KUCHING, Feb 25: The Budget 2023, which has been revised upward to RM386.14 billion, is an expansionary budget that Malaysia needs to restore the country’s economic growth.
Sarawak United Peoples’ Party (SUPP) Stakan chairman Dato Sim Kiang Chiok said that the RM64 billion allocated for subsidies, aid, and incentives would be able to help minimise the cost of living and control inflation.
“Apart from that, there is also RM8 billion worth of Sumbangan Tunai Rahmah that will benefit almost nine million beneficiaries in the B40 category, where households with a combined income of less than RM2,500 will be able to receive cash handout of up to RM3,100 depending on the number of children.
“For youth, the RM200 e-credit is welcome while the M40 group will benefit from more disposable income with a tax cut of two per cent for those earning between RM35,000 and RM100,000 taxable income bracket,” he said in a statement today.
For the micro, small and medium enterprises (MSMEs), Sim welcomed the measure to reduce taxable income for the first RM150,000 to 15 per cent from 17 per cent and other loan facilities and financing guarantees up to RM40 billion.
In the revised budget announced yesterday (Feb 24), Prime Minister Datuk Seri Anwar Ibrahim said the government would allocate RM20 billion in loans for high-value sectors through Syarikat Jaminan Pembiayaan Perniagaan, almost RM10 billion in loans will be made available by Bank Negara Malaysia (BNM) and RM1.7 million loans for MSMEs and small vendors through BNM, BSN and National Entrepreneurial Group Economic Fund (Tekun) to ease the financial burden of enterprises and support their business development.
Sim, who is also Sarawak Housing and Real Estate Developers’ Association (Sheda) Kuching Branch chairman, applauded the government’s measure in continuing the exemption on stamp duty for first home ownership with a full exemption on properties worth below RM500,000 and 75 per cent of stamp duty on the sales and purchase agreements of properties priced between RM500,001 to RM1 million.
“The incentive for the housing credit guarantee scheme, where RM5 billion is allocated, will help some 20,000 borrowers with no fixed income,” he added. — DayakDaily
