- Caring for the people
- Steering the economy
- Sustainable living
- Enhancing public service delivery
Caring for the people
This theme will prominently feature education, employment, social protection and social mobility. The government wants to build new foundations for our economic and and social systems to create a fairer and more wholesome future.
Steering the economy
This theme will consist ensuring gross domestic product (GDP) growth for 2021, increasing foreign direct investment (FDI) and consumer confidence.
Despite the Covid-19 pandemic, the momentum for sustainable investing had not slow down. In fact, companies that embraced and practised environmental, social and governance (ESG) performed better. In Malaysia, our current ESG related incentives include:
- Tax exemptions for management fee incomes for fund management companies managing socially responsible investing (SRI) funds and syariah compliant funds
- The extension of tax deduction for the cost of issuing SRI sukuk
- The extension of the green investment tax allowance (GITA)
- Green income tax exemption (GITE)
Enhancing public service delivery
Under this scheme, the government intends to support the people and businesses and become more outcome-focused in a targeted manner. Tengku Zafrul said the measures introduced should be impacting live and livelihoods in a meaningful way and not just about the amount of funds disbursed.
The upcoming budget is scheduled to be tabled on 6 November 2020. We'll just have to wait patiently until then!
Content Management Analyst
Wolters Kluwer Malaysia