To ensure that Budget 2024 is a successful one, the Malaysian government, led by the Finance Ministry, needs to get to working hard and smart to properly implement, measure, disclose, and later on, innovate on the many policy measures which have already been announced.
There are many policy issues which require careful attention on the part of the finance minister and the Finance Ministry for proper and timely execution.
For example, the tax on luxury items was announced in February 2023 for the 2023 budget but could not be implemented in 2023.
The ministry was also not ready to implement the Global Minimum Tax (GMT) in 2024 which was announced in Budget 2023.
It is good that the ministry has more time to prepare for GMT in 2025 but...