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Deputy finance minister: Mechanism for targeted subsidy 75pc complete, out by Budget 2024

Publish date: Wed, 24 May 2023, 05:23 PM

KUALA LUMPUR, May 24 — The mechanism for targeted subsidies is 75 per cent complete, said Deputy Finance Minister I Datuk Seri Ahmad Maslan.

Ahmad said the mechanism might be announced during the presentation of Budget 2024 scheduled for October.

“It is still being refined. It (targeted subsidy) has already been started, for example, at Tabung Haji for those who performed the Haj recently.

“The T20, M40, and B40 income groups have their rates and T20 is not given (subsidy) at all, electricity has also started so it is time for diesel and RON 95.

“We are still fine-tuning and there is still no finality on the method we want to do.

“There is no definitive method yet on how to implement it, however, the decision on the targeted subsidy has already been made,” he told reporters at the signing of the double taxation avoidance agreement between Malaysia and Maldives at Parliament here today.

He added that the method of implementing the targeted subsidy has yet to be finalised, whether through the use of identification cards, special cards, or using the horsepower (cc) of the vehicle as well as the identification data of the T20, M40, and B40 lists.

Earlier, Domestic Trade and Cost of Living Minister Datuk Seri Salahuddin Ayub said the government is expected to implement targeted subsidies, including for RON95 petrol and diesel, from next year. — Bernama

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