Malaysia will cut subsidies and tax luxury goods as it unveils a 2024 budget narrowing the deficit

KUALA LUMPUR, Malaysia (AP) — Malaysian Prime Minister Anwar Ibrahim says subsidies will be progressively cut and new taxes launched next year as part of the 2024 federal budget. Anwar says the measures are intended to accelerate economic reforms and fix economic imbalances at a time when the cost of living is rising. The 2024 budget foresees spending of nearly 400 billion ringgit (more than $80 billion). Anwar says economic growth will slow down to 4% this year but could climb to 5% next year. He says the government will introduce a tax of 5% to 10% on luxury goods such as jewelry and watches, and 10% on capital gains.