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Budget 2024 will squeeze middle income Malaysians, says Syed Saddiq
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Publish date: Sat, 14 Oct 2023, 09:02 AM
KUALA LUMPUR, Oct 13 — The Budget 2024 will increase the financial pressures on Malaysia’s middle-income group (M40), Malaysian United Democratic Alliance (Muda) president Syed Saddiq Syed Abdul Rahman said.
He said the four elements of reduced subsidies, raised taxes, continuous wastage, and forgotten promises showed that the M40 would be the most affected by the Budget tabled today.
“If you look at the taxes, as we heard earlier, the Sales and Services Tax (SST) will be raised by 25 per cent, from 6 per cent to 8 per cent.
“Which means, if you are a Malaysian and if you make 20 transactions in a day, each transaction will have a 2 per cent increase.
“It’s not a small amount, for example if you look at items such as toiletries, (sanitary) pad, clothing, trousers, shoes, school equipment, all these will be affected,” Syed Saddiq told a press conference here at the Parliament building today.
While the SST increase excludes the food and beverage sector, the Muar MP said the restaurant owners will be affected by purchases of equipment needed to run their businesses.
“When the restaurant owners’ cost increase, they will transfer these costs to the consumers — that’s all of us here,” he said adding that it will contribute to spike in cost-of-living expenses.
Syed Saddiq claimed the increase in the SST was simply the Goods and Services Tax (GST) in disguise.
“Why I say that it’s because the government — who previously were the Opposition — refused to implement the GST, and when they don’t want GST they increase the SST,” he said.
On the issue of wastage, he said the current government leaders appeared to have forgotten their criticism of predecessors for using Toyota Vellfire vehicles in place of Proton models.
“There was huge argument in the Parliament regarding this. Today, it was announced that the government officials will use luxury EV (electric vehicles).
“Why all of a sudden when the change of government it is allowed?
“What about the RM2 billion used as a bail out for Boustead Plantation Berhad? They said it’s a loan, but it’s obvious that it was mismanagement... don’t be a hypocrite, it’s a bailout,” he added.
On Monday, the government agreed to provide a government guarantee tot he Armed Forces Fund Board (LTAT) to buy out Boustead Plantation Bhd shares.
Syed Saddiq also raised the reduction of the National Higher Education Fund (PTPTN) repayment discount, saying it will be halved from the previous 20 per cent.
“They also promised that the graduates will only need to make repayment once their salary hit a certain bracket.
“What happened to those promises?” he said.
In 2020, the Pakatan Harapan (PH) administration then had agreed to allow borrowers of PTPTN to defer repaying their loans only after their monthly salary exceed RM4,000 but this was not implemented as the government collapsed shortly after.
https://www.malaymail.com/news/malaysia/2023/10/13/budget-2024-will-squeeze-middle-income-malaysians-says-syed-saddiq/96148
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Discussions
Be the first to like this. Showing 19 of 19 comments
Trim down half of the redundant civil servants and the country will be able to save billions each month.
2023-10-14 17:51
Another talk cock budget. More than 30% goes to spoonfeeding useless r@ce which contribute nothing to the country. As always spoonfed by corp & chinese taxpayers shamelessly. Another failed reform
2023-10-15 00:32
If after spoonfeed the Govt can get more support, then worthwhile loh!
If not it will be wasteful at the expense of overall msian economy loh!
The money spend could have been allocated to more effective, useful & efficient manner loh!
2023-10-15 10:56
M40 is too fat, so gov wants to tax M40 so that M40 is leaner and fitter. Ok or not? M40 vomiting blood or not? To be seen next year.
2023-10-15 12:21
When M40 is gone, we only have T20 and B40 left. So gov will go after T20. And tax T20 until T20 migrate to another country.
M40 very hard to migrate to another countries because M40 not much money to qualify for migration to other countries. Whereas T20 has lots of money to migrate and relocate their their businesses to other countries.
At last in 2030, we Boleh land will be left with B40 forming the largest group, that is no more B40 but B95… and T5 is the political elite lah. So at last gov can’t increase taxing B95 again and again. So back to square one. B95 will start complaining why no more increasing Goodies of cash assistance for B95? Who can answer this question is a genius la.
2023-10-15 12:31
Don’t worry , will the above scenario will happen in 2030? B40 becoming B95,
M40 becoming Zero,
T20 becoming T5.
This will be a nightmare for whoever wins the GENERAL Election la.
2023-10-15 12:35
I think we should tax more if the number of mouths to feed in the family increases. This will cause family to keep one unit of family to 4 persons, (this includes the father and the mother). If the poor increases family members more than 4 persons, they will be increased in taxation for the father and the mother.
This is to control forever increasing B40 family members. So that gov also not burden to forever giving cash aids to increasing B40. Because increasing B40 means increasing voting power to determine which government will be elected. So no need to decrease civil servants size la.
2023-10-15 12:54
why non bumi must bite the bullet but not gomen? sacrifice must both ways. many gomen agencies still got e car, got this got that ...
2023-10-15 13:42
Biz model.. whack whack whack.. till no more... get from gomen
Gomen get from M40
2023-10-15 15:29
Maybe control the population of a family unit to a maximum of 4 members per household ( including father and mother). Gov can’t forever feed the growing B40 families. Taxation and incentives will do the trick to keep families per household to 4 people. If you want more than 4 people per household, you need to afford to feed them.
2023-10-15 17:07
hello young man, bumi is also affected one.. u think m40 or taxpayers is all non bumi ah..lmao
2023-10-15 21:51
Don’t get me wrong! I am only talking about B40, M40 & T20 only. I don’t discuss involving Bumi or Non Bumi. Haizzz.
2023-10-16 07:18
because many B40 are from government servants and a certain race which our PMX is hellbent to scam their votes, so of course he will give alot of goodies to them
2023-10-16 10:01
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up SST without reducing ICT %
2023-10-14 15:47