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Plans to cut fuel and education subsidies for Malaysia's top earners
The Straits Times
|October 19, 2024
KUALA LUMPUR – Malaysia will cut back on subsidies and social assistance by excluding top earners from these benefits, Prime Minister Anwar Ibrahim said when tabling Budget 2025.
These include the rationalisation of petrol and education subsidies by moving from blanket subsidy schemes to more targeted initiatives. But the country's larger urban households with higher incomes will be the hardest hit by this shift, experts say.
Keeping to his pledge to tax high-income earners, Datuk Seri Anwar said on Oct 18 that the government will remove fuel subsidies for RON 95, a heavily subsidised petrol, by the middle of 2025. He will also gradually reduce education subsidies for the well-heeled.
This story is from the October 19, 2024 edition of The Straits Times.
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