Government
officials described the much awaited Budget as “mildly expansionary but
fiscally responsible”, taking into account the challenging global economic
environment and the need to continue with fiscal consolidation while enhancing
the wellbeing of the people.
The Budget
speech, which will be telecast live from Parliament at 4pm, will generally have
something for everyone.
Every
segment of the society — from small to big businesses, farmers, private sector
workers and civil servants — will stand to benefit directly or indirectly from
a slew of measures to help raise their incomes.
In fact,
it is a continuation of initiatives and policies that the prime minister had
introduced since he took office three years ago to improve the quality of life
of Malaysians.
Malaysia’s
economy is expected to grow between 4.5 and 5.5 per cent next year, according
to government officials, against 4.5 to five per cent this year. The growth is
being fuelled by strong private investment, a robust construction sector and various
Entry Point Projects under the Economic Transformation Programme.
Higher
government revenue will help spur more spending on addressing the needs of the
people. These include improved public transport, public safety, educational and
training facilities, and better business and investment opportunities.
Chief
Secretary to the Government Datuk Seri Dr Ali Hamsa said yesterday there would
be good news for the people, including the 1.4 million civil servants.
Something
also can be expected for the urban middle-income group (earning between RM5,000
and RM10,000), with some speculating that it would be in the form of further
tax relief.
While some
may be inclined to label the 2013 Budget as an “election budget” in view of the
expected “goodies”, an official pointed out that improving the livelihood of
the people has been Najib’s mission since he took office in April 2009.
Apart
from these socio-economic measures, the 2013 Budget is also expected to
announce efforts to further consolidate Kuala Lumpur as a regional initial
public offering (IPO) hub and Malaysia as the global leader in Islamic finance.
Some announcements are expected to make Malaysia a more attractive place
for IPOs and issuance of bonds and sukuk.
Already, the value of the 100 companies that make up Bursa Malaysia's
benchmark index has doubled in the last three years, thanks to the recent
listing of Felda Global Ventures Holdings Bhd, IHH Healthcare Bhd and
soon-to-be-listed Astro Malaysia Holdings Bhd.
Malaysia remains the global leader in the sukuk market, accounting for some 70
per cent of the total global sukuk outstanding as of middle of this year.
On
the introduction of the goods and services tax (GST), the official said the
Budget was unlikely to give a timetable but might indicate some
initiatives to rejig the tax structure.
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*credit to New Straits Times


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