KUALA LUMPUR: A survey conducted by Sinchew.com.my between September 25 and October 6 shows that Malaysians hope the 2024 Budget to be tabled in Parliament tomorrow will help them weather the spiraling inflation, with many hoping the Unity Government will continue to provide food and fuel subsidies and slash individual income tax rates, especially those from the M40 income group who do not benefit much from government assistances while earning not enough to tackle the rising goods prices.

57 percent of the respondents feel that the government should continue to provide food and fuel subsidies, while 41.4 percent hope the government should focus on taxation and incentives instead.

Over three-fifths of respondents are looking forward to lower individual income tax rates, while 46.6 percent hope the government will provide electricity tariff subsidy.

35.7 percent think the government should keep the current assistance amount, and 34.6 percent want the government to stop providing assistance altogether to trim budgetary deficit.

Meanwhile, 37.2 percent of respondents hope the government will provide allowances for the purchase of electric vehicles, 33 percent agree that companies involving in green economy should be offered tax exemption, and 22.2 percent feel that lower road tax for EVs will help the industry’s growth.

As for the much anticipated goods and services tax (GST), as many as 61.2% concur that the tax should be reinstated.

38.6 percent feel that the most ideal initial tax rate should be 3 percent, and 31.2 percent want the tax rate lowered to just 2 percent. Only 15.3, 9.6 and 5.3 percent respectively feel that 4, 5 and 6 percent GST rates are acceptable.