The Ministry of Finance (MOF) announced details of the MADANI Subsidy Assistance Program which provides targeted subsidies for diesel vehicle owners and smallholders in the agricultural and commodity sectors. That said, what should you know about it?
For your information, this was announced following the Prime Minister Dato' Seri Anwar Ibrahim's recent announcement regarding the implementation of targeted diesel subsidies in Peninsular Malaysia. Eligible individuals can apply for BUDI MADANI from 28 May 2024 on its official website.
Additionally, Diesel vehicle owners and smallholders can apply under two categories. These categories are Individual BUDI for individual diesel vehicle owners and Agri-Commodity BUDI for smallholders in agriculture and commodities. Eligible recipients will receive RM200 per month.
In case you didn’t know, the criteria for BUDI Individuals include Malaysian citizens, owning a non-luxury diesel vehicle under the age of 10, having active road tax and earning an annual income of RM100,000 or less. Applicants for BUDI Agri-Commodities must be smallholders registered with the relevant ministry and generate an annual income of between RM50000 and RM300000.
Moreover, those who apply before June 3, 2024, and are approved will receive the first cash assistance in mid-June 2024. The subsequent payments will be made monthly. Applications approved after this date will receive the first payment within two weeks. Cash assistance will be deposited into the recipient's bank account or collected at Bank Simpanan Nasional (BSN) branches if no bank account is available.
Furthermore, the BUDI MADANI program complements the MySubsidi Diesel Fleet Card Program which provides subsidised diesel to logistics companies to minimise cost impact. Finance Minister II, Datuk Seri Amir Hamzah Azizan emphasised that this initiative is part of the government's wider efforts to implement targeted subsidies under the MADANI Economy framework.
This step aims to create a financially sustainable and competitive Malaysia through a comprehensive and efficient subsidy mechanism. We have yet to confirm other details on the subject. Hopefully, the government more detailed explanations soon.
What are your thoughts about this news? Stay tuned for more news and updates like this at TechNave!
COMMENTS