The government proposed another round of special voluntary disclosure programme (SVDP) with full penalty waiver starting June this year till end-2024.

The Inland Revenue Board and the Royal Malaysian Customs Department will be tasked to revive this programme again, said Prime Minister Datuk Seri Anwar Ibrahim during the tabling of revised Budget 2023 to Parliament on Friday (Feb 24).

Govt proposes new round of tax amnesty with full penalty waiver

Revised Budget 2023: Full speech of Prime Minister Datuk Seri Anwar Ibrahim

DE-CIX, a carrier- and data-centre-neutral internet exchange point headquartered in Frankfurt, Germany, believes that the Malaysian government is becoming more committed to advancing its digital infrastructure and its economy.

Putrajaya more committed to advancing digital infrastructure and economy — DE-CIX

Malaysia’s revised Budget 2023 underlined plans to achieve greater savings by reviewing government procurement processes, and spur higher impact investments through targeted incentives for corporations at a time when the nation is “at a critical point in history” to balance fiscal management and growth.

Prime Minister Datuk Seri Anwar Ibrahim, who is in his third month in office, also set the tone for the government’s policy in the budget — themed Membangun Malaysia Madani (Developing Malaysia Madani) — that focuses on the redistribution of wealth through income tax adjustments and the introduction of new taxes targeting the higher income group

Anwar’s Budget 2023 hits the right notes, but the test is in the implementation

KUALA LUMPUR (Feb 25): RHB Investment Bank Research said consistent with its view, the revised Budget 2023 remains mildly expansionary with no major changes in the policies. The total allocation was revised upward to RM386.1 billion versus RM372.3 billion tabled by the previous government in October 2022.

No major surprises in revised Budget 2023, says RHB IB

Banks in Malaysia believe the Madani Budget has a good balancing act on improving the welfare of the rakyat while supporting the growth of businesses to move Malaysia forward, especially in the post-pandemic era and amid inflationary pressures.

Banks view Madani Budget as having fine balance to help businesses and citizens

Middle-income earners, more commonly known as the M40 group, were specifically mentioned in the revised Budget 2023, as they are also bearing the brunt of the rising cost of living, besides the B40 group.

Revised Budget 2023 offers various perks for M40 group

The government is reducing individual income tax by two percentage points for those in the taxable income bracket of RM35,000-RM100,000 starting this year, in a bid to relieve the burden of rising cost of living faced by the middle 40% household income group (M40).

“The B40 (bottom 40%) is often given various forms of aid, while the M40 has been exhibiting their patience despite being squeezed by the rising cost of living,” he told the Dewan Rakyat in tabling the revised Budget 2023 on Friday (Feb 24).

Tax cut for M40, tax increase for T20

The revised Budget 2023 strikes a balance between the need to support the economy and the commitment on fiscal consolidation, said OCBC Bank.

Chief economist of OCBC Bank Selena Ling in a statement on Friday (Feb 24) said the budget tabled was in line with market and OCBC’s expectation, with a resolve to see the budget deficit reduced to 5% from 5.6% of GDP in 2022.

OCBC Bank: Revised Budget 2023 supports economy, prioritizes fiscal consolidation

The Federation of Malaysian Manufacturers (FMM) said that the revised Budget 2023 tabled on Friday (Feb 24) by Prime Minister Datuk Seri Anwar Ibrahim lacked support for the manufacturing industry.

“We are disappointed that Budget 2023 has not provided any assistance to support trade for industries to expand their market access as many face severe impact to their existing markets due to the prolonged Ukraine-Russia conflict,” said FMM president Tan Sri Soh Thian Lai in a statement.

FMM: Revised Budget 2023 lacks support for manufacturing

The revised Budget 2023 enables inclusive and sustainable economic growth, instils confidence through institutional and governance reforms, as well as advance social justice, said Khazanah Research Institute (KRI).

Revised Budget 2023 ensures inclusive growth for individuals and corporates, says KRI and ICDM

The Master Builders Association Malaysia (MBAM) urged the government to implement the Mass Rapid Transit Circle Line (MRT3) project, which will allow the construction industry to benefit from the multiplier effect, following the government’s decision to review the project.

Revised Budget 2023: MBAM urges govt to commence MRT3 project to revive construction sector

The Malaysian Council for Tobacco Control (MCTC) has called on the government to include imposing an excise duty on electronic cigarettes and vaping products that do not contain nicotine as part of the revised Budget 2023 proposals.

In welcoming the government’s move to impose an excise duty on e-cigarettes and vaping products containing nicotine, MCTC said: "The government must also acknowledge that a large part of the e-cigarette and vaping product market consists of products which do not contain nicotine, and the consumption of these products make up a large part of the purported RM2 billion per year income reported by the vape industry.

