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THE GOVERNMENT WILL CONTINUE WITH AN EXPANDED BUDGET WITH A BUDGET DEPENDENCE OF 3.7%.
The tax position of the taxpayer (GST) tax receipts and income tax receipts (GST) payments, will be trimmed.
The government will be paying RM37bil for outstanding tax refunds, from which RM18bil is from income taxes and RM19bil from GST.
To receive this award, the government will receive a special dividend.
Revenue is set to fall by RM4.6bil, to RM231.8bil, while operating expenditure, excluding one-off payments, is projected to fall in line with zero-based budgeting.
RM8.2bil. The growth rate is predicted to remain at RM8.2bil.
After taking into account an additional RM7bil need to go with the RM30bil special dividend from Petronas to partly finance the refunds, the fiscal deficit is expected at RM52.1bil or 3.4% of the GDP.
Interestingly, the fiscal outlook provides a framework for tax planning that provides the best fiscal and tax incentives for three-year-olds.
Brent crude oil between US $ 60 and US $ 70 a barrel. Non-petroleum income is expected to form the largest part of government.
There will also be fiscal reform initiatives as only 20% of Malaysia's 14 million workforce and 1.1 million business establishments pay income tax.
In addition, there are more than 100 types of tax incentives that limit tax collection revenue.
The tax reform committee was set up on Sept 1 to streamline tax policy and streamline massive tax incentives.
Another reform would be the formation of the stabilization fund within the consolidated fund so that it will be exceeded by the government, the additional revenue will be brought into the new fund.
This will act as a buffer should there be any adverse economic shocks in the future.
The third element of the reform will be the aim in increasing efficiency and productivity of government spending by reviewing the implementation of programs and projects.
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