A look at the 2022 Budget – personal tax viewpoint / Wan Asma Wan Nasrudin

COVID-19 has resulted in the emergence of problems in the fields of public health and economic management. Despite the fact that 2021 was predicted to be a year of recovery, the ramifications of the pandemic have hampered Malaysia’s ambitions for more robust economic growth. Malaysia's economy appears to be on the mend as a result of the country's immunisation campaign and the resumption of business operations. Malaysia's economy is forecast to improve in 2022. The gross domestic product (GDP) is expected to climb between 5.5% and 6.5%, while the country's budget deficit is projected to be 6% (2021: 6.5%).
Malaysian National Budget for the coming year 2022 is unquestionably an attempt to take an inclusive stance in the country's economic recovery, with the theme "Keluarga Malaysia, Makmur Sejahtera" or "A Prosperous Malaysian Family" presented by Finance Minister YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz on October 29, 2021. Malaysians' well being, business resilience, and athriving and sustainable economy were three critical areas addressed in this much-anticipated budget.