Budget 2024 gets thumbs up from economists for focus on fiscal health ahead of challenging year globally

KUALA LUMPUR, Oct 14 — Several economists polled by Malay Mail have expressed optimism over the Budget 2024 announced by Prime Minister Datuk Seri Anwar Ibrahim yesterday,...

As Anwar's government seeks to rationalise existing subsidy spending with the intention of consolidating the country’s fiscal position, Budget 2024's amount is over RM7.66 billion than the one tabled last February according to Ministry of Finance's Fiscal Outlook and Federal Government Revenue Estimates 2024 report.

“And then a wide scope of service tax, entering the logistics or the karaoke place, this and that. So they widened the scope to get about RM3.45 billion for the increase in the service tax. So that helped to give them extra revenue,” he said.showed that Malaysia is not only relying more on personal income tax compared to its neighbours, but income tax in total contributed just 11.8 per cent compared to the gross domestic product — below the Asia-Pacific average of 19.

“This still allows plenty of space for government spending without excessive borrowing and is more fiscally responsible than previous budgets,” the professor said. He added that this will contribute to the anticipated rise in revenue, while demonstrating that it is possible to adjust tax mechanisms in a small but substantial way without resorting to the goods and services tax .

“I'm a little bit worried about the optimistic projections of the growth next year, because wherever the tax revenue that we expect to get next year, or whether the deficit ratio or the debt ratio, it's based upon the view that the world economy is going to be getting better next year.

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