Dewan Rakyat passes Budget 2024 at policy stage

PARLIAMENT | Prime Minister Anwar Ibrahim's Budget 2024 has passed the policy stage debate via a voice vote.

The voice vote was called after Anwar, who is also finance minister, wrapped up the Finance Ministry's policy stage debate today.

The Supply Bill 2024 will now proceed for a second reading and be debated at the committee level, involving an allocation of RM393.8 billion.

If passed at the committee stage, a third reading of the budget will be held in the august house before it goes to the Dewan Negara for scrutiny.

Once passed there, it will be submitted to the Yang di-Pertuan Agong for royal assent.

Themed “Economic Reform, Empowering the People”, Anwar's second budget comprise RM303.8 billion allocations for operating expenditure, RM90 billion for development expenditure and RM2 billion for contingency savings.

Among the highlights of the budget include a projection that next year’s fiscal deficit will be decreased to 4.3 percent, down from this year’s target of 5.0 percent.

The government will also enforce the new High-Value Goods Tax (HGVT) and Capital Gains Tax, which are expected to add more than RM4 billion to the nation’s coffers next year.

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