Borneo Post Online
25 February 2023
Sheda Kuching chief: New Budget 2023 to restore M’sia’s economy post-Covid-19
Dato Sim Kiang Chiok
KUCHING (Feb 25): The 2023 Budget announced by Prime Minister Datuk Seri Anwar Ibrahim is an expansionary budget that Malaysia needs to restore its economy, said Sarawak Housing And Real Estate Developers’ Association (Sheda) Kuching chairman Dato Sim Kiang Chiok.
He pointed out that Anwar had increased the overall budget from RM372.3 billion last year to RM388.1 billion to recover from the Covid-19 lockdown.
“It is good to control inflation through the RM64 billion allocation for subsidies, aid and incentives and cost of living through cash handout of RM8 billion under the Sumbangan Tunai Rahmah.
“This will benefit 8.7 million people of the B40 group (in Malaysia). The poorest will receive up to RM3,100, and RM200 for singles aged 18 to 20 years old,” he said in a statement today.
Sim said for the M40 group, personal income tax rate reduction by two per cent for those earning between RM35,000 and RM100,000 will benefit around 2.4 million taxpayers in the country.
He added that the tax rate for micro, small and medium enterprises (MSMEs), there is a reduction from 17 per cent to 15 per cent for the first RM150,000 income, and various financial aid facilities.
“RM40 billion in loan facilities for MSMEs through government agencies, RM20 billion in loans to MSMEs in high value sectors through Syarikat Jaminan Pembiayaan Perniagaan, RM10 billion in loans for MSMEs through Bank Negara Malaysia and RM1.7 billion in loan facilities under Bank Negara, BSN and Tekun will certainly help the MSMEs,” he said.
For housing, Sim welcomed the stamp duties waiver for houses below RM500,000 and 75 per cent reduction for properties below RM1 million, and RM5 billion in funds under the Housing Credit Guarantee Scheme for 20,000 eligible borrowers who are without fixed income.
He also commended the continuation of the employment initiative under the Social Security Organisation (Socso), which will give incentives worth RM45 million for employers to hire 17,000 technical and vocational education and training (TVET) graduates, and to provide incentives for up to three months to firms that hire people with disabilities (PWDs), ex-inmates, the homeless and the jobless.