As such, to move towards a better Malaysia, Budget 2023 will be guided by the 3Rs — namely Responsive, Responsible and Reformist. Budget 2023 has not been formulated only for a specific group but instead has been inclusive in collating and analysing of ideas, molded into a 2023 Budget inspired by Keluarga Malaysia. This is a significant increase compared to Budget 2022's allocation of RM332 billion and Budget 2021's of RM322 billion. With the above special income tax treatment, the income tax savings for middle income group is up to RM1,000, meanwhile, for top income group is up to RM250 per taxpayer. Budget 2023 will be the largest budget ever, with an increased allocation of RM372 billion.

Source: The Edge Markets October 08, 2022 11:44 UTC