AMMB Holdings Berhad group chief executive officer and Ambank (M) Berhad Datuk Sulaