KUCHING, Oct 7: Sarawak United Peoples’ Party (SUPP) Stakan chief Dato Sim Kiang Chiok has described Budget 2023 as being “very comprehensive and inclusive”.
He said the budget provides for all sectors of our society and also takes into consideration the outlook for next year which is challenging for the world economy, with the three major economic power houses such as the USA, Europe and China expecting to slow down, affecting demands from Malaysia.
Against this background, he said Budget 2023 has set aside RM7.8 billion to help B40 with an improved Bantuan Keluarga Malaysia for
8.7 million people.
The Budget also sees a reduction of personal income tax cut of two per cent for income bracket from RM50,000 to RM100,000 which Sim said will benefit one million people in M40 group.
He also pointed out that for small medium enterprises, there will be RM9 billion government guarantee for bank loas, RM3 billion as housing credit guarantee and RM50 million for small loan (by Bank Simpanan Nasional).
Even more good news is the reduction of stamp duties of up to 75 per cent for houses priced between RM500,000 and RM1 million.
Stamp duty for property transfer between family members is set at RM10.
To him, all these measures are good for the economy, including Employer Providence Fund’s domestic investment of up to RM45 billion which he believed will serve to create more domestic demand for businesses.
“It’s a good budget that encompasses all the sector of society and its expansionary one which will help our country to recover from the Covid-19 pandemic and other challenges that the world is facing such as Russia-Ukraine war, supply chain disruption, inflation and tightening of money supply with rising interest rates across most major countries,” said Sim in a statement. — DayakDaily
