On April 5, the Dewan Negara approved Supply Bill 2023 (Budget 2023) without amendments via a majority voice vote. The revised Budget 2023 was tabled on February 24 by Prime Minister and Minister of Finance Anwar Ibrahim and was followed by policy and committee stage debates. On March 30, the Prime Minister announced additional initiatives in Budget 2023, focused primarily on the B40 (bottom 40% of income) and M40 (middle 40%) groups, including the extension of individual tax relief for the National Education Savings Scheme (SSPN). Analysis of the revised budget can be found here.
Following the passage of Budget 2023, the Dewan Negara passed the Supplementary Supply (2022) Bill 2023 and the Finance Bill 2023 on April 10 through a majority vote. The Supplementary Supply (2022) Bill 2023 provides RM60.17 billion (US$13.64 billion) in additional operating expenditure that was not allocated or fully allocated in Budget 2022. The additional expenditure covers ten services, with the Treasury General Service (RM52.77 billion or US$11.96 billion) receiving the largest allocation. The Finance Bill 2023 enables the enforcement of several tax measures announced in Budget 2023 through the amendments to existing acts, including the Income Tax Act 1967, the Real Property Gains Tax Act 1976, the Stamp Act 1949, the Petroleum (Income Tax) Act 1967, and the Finance Act 2018. The tabling for Budget 2024 is currently scheduled to be held on October 13, 2023.
