[NEW UPDATE] What To Expect When Najib Announces Budget 2014 At 4pm Today

Budget 2014, to be unveiled today, should have enough measures to address the country's ballooning fiscal deficit and plug wastages, say lawmakers and businessmen.

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PKR's Kelana Jaya MP, Wong Chen (pic), wanted Putrajaya to commit to an increase in development spending, which should be at 30% of the budget, to empower the people.

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Like everyone else, DAP's Serdang MP, Dr Ong Kian Ming, expected the budget to introduce GST as well as a higher BR1M payout of RM600.

"If the government wants to place the GST and transfer the brunt of the burden to the people, it should also take up a share of it by cutting its expenditure but I don't foresee that happening.

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Nur Jazlan said every expenditure must have returns, and cited an example of infrastructure projects like road and bridge construction where it will yield economic development and other spin-offs.

"There must be some financial prudence exercised in this budget," he also said.

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Pulai MP Datuk Nur Jazlan Mohamed said there’s an urgent need to manage the country's finances and expressed reservations about subsidy cuts that were mostly used to fund BR1M and other forms of aid when the funds should be used to reduce the government's commitments.

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Transparency-International Malaysia hopes the government will focus on enhancing aspects of the country's security in the Budget 2014 to be tabled in Parliament on Friday.

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Its President Datuk Akhbar Saji Satar said among the issues that need attention is development of the police force and improving security in the border areas as well as at airports.

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"In Malaysia, it is observed that one police officer is required to look after 500 civilians. According to the standard set by the United Nations, the figure should be one to 200. "I hope the government will announce an allocation in the budget to increase the number of policemen so that criminal activities can be reduced,"

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Prime Minister Datuk Seri Najib Razak will have to address issues on fiscal deficit and explain how he will improve Malaysia’s public finance when he tables Budget 2014 to Parliament tomorrow.

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Audit, tax and advisory services provider, KPMG Malaysia, expects the Budget 2014 to contain substantial fiscal reform measures aimed at spearheading sustainable growth and reducing the deficit.

If the prudent fiscal management is ignored, immediate repercussion could be a further downgrade to credit rating. In July, ratings agency Fitch cut its outlook on Malaysia's sovereign debt to negative from neutral.

“Najib needs to ensure that we don’t give any excuse to the ratings companies to do a downgrade on us because there will be hell,” Michael Lim Kheng Boon, a treasury director at RHB Bank Bhd, said at a Bloomberg seminar this week.

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Prime Minister Datuk Seri Najib Tun Razak said suggestions related to cost of living were the most received on the #Bajet 2014 micro site recently.

"I realise that cost of living remains to be a very important issue, as it directly involves all of our lives.
"The government is always aware of the people's plight. Various initiatives have been put in place under the Government Transformation Programme and Economic Transformation Programme to address the issue of rising cost of living amidst the global economic uncertainty," he said.

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Najib said among the initiatives welcomed by the people to date was the opening of 99 Kedai Rakyat 1Malaysia (KR1M) at strategic locations across the country.
"It is clear that many Malaysians are happy with the initiative to assist them to enjoy quality, affordable food," he said.

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The Malaysian government is expected to introduce the Goods And Services Tax (GST) at 5%, said Chartered Tax Institute of Malaysia president SM Thanneermalai.

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He said in a recent interview that 5% would be the ideal introductory level for GST, as anything below the number will not help the government to widen its tax revenue.

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“Currently, the sales and service tax provides the government about RM4 billion annually. Even though GST is a more wider tax, it will not make an impact if it is introduced at 4%. 6% would be a better number but 5% would be a good introductory level,” said Thanneermalai.

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He said the government should announce, as widely anticipated, an indication of GST implementation in the upcoming Budget 2014, as the environment is very timely.

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The Congress of Unions of Employees in the Public and Civil Services (Cuepacs) wants the government to consider a two-month bonus and raise some fixed allowances, including housing and subsistence, for the 1.4 million civil servants in Budget 2014.

Cuepacs president Datuk Omar Osman said the government should give the bonus and increase in allowances, following the escalating cost of living, especially after the recent petrol subsidy reduction.

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He said Cuepacs hoped the housing allowance would be increased, based on grade after 15 years being on the same level as house prices were increasing now. It also wanted the government to reduce interest rates on housing loans for civil servants from four percent to one percent.

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Cuepacs also sought an adjustment of RM300 for the subsistence allowance (Cola) for urban and rural towns.

Menteri: Harga Gula dan Tepung Naik Untuk Kesejahteraan Rakyat

Consumers must be prepared for a possible hike in sugar and flour prices if the Government decides to further reduce subsidies for the two essentials

Domestic Trade, Co-operatives and Consumerism Minister Datuk Hasan Malek said: “If certain decisions could help to strengthen the economy, we will have to do it although it may not be well received."

Hasan said the Government’s priority was to enhance the economic growth and development of the country, as well as to take care of the people’s welfare. Hasan said the details would be announced by Prime Minister Datuk Seri Najib Tun Razak during Budget 2014 on Oct 25.

Sugar, a controlled commodity in Malaysia, is now selling at RM2.50 a kilogram. Since Jan 1, 2010 sugar price had been revised upward fives times, a whopping RM1.05 increase from RM1.45 a kilogram to RM2.50 on September 29, 2012 until now.

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Just three days after Pakatan Rakyat (PR) declared that it would not hold street protests over the passing of the Prevention of Crime Act (PCA), the opposition coalition is proposing nationwide protests if the Goods and Services Tax (GST) is announced in the Budget 2014.

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“Pakatan Rakyat strongly opposes GST and will try to stop it from being passed in Parliament. Now is not the time to impose GST as it will heavily burden the rakyat," says Anwar.

"If the Government still wants to carry on with it, we will organise nationwide protests. We will not only oppose the GST tabling in Parliament, but also organise protests in the entire country".

''The government has already increased the price of petrol. This GST will take a toll on the rakyat,'' he said during a press conference.

The GST, if implemented, will be imposed on goods and services at every production and distribution stage in the supply chain, including importation of goods and services.

thesundaily.my

An increase in excise duties on tobacco and alcoholic drinks in Budget 2014 seems likely after being spared hikes for a number of years.

The duties on tobacco and alcoholic beverages were last raised in 2010 and 2005, respectively.

“For cigarettes, we are looking at a 50 sen increase per pack to RM11,” said Alliance Research analyst Ian Wan. Currently, the retail price for a pack of premium cigarettes stands at RM10.50.

As for the brewery sector, Wan expects the excise duty to increase to RM800 per hectolitre from RM740 now. “An increase to RM800 per hectolitre would be quite manageable but if the Government decides to raise it significantly, say 20%, it will definitely impact the sector in a bigger way,” Wan said

Beer has the highest excise duty per unit of alcohol content compared with other alcohol beverages such as wine and hard liquor.

Perdana Menteri mengambil pendekatan menarik untuk Bajet 2014 dengan memberikan ruang kepada rakyat menyuarakan idea mereka. Berikut adalah antara idea menarik yang ingin saya komen/kupas dalam entri ini Continue reading →

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Budget 2014, due to be tabled by the middle of next month, is aimed at reducing the gap between the country’s rich and the poor, said Finance Minister II Datuk Seri Ahmad Husni Hanadzlah.

"When the budget is presented next month, the rakyat can see and understand why the government decided to implement the subsidy rationalization exercise," he told reporters in Tanjung Rambutan near here today.

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“Whether in the form of reducing subsidies, implementing goods and services tax (GST) or other initiatives, the end objective is the well-being of the people.
Ahmad Husni said the Govern­ment’s main aim in the budget was to bring down the country’s deficit by 3% to 5% next year.

The government will announce a new rate to help medium-income earners after conducting a study on the matter, Deputy Finance Minister Datuk Ahmad Maslan said on Wednesday. He said the government would probably raise their monthly income level between RM3,000 and RM4,000 to enable them to be eligible for the assistance.

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"However, the form of assistance is still being studied. The decision will be announced during the tabling of the 2014 Budget in Parliament on Oct 25," he told a media conference.

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"The prime minister will announce certain measures to minimise the impact of the rise in petrol prices for the middle-class in the upcoming Budget," Finance Ministry secretary-general Tan Sri Irwan Siregar Abdullah said in Kuala Lumpur today.

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Middle-class consumers had voiced their displeasure at the petrol hike as the government would compensate the lower-income households (earning below RM3,000) with higher cash handouts under the Bantuan Rakyat 1 Malaysia (BRIM) but the middle-income group would feel the full brunt of the petrol increase.

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He said the government also has plans to increase small and medium enterprises and to improve their service quality and upgrade their products.

Rafizi Ramli of PKR says only 40 per cent of Malaysians are eligible for the cash aid programme while those in the middle income group will not receive any help.

themalaymailonline.com

Malaysians wake up to an RM0.20 petrol and diesel price increase on 3 September 2013. [CLICK FOR FULL STORY]

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Malaysia, which has seen its currency, the ringgit, decline nearly 10% against the US dollar since May.

Some analysts said that the cut in fuel subsidies was an attempt by the government to boost investor confidence to ensure that they don't pull out of the country.

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"The fact the announcement was made just weeks before the annual budget shows that one of the objectives is to defend the ringgit," said Song Seng Wun of CIMB Research.

"They want to contain it from sliding further."

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Timbalan Menteri Kewangan: Harga Diesel Dan RON95 Malaysia Masih Terendah Berbanding Negara Jiran

Budget 2014, which is scheduled for tabling in October, will focus on the people’s happiness index in both urban and rural areas.

Deputy Finance Minister Datuk Ahmad Maslan said among the aspects that would be emphasised on were quality of life and security.

“Time-consuming journeys to and from work, sleeping problems symbolise that we are not happy. Therefore, the Finance Ministry will study in detail the people’s happiness index so that it can be improved and the people can be happier”.

Prime Minister Datuk Seri Najib Tun Razak Monday called on the public to provide input and suggestions on the 2014 Budget.

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Najib, who is also Finance Minister, said he called for the input and suggestions from the public in line with his commitment to formulate a people-inspired budget for the country.

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In his Facebook update yesterday, he said the public's input and suggestions had also been taken into account and adopted in several of the policies announced in the 2013 Budget.

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The 2014 Budget is scheduled to be tabled on Oct 25.

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Putrajaya will unveil policies in Budget 2014 to strengthen the country's fiscal and macro position, Prime Minister Datuk Seri Najib Razak (pic) said today, two days after Fitch Ratings downgraded Malaysia's creditl outlook to negative.

themalaysianinsider.com

Prime Minister Datuk Sri Najib Tun Razak said today that the concerns raised by Fitch Ratings in their recent report will be addressed in Budget 2014.

theedgemalaysia.com

A detailed strategy on how to address growing concerns over the health of Malaysia’s public finances will be addressed in Budget 2014. “At the moment, we are looking at various policy options ... we do understand there is a need for us to strengthen our fiscal and macro position,” Najib said.

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