Malaysia helps poor, raises taxes for rich in 2023 budget

KUALA LUMPUR, Malaysia (AP) — Malaysia will raise development spending and plans new taxes for the wealthy in a smaller budget plan this year, as the new government seeks to balance between spurring economic growth and reining in the budget deficit. Three months after his election victory, Prime Minister Anwar Ibrahim unveiled a 386.1 billion ringgit ($87 billion) national budget on Friday that focuses on tackling the rising cost of living amid an economic slowdown. Fuel and other subsidies, along with cash aid for the poor, farmers and industries are being retained along with other new incentives to tackle youth unemployment and bolster foreign investment. Anwar said some 2.4 million middle-income earners will benefit from lower taxes but the rich will face higher taxes.