KUALA LUMPUR: The tabling of the National Budget 2018 by the Prime Minister, Datuk Seri Najib Tun Razak tomorrow (Friday afternoon) will not fulfill all the wish lists of the Malaysians but more towards a prudent and sustainable economy.
Najib said, the budget 2018 will also give important concerns to the bumiputera agenda, Indian and Chinese community matters apart from other sectors to ensure the progress and development of the country are synchronised.
On the opposition’s budget released on 25th October, Najib said the Pakatan Harapan’s alternative budget could not be backed by substance.
“Their budget is full of contradictions,” he told media editors at a briefing on Thursday (26 Oct) ahead of tabling Budget 2018.
He said, the opposition’s plan to eliminate the Goods and Services Tax (GST) and to bring back the Sales and Services Tax (SST) would create a shortage of more than RM20 billion in Government revenue. Collection of GST is expected to reach RM42 billion this year.
He added, the GST was a more equitable tax, it had not only reduced the size of the black economy in Malaysia but also ensured that the burden of funding government operations does not rest on the shoulders of a few.
Najib elaborated, out of a workforce of 14 million people, only 2.2 million were paying income tax.
The Prime Minister also said, the vulnerable or B40 group of people received direct cash aid to increase the money they have in hand even though the GST was introduced.
Meanwhile, a statement released by the Prime Minister’s Office today said that the rakyat’s suggestions and feedback have always played an important part in the formation of the National Budget.
“This year’s crowd sourcing campaign which ended on 18th September 2017 had received 13,837 suggestions.
“Subsequently, the top five categories voted by the public during the polling campaign from the 25th September to 6th October are cost of living; education; housing and urban living; employment; taxation; business and finance,” the statement added.
-Malaysia World News (MWN)