Our Prime Minister, Datuk Seri Najib Razak tabled a budget that was inclusive, wide-ranging, and even included some unexpected announcements that will benefit quite a number of different people disparate demographics.
The 2018 budget saw an increase of allocation to RM280.25 billion up from the RM260.8 billion of last year. Revenue collection is expected to expand around 6.4% to RM239.9 billion. This budget includes an income tax cut, new GST exemptions, a focus on medical tourism, the digital economy, new Chinese and Indian community incentives, removal of toll fees for certain roads, and new incentives and breaks related to maternity and childcare. Check out our infographic for the full rundown.
With effect from June 1, 2018, the GST charges of 6% will be reduced to zero percent as per government directive.