PETALING JAYA, Feb 24 (Bernama) — Malaysia’s Budget 2023 allocation, which has been revised upward to RM386.14 billion, was tabled by the Prime Minister and Finance Minister YAB Datuk Seri Anwar Ibrahim at 4.00pm today. According to Mr. Soh Lian Seng, Head of Tax at KPMG in Malaysia, the proposals were anchored clearly along the Malaysia Madani policy framework that aims to strengthen Malaysia’s fiscal and economic position. Key initiatives that are of particular interest include:
SVDP 2.0
Following the success of the Special Voluntary Disclosure Program (SVDP 1.0) introduced by the Pakatan Harapan government in 2018, this unity government has taken a smart move to reintroduce SVDP 2.0 as a means of collecting additional tax revenue.