ID :
85435
Wed, 10/21/2009 - 12:33
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Shortlink :
https://oananews.org//node/85435
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BUDGET 2010 SHOULD FOCUS ON PLANS TO TURN M'SIA INTO HIGH-INCOME ECONOMY
BY TENGKU NOOR SHAMSIAH TENGKU ABDULLAH
IPOH (Malaysia), Oct 21 (Bernama) -- Budget 2010 should outline government's strategies to turn Malaysia into a high-income generating nation, says Asian Strategy and Leadership Institute (ASLI) chief executive officer Dr Michael Yeoh.
He said plans and strategies were crucial to further enhance competitiveness
in the increasingly challenging and demanding global environment.
Also, the government should find ways to further reduce the cost of
doing business in the country, he told BERNAMA in an interview.
Prime Minister Najib Razak, who is also Finance Minister, will table next
year's budget in Parliament on Friday.
On corporate and personal income tax, Yeoh, who is also ASLI executive
director, said though the government was facing a deficit budget, he expected a
reduction in corporate tax and personal income tax.
He said the government should not be unduly concerned over the deficit size
if it did not exceed the six per cent or 6.5 per cent limit.
"What is more important is to make sure the economic recovery is not
stifled," added Yeoh, who is Malaysia-China Business Council joint
secretary-general.
Former Prime Minister Dr Mahathir Mohamad was reported to have said a
deficit budget should not be a problem provided "our budget is well structured."
He pointed out that the United States, world's biggest economy, had a 100
per cent deficit budget but they could still manage it.
The Malaysian Institute of Economic Research (MIER) had stated that next
year's budget is expected to have a bigger deficit than the 7.6 per cent of the
gross domestic product as projected by the government.
MIER executive director Dr Mohammed Ariff Abdul Kareem said the deficit was
likely to exceed the projection as "this year's tax collection would fall short
of the government's target".
He said the government would have to adjust its expenditure rather than make
adjustments to revenue to contain the deficit.
"Having a government revenue that is barely enough to cover operating
expenditure is a dangerous sign," said the economist.
On a hypothetical note, Mohammed Ariff said the deficit could swell up to
15.2 per cent in 2015 if the government did not do anything to curb expenditure.
- BERNAMA
IPOH (Malaysia), Oct 21 (Bernama) -- Budget 2010 should outline government's strategies to turn Malaysia into a high-income generating nation, says Asian Strategy and Leadership Institute (ASLI) chief executive officer Dr Michael Yeoh.
He said plans and strategies were crucial to further enhance competitiveness
in the increasingly challenging and demanding global environment.
Also, the government should find ways to further reduce the cost of
doing business in the country, he told BERNAMA in an interview.
Prime Minister Najib Razak, who is also Finance Minister, will table next
year's budget in Parliament on Friday.
On corporate and personal income tax, Yeoh, who is also ASLI executive
director, said though the government was facing a deficit budget, he expected a
reduction in corporate tax and personal income tax.
He said the government should not be unduly concerned over the deficit size
if it did not exceed the six per cent or 6.5 per cent limit.
"What is more important is to make sure the economic recovery is not
stifled," added Yeoh, who is Malaysia-China Business Council joint
secretary-general.
Former Prime Minister Dr Mahathir Mohamad was reported to have said a
deficit budget should not be a problem provided "our budget is well structured."
He pointed out that the United States, world's biggest economy, had a 100
per cent deficit budget but they could still manage it.
The Malaysian Institute of Economic Research (MIER) had stated that next
year's budget is expected to have a bigger deficit than the 7.6 per cent of the
gross domestic product as projected by the government.
MIER executive director Dr Mohammed Ariff Abdul Kareem said the deficit was
likely to exceed the projection as "this year's tax collection would fall short
of the government's target".
He said the government would have to adjust its expenditure rather than make
adjustments to revenue to contain the deficit.
"Having a government revenue that is barely enough to cover operating
expenditure is a dangerous sign," said the economist.
On a hypothetical note, Mohammed Ariff said the deficit could swell up to
15.2 per cent in 2015 if the government did not do anything to curb expenditure.
- BERNAMA
