The revised Budget 2023, tabled by Prime Minister Datuk Seri Anwar Ibrahim earlier today, allocated RM399 million to the Youth and Sports Ministry, which represents a significant increase from the RM289 million allocated last year. Of this budget, RM110 million is earmarked for the sports industry, with RM324 million designated for training programs and sports facilities for athletes and para-athletes. This allocation is intended to enhance the sports ecosystem by identifying talent, developing athletes, and maintaining and upgrading sports facilities across the country.
An additional RM20 million will be allocated to unity programs in sports, culture, and arts at school and community levels, while a further RM50 million in matching funds will be made available to encourage private sector sponsorship for sports programs, particularly those focused on unity-based sports and national-level competitions.
The National Athletes’ Welfare Foundation (Yakeb) will receive RM5 million this year for the well-being of athletes, while a 10% tax exemption will be granted to individuals or companies that contribute to non-profit organizations implementing grassroots sports development programs. Employers who hire former national athletes will also receive tax exemptions.