Prime Minister Datuk Seri Anwar Ibrahim presented Budget 2023 on 24 February 2023, with the theme "Developing Malaysia Madani."
The Budget is intended to build on Malaysia’s economic recovery momentum by leveraging on global trends and sustainable growth, as well as ensuring that this growth is spread equally among society. The three driving forces behind it, as summarized by the Government are:
RM388.1 billion has been allotted by the government for Budget 2023, compared to RM385.3 billion for the stimulus-focused Budget 2022.
Talent and HR are also included in the slew of activities to motivate and develop the economy sustainably, keeping in mind the needs of the people in this trying time.
HR practitioners take note for payroll and PCB. The income tax rate is altered for domiciled individuals as follows:
These measures are meant to increase taxes on the wealthiest taxpayers, while decreasing the tax burden on the middle class.
In line with its vision of sustainable growth, Budget 2023 also includes tax reliefs focused on health and well-being.
The Government sees meaningful, equal employment opportunities as a way to increase income for all levels of society. The following incentives to spur employment are included in Budget 2023:
Gig workers are an increasingly important part of the economy. The World Bank estimates that 26% of Malaysians are employed in the gig economy. Thus, the Government is enacting the following measures in Budget 2023:
Learn how BrioHR can simplify HR for your business by getting a free demo here.
Prime Minister Datuk Seri Anwar Ibrahim presented Budget 2023 on 24 February 2023, with the theme “Developing Malaysia Madani.”
The Budget is intended to build on Malaysia’s economic recovery momentum by leveraging on global trends and sustainable growth, as well as ensuring that this growth is spread equally among society. The three driving forces behind it, as summarized by the Government are:
RM388.1 billion has been allotted by the government for Budget 2023, compared to RM385.3 billion for the stimulus-focused Budget 2022.
Talent and HR are also included in the slew of activities to motivate and develop the economy sustainably, keeping in mind the needs of the people in this trying time.
HR practitioners take note for payroll and PCB. The income tax rate is altered for domiciled individuals as follows:
These measures are meant to increase taxes on the wealthiest taxpayers, while decreasing the tax burden on the middle class.
In line with its vision of sustainable growth, Budget 2023 also includes tax reliefs focused on health and well-being.
The Government sees meaningful, equal employment opportunities as a way to increase income for all levels of society. The following incentives to spur employment are included in Budget 2023:
Gig workers are an increasingly important part of the economy. The World Bank estimates that 26% of Malaysians are employed in the gig economy. Thus, the Government is enacting the following measures in Budget 2023:
Learn how BrioHR can simplify HR for your business by getting a free demo here.
Learn how BrioHR can simplify HR for your business by getting a free demo here.