What to expect in Malaysia’s Budget 2020 ahead of the budget announcement on Friday October 11, 2019.
- Last budget for the 11th Malaysia Plan and expected to address elimination of income and wealth gaps across ethnic groups and regions by 2030.
- Budget 2020 expected to be expansionary in nature with higher allocation for development expenditure and construction related projects like hospitals, schools, and railways.
- Budget 2020 will take into account trade wars risks and downside risks that exists from slower global growth.
- No reintroduction of GST. SST expected to be retained with widened scope.
- Removal of tax incentives which are outdated and replaced with targeted tax incentives.
- Subsidies expected to be targeted for certain groups especially in the B40.
- Based on government designed cost of living index to determine living costs to sustain a comfortable life.
- Tax incentives for green technology and zero waste.
2020 Budget Categories
- Addressing Cost Of Living
- Improving The Quality of Education
- Improving Job Opportunities
- Strengthening the Public Sector
- Improving Public Infrastructure
- Exploring New Technology and Innovation
- Fostering Entrepreneurship and Businesses
- Ensuring Social Welfare and Development
- Encouraging a Healthy Lifestyle
- Improving Access to Housing
- Preserving the Environment Through Sustainable Development
- Maintaining Public Safety and Security
- Spurring the Development of Sports
- Strengthening Malaysia’s Finance