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

KUALA LUMPUR, Malaysia (AP) — Malaysia will introduce new taxes and revamp gasoline, education and healthcare subsidies next year as part of aggressive reforms to narrow the country’s fiscal deficit. Prime Minister Anwar Ibrahim unveiled a national budget for 2025 on Friday that focuses on strengthening the economy and driving reforms. He said the country’s high subsidy bill is not feasible amid high debts and low tax revenues. The subsidy revamp is part of economic reforms pledged by Anwar, who took power in 2022, to build a more sustainable economy.