KUALA LUMPUR, Oct 8 — Pro-growth measures in Budget 2023 would help cushion the Malaysian economy against an expected global recession, according to economists and a trade group...
Saturday, 08 Oct 2022 7:00 AM MYT
“This large Budget is needed to help the national economy fully recover, especially the SME sector, and to ensure that the domestic economy continues to be the engine next year when we are expected to face the global economic recession. The two-basis point reduction in personal income tax for those earning between RM50,000 and RM100,000 would put hundreds of millions back into the pockets for salaried Malaysians, which would help them preserve their quality of life during an expected economic slowdown.
“I would say that the tax cut, together with other programmes for SMEs such as grants and loan scheme, sends a signal which is the moment ‘to ride the tiger’ and this can create positive expectations which may be helpful in facing eventual economic difficulties,” Ferlito explained. “In particular, in the light of tax cuts. Tax cuts are tremendously important, but they are one side of the coin. If expenditures are not effectively rationalised, then we are in trouble,” he said.
He added that the Budget also reflected how the government was resorting to a mix of incentives, grants and facilitation funds to encourage automation, digitalisation, ESG and also promote the development of agriculture, food security.
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