Consider imposing excise duty on no-nicotine e-cigarettes, vapes, MCTC tells Govt

Some government-linked companies (GLCs) and private companies will take over the Technical Education and Vocational Training (TVET) programme.

Among them are Petroliam Nasional Bhd (Petronas), DRB-Hicom Bhd, Sunway Bhd and Malaysian Resources Corp Bhd, said Prime Minister Datuk Seri Anwar Ibrahim in his speech on the revised Budget 2023.

PM: GLCs and private companies to take over TVET programme

Bill Gross, who pioneered the “total return” strategy in the 1980s that revolutionized the bond market, says the approach is now defunct.

Bill Gross says ‘total return’ strategy he pioneered is ‘dead’

The High Court on Thursday upheld the conviction and 12-year prison sentence against Rumah Bonda founder Siti Bainun Ahd Razali for neglecting and abusing Bella, a teenage girl with Down’s syndrome.

Bella case: High Court upholds Siti Bainun's conviction and sentence  

Blogger Wan Muhammad Azri Wan Deris, or Papagomo, was charged in the Sessions Court here on Thursday with posting seditious articles against His Majesty Sultan Ibrahim, King of Malaysia on his X account.

Wan Muhammad Azri, 41, who is also a former Umno Youth exco member, pleaded not guilty to the charge before Judge Siti Aminah Ghazali.

Papagomo charged with sedition against King

South Malaysia Industries Bhd (SMI) has appointed Leow Thang Fong as its new chief executive officer, effective May 1, two months after a group of shareholders rejected him from being re-elected executive director at its annual general meeting (AGM).

SMI makes Leow Thang Fong CEO after his reappointment as ED rejected at AGM

Prime Minister Datuk Seri Anwar Ibrahim said addressing issues such as hardcore poverty, infrastructure development and basic amenities remain an enduring commitment of the Madani Government, particularly in Kelantan.

He said these issues should ideally be resolved promptly to overcome prolonged hardship for those affected.

Madani Govt firmly committed to resolving people's issues, hardcore poverty — PM

The Federal Government agrees with the Kelantan government's proposal to extend the runway at the Sultan Ismail Petra Airport by 400 metres for it to become an international airport.

Prime Minister Datuk Seri Anwar Ibrahim said he had asked Transport Minister Anthony Loke Siew Fook to expedite the ongoing construction of the airport.

Sultan Ismail Petra Airport to be upgraded as international airport — Anwar

Datuk Seri Anwar Ibrahim on Thursday reprimanded the Immigration Department over congestion issues at the country’s borders, particularly in airports.

Describing the rebuke as akin to "parental love" to improve congestion issues at counters handling entry of tourists, the prime minister said tourists would not accept excuses for delays, and hoped the issue could be dealt with effectively.

PM rebukes Immigration Dept over tourist entry congestion

Prime Minister Datuk Seri Anwar Ibrahim held a closed-door meeting on Thursday with Kelantan Menteri Besar Datuk Mohd Nassuruddin Daud regarding the development of the state.

It is understood that the briefing on this matter was delivered by Mohd Nassuruddin

Anwar holds closed-door meeting with Kelantan MB

Ajinomoto (M) Bhd’s RM2.12 special dividend announced in July last year in conjunction with a land disposal exercise will go ex on May 15.

Ajinomoto’s special dividend of RM2.12 goes ex on May 15

Former attorney general Tan Sri Mohamed Apandi Ali's special officer could have won her defamation suit against Sarawak Report editor Clare Rewcastle-Brown, if not for a technicality — that all court pleadings must be filed in Bahasa Melayu, according to the High Court judicial commissioner who presided over the case.

Court says Apandi's former aide could have won defamation suit against Sarawak Report editor if not for a technicality

US software giant Microsoft Corp said on Thursday it would invest US$2.2 billion (RM10.5 billion) over the next four years in cloud and artificial intelligence (AI) infrastructure in Malaysia.

Microsoft to invest US$2.2 bil in Malaysia over next four years on cloud, AI

Protasco Bhd, which has businesses ranging from hotel to engineering, said on Thursday it has received an offer to buy its unit Ikram Education Sdn Bhd which owns the Infrastructure University Kuala Lumpur (IUKL).

Protasco gets offer from HK firm to buy its university unit

Feytech Holdings Bhd's initial public offer (IPO) on Main Market of Bursa Malaysia is offering&nbsp;252.94 million shares at 80 sen apiece.&nbsp;

Feytech's Main Market IPO to raise over RM201m

Subang Airport, officially known as Sultan Abdul Aziz Shah Airport, will likely be able to handle jet aircraft by the third quarter this year, according to Transport Minister Anthony Loke.

Subang Airport’s jet ops likely to start in 3Q, also eyes business jets — Loke

Mechanical and electrical engineering services provider Pasukhas Group Bhd has secured a RM56.98 million contract to build a data centre in Selangor.

Pasukhas secures RM57m contract from US company to build data centre in Selangor 

The additional investment by Microsoft amounting to US$2.2 billion or RM10.5 billion in the country over the next four years is the largest single investment by the company in its 32 years in Malaysia.

Microsoft’s new US$2.2b outlay is company’s largest single investment in Malaysia, says Anwar

The High Court on Thursday dismissed Tengku Datuk Zafrul Abdul Aziz's application to file an affidavit with regards to Datuk Seri Najib Razak's judicial review application to unearth an addendum to his pardon order that detailed he was to spend the remainder of his sentence under "house arrest".

Court rejects Zafrul’s bid to file affidavit on Najib’s ‘house arrest’ order

Smart Asia Chemical Bhd, an industrial paint and coating manufacturer, on Thursday has begun taking orders from investors for its ACE Market initial public offering (IPO) that would raise up to RM37.4 million.&nbsp;

Smart Asia Chemical starts taking orders for ACE Market IPO to raise RM37.4 mil

Shares of Ge-Shen Corp Bhd rose as much as 14.91% to a new record high of RM4.47 on Thursday, following the emergence of Chin Hin Group’s Chiau family as its second largest shareholder.

Ge-Shen shares hit new high on emergence of new substantial shareholder

Yinson Production, the offshore production business unit of Yinson Holdings Bhd, has closed the limited recourse term loan facility of up to US$1.3 billion (RM6.2 billion) for the pre- and post-delivery financing of the Agogo floating, production, storage and offloading (FPSO) vessel, which will be deployed in Angola.

Yinson unit secures single largest term loan of US$1.3b to finance Agogo FPSO delivery

US President Joe Biden included ally Japan along with rivals China and Russia in a list of countries he called “xenophobic” in a speech at a campaign fundraising event in Washington.

Biden calls ally Japan ‘xenophobic’ along with China, Russia

theedgemalaysia.com highlighted seven stocks with momentum at Bursa Malaysia’s afternoon close on Thursday. Two stocks showed positive momentum while five stocks showed negative momentum.

GHL Systems, Oppstar, Bursa Malaysia, Country View, Fiamma, Marco, Tambun Indah 

Malaysia’s biggest port operator Westports Holdings Bhd said on Thursday its net profit rose 11.4% year-on-year (y-o-y) in the first quarter, thanks to higher container revenue, coupled with higher finance income and share of results of a joint venture (JV).

Westports' 1Q net profit up 11% on higher container revenue, finance income and share of results of JV

Smart Asia Chemical Bhd, en route to Bursa Malaysia’s ACE Market, expects its new plant in Perak to triple its production capacity while allowing the paint and coating manufacturer to be closer to its clients.

Smart Asia Chemical to triple capacity with new plant from IPO proceeds

IT will be a busy year for the energy sector. Over the past month, there has been a slew of announcements, with the latest being the establishment of the Energy Exchange Malaysia (Enegem).

The Enegem programme will start with a project with a pilot auction of 100mw of renewable energy (...

Cover Story: A busy year for RE players

The El Nino phenomenon hitting the country is expected to continue for the next two months, said Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad.

El Nino to last two more months; 2024 could be Malaysia’s hottest year — Nik Nazmi 

South Korea's SK Hynix said on Thursday its high-bandwidth memory (HBM) chips used in AI chipsets were sold out for this year and almost sold out for 2025 as businesses aggressively expand artificial intelligence services.

Nvidia supplier SK Hynix says HBM chips almost sold out for 2025

Local authorities' investigations into 1Malaysia Development Bhd (1MDB) involved "thousands" of documents, and not all of them could be specifically shown to imprisoned former prime minister Datuk Seri Najib Razak when his statement was recorded, the court heard on Thursday.

MACC IO says 'thousands' of docs involved in 1MDB probe, impossible to show each one to Najib

Food ingredients supplier Agricore CS Holdings Bhd said on Thursday it has signed an agreement with M&amp;A Securities to underwrite its initial public offering (IPO) on the ACE Market.

Agricore CS signs underwriting agreement for ACE Market IPO

Construction outfit and bus operator Epicon Bhd will exit Practice Note 17 (PN17) status on Friday following the completion of its regularisation plan.

Budget 2023

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