Prime Minister Datuk Seri Anwar Ibrahim today tabled Budget 2025 in the Dewan Rakyat, which included some major policy announcements from the Federal Government. These include the removal of the RON95 blanket subsidy and a subsidy of RM2400 for eligible Malaysians to purchase electric motorcycles.
Beyond these two, what are other Budget 2025 announcements relating to the tech and EV industries in Malaysia? Well, here’s a list of notable policies that you should know that will directly and indirectly affect both industries in our country:
- Minimum wage will be raised from RM1,500 per month to RM1,700 per month starting 1 February 2025
- i-Saraan EPF matching incentive raised to 20 per cent from 15 per cent, with a maximum annual limit of RM500 and a lifetime cap of RM5,000.
- EPF contributions will be mandatory for foreign workers and will be implemented in phases
- Sumbangan Tunai Rahmah and Sumbangan Asas Rahmah programmes allocation increased to RM13 billion from RM10 billion, benefitting 9 million recipients or 60 per cent of the adult population in Malaysia
- A 5km pedestrian walkway and parking lots in Putrajaya will be installed with rooftop solar as part of low-carbon city transformation efforts
- UEM Lestra and TNB to invest RM16 billion to upgrade the grid and decarbonise industrial areas
- The National Energy Transition Facilitation Fund allocation increased to RM300 million from RM100 million in Budget 2024
- Application for rooftop solar quota allocation under net-energy metering (NEM) is extended until 30 June 2025
- eRebate of up to RM70 million allocated for users and industries purchasing energy-efficient products
- Green Technology Financing Scheme programme to be continued until 2026, costing RM1 billion
- Part of the proceeds from the sale of special number plates will be channelled to subsidising motorcycle licences for 15000 underprivileged youths, providing flight tickets for 60000 underprivileged university students from Sabah and Sarawak, and distributing helmets for free to 67000 low-income families
- Businesses that adopt e-invoicing will be eligible for accelerated capital allowances that apply to expenses related to the purchase of ICT equipment, software packages, and consultancy fees
- MyDigital ID’s functionality and user experience will be improved
- The National Cyber Security Agency will receive an increased budget allocation of RM10 million
- An Online Safety Bill will be drafted to address growing concerns over cyber bullying
- All government counters, starting 2025, will use the 'iPayment system' developed by the Accountant General's Department of Malaysia as a cashless payment platform
- Government proposes a 2% tax on dividend income exceeding RM100,000, effective from the year of assessment 2025
- SST will be implemented more progressively and in a way that does not burden the public, with the expansion taking effect from 1 May 2025
So, what do you guys think of Budget 2025? Comment down below and stay tuned to TechNave for more trending tech news such as this.
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