% to 15%, albeit for the first RM100, 000 only.

To wrap it up, Budget Madani is trying to do more for the people – while implementing additional revenue streams for the government. A luxury tax, limited-scope capital gains tax, and increase in income tax on the highest earners are likely to have little impact on the average Malaysian. However, they may help with the government’s goal of reducing the national deficit.Stokes on pace to be UNM's longest tenured president ... ABQnews Seeker Garnett Stokes, UNM's 23rd president and ... Garnett Stokes, UNM's 23rd president and the first woman to hold the post, has waded through difficult issues facing the university while gaining support.

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Now, not all changes in the budget will lead to new bruises; some might, for sure. Others might be of a little help. So, I’d like to talk today about how your life might change because of this week’s federal budget. Here we go.

Travelling abroad: Renewing a passport can be painfully slow. The government has committed $135 million to reduce processing times to 10 days for in-person applications and 20 days for mailed or dropped-off applications. In addition, airport wait times have been problem, so the budget has committed $1.8 billion over five years to help make things better.

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You’ll also be glad to know that new laws are on the horizon to increase the obligation of airlines to compensate passengers for flight delays and cancellations. Finally, the cost of plane tickets is on the rise because the government is increasing the Air Travellers Security Charge by about one third, which could add $8.51 to the cost of each “chargeable enplanement” to an international destination.

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Immigration applications: The backlog and delayed processing times for those coming to Canada has been a problem. The government says things are getting better, and will be moving more key services online, including confirmation of permanent residence status and the introduction of online citizenship testing and ceremonies.

Dental care: An announcement was made in September 2022 introducing the Canada Dental Benefit for children. The 2023 budget expands on this by introducing the new Canadian Dental Care Plan that will provide dental coverage for uninsured folks with annual family incomes under $90, 000. Coverage will be in place by the end of this year.

Alcohol purchases: The excise tax that applies to alcohol purchases is automatically indexed to inflation each year, which would have caused a sizeable increase in the cost of beer, wine, and spirits this year. Well, the budget caps the increase this year to just two per cent. For some, this might be the best news the budget offers.

Programs & Events

Saving for a home. In last year’s federal budget, the government introduced a new First-time Homebuyer’s Savings Account (FHSA). This year’s budget announced that, in just a couple of days – on April 1 – these plans should be officially be available at financial institutions. I’ve written about the FHSA before (see my article from Aug. 25, 2022), and will again, but for now you should know that opening one of these accounts should be a no-brainer if you qualify, so visit your financial institution next week.

Student costs: Budget 2023 could make your education a little more affordable by increasing the amount of student grants to $4, 200 (up from $3, 000) for full-time students. In

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