Malaysia to revamp gasoline subsidies and raise taxes in a bid to narrow deficit ...Middle East

KUALA LUMPUR, Malaysia (AP) — Malaysia will introduce new taxes and revamp gasoline and education subsidies next year as part of aggressive reforms to narrow the country’s fiscal deficit, Prime Minister Anwar Ibrahim said Friday as he unveiled a national budget for 2025. Anwar told Parliament that Malaysia spends some 80 billion ringgit ($18 billion) annually on subsidies, grants and financial aids, of which a quarter is used to subsidize the widely-used RON95 gasoline. But the government’s tax revenues are low at under 13% of GDP, he said. “We have blanket subsidies on fuel, electricity, water, education and health services and even basic goods such as chicken,” he said. “Such an approach i

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