PRIME Minister Anwar Ibrahim, who is also the Finance Minister, is scheduled to wrap up the policy-level debate of the Finance Ministry’s Supply Bill 2024 in parliament tomorrow.

The winding-up will be made on Supply Bill 2024 after eight days of policy-level debate starting on October 16.

The prime minister is expected to provide further clarification on a number of matters announced by him when he presented Budget 2024 on October 13, including the implementation of the progressive salary policy. He is expected to outline how the progressive pay system will work.

Tomorrow’s closing session will also see the prime minister explain the government’s measures to strengthen the economy, boost the business sector and achieve a balance of fiscal support and prudent spending.

Budget 2024, themed ‘Economic Reforms, Empowering the People’, involves an allocation of RM393.8 billion, which is the highest budget ever presented, with RM303.8 billion for operating expenditure, RM90 billion for development expenditure and RM2 billion for contingencies.

Next year’s fiscal deficit is projected to decrease to 4.3% compared to the 5% target this year.

The government will also enforce capital gains tax for the disposal of unlisted shares by local companies based on net profit at a rate of 10% from March 1, 2024. – Bernama, November 1, 2023.