The implementation of Budget 2024 holds significant implications for Malaysians, with key highlights shaping various aspects of daily life. Here are some of the notable changes that Malaysians will have to know in year of 2024.

1. Service Tax Adjustment

Service tax set to increase from six to eight percent, excluding the food and beverage and telecommunication industries. The scope will expand to cover logistics, brokerage, underwriting, and karaoke establishments.

2. Food Security Initiative

Temporary removal of ceiling prices on eggs and chicken to strengthen the nation's food security.

3. PTPTN Repayment Discounts

Government offers a 10% discount for those repaying half or the entire PTPTN loan amount, with an additional 15% discount for those using auto-debit.

4. Targeted Subsidies:

Anticipated rollout of targeted subsidies in 2024, primarily for petrol and electricity, with emphasis on the top 10% of Malaysians and foreigners.

5. Sports Equipment and Activities Tax Relief

Introduction of a new tax bracket allowing Malaysians to claim tax relief up to RM1,000 for sports equipment and activities. Encouraging a healthy lifestyle and potential savings for citizens.

As Malaysians gear up for the implementation of Budget 2024, these highlights shed light on the potential impacts on various aspects of daily life.

Source / Image Credit : Astro Awani, NST, Wau Post, RinggitPlus, RTM