1) Government has allocated 332 billion ringgit or roughly 80 million dollars to drive economy recovery
2) The expectation of economy in Malaysia in 2022 expecting to growth from 5.5% to 6.5% based on strong fundamentals and a diversified economic base
However, this performance also depends on other factors including the success of our pandemic response, the effectiveness of our vaccination programmes as well as the robustness of the global economy and trade prospects
3) The number of growths can be driven by confidence of 95% of adult population vaccinated and 62% of teenager’s population of vaccinated
As a result, COVID-19 cases have been successfully reduced while the use of ICU wards for COVID-19 have been reduced to 42%
4) The percentage of people fully vaccinated can leading recovery Malaysia economy further there are introductions of new taxes and excise duties that will be appeared to be in line with some global trend.
5) The EY team works across assurances, consulting, legal, strategy, tax, and transactions to ask better questions and develop innovative answers to the challenging challenges that our world faces today.
6) For disposals in the sixth year and onwards, the real property gains tax (RPGT) will revert to zero percent for individuals
7) RM2 billion is provided as contingency savings for the government intends to provide individual tax relief and tax deduction to employers on costs associated with taking self-purchased booster vaccines.
Even with an expansionary budget in place, the fiscal deficit is projected to reduce to 6%to GDP compared to a fiscal deficit of 6.5% to GDP in 2021
8) The government has allocated a total of RM332.1 billion for Budget 2022, the highest value compared to previous budgets.
The Government will provide RM233.5 billion for operating expenditure, RM75.6billion for development expenditure and RM23 billion under the COVID-19 Fund
Wondershare EdrawMind
