Maybank IB: Budget 2024 pro-growth to supply sectors and boosts equity market

Deloitte, Ernst & Young: With Malaysia’s new capital gains tax, real property gains tax needs amendment to avoid double taxationA hawker at Ashby Road flats watches the tabling of Budget 2024 on television by Prime Minister Datuk Seri Anwar Ibrahim at Parliament on October 13, 2023.

“We are overall positive on the Budget 2024 measures. We maintain our 2023 year-end FBM KLCI target at 1,520,” Maybank IB said in its Malaysia Budget 2024: Sustaining Fiscal Consolidation report. For 2024, the smaller deficit will be achieved via further blanket subsidies removal and a combination of new and higher indirect taxes Maybank IB said the construction sector is a beneficiary of higher development allocation amid upcoming new projects like the Klang Valley Light Rail Transit 3’s new stations, nationwide flood mitigation programme, and Penang LRT project.

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