Malaysia to reduce subsidies, tax luxuries

By Associated Press

Oct 15, 2023 12:15 am

KUALA LUMPUR: Malaysia will progressively cut subsidies and launch new taxes, including for luxury goods, next year as part of economic reforms and to tighten its finances, Prime Minister Anwar Ibrahim said on Thursday.

Anwar, who took power last November, announced the measures while tabling the 2024 federal budget in Parliament. He said the 393.8 billion ringgit ($83.3 billion) budget is aimed at fixing economic imbalances and helping people cope with the rising cost of living amid a global economic slowdown.

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