Savings from subsidy cuts would be channelled to cash aid for the needy, which will now increase to 10 billion ringgit ($2.12 billion) from 8 billion ringgit, he added.
A high-value goods tax of 5% to 10% would also be introduced, he said, without specifying the value of goods that would be subject to the tax.
Amidst a global slowdown, Malaysia plans to spend 393.8 billion ringgit ($83.52 billion) in 2024, lower than this year's spending estimate of 397.1 billion ringgit.
Malaysia is projected to spend 52.8 billion ringgit on subsidies and social assistance in 2024, down from the 64.2 billion ringgit expected this year.
Revenue for next year is expected to jump to 307.6 billion ringgit from 303.2 billion ringgit.
Persons:
Anwar Ibrahim, Anwar, Danial Azhar, Rozanna Latiff, Martin Petty, Susan Fenton
Organizations:
Revenue, Petronas, Thomson
Locations:
KUALA LUMPUR, Malaysia, State