According to the finance ministry’s outlook for next year, the Malaysian government revenue is projected to grow by 5.5 per cent to RM339.7 billion, spurred by higher direct and indirect tax collections.

Malaysia will introduce a slew of new taxes, cut subsidies for a widely used fuel, and raise the minimum wage from next year, Prime Minister Anwar Ibrahim said on Friday as he announced a record budget spending plan of 421 billion ringgit ($98 billion).

Malaysia on Friday unveiled a record budget spending for 2025, focusing on economic restructuring to improve its revenues through subsidy rationalisation and fiscal reforms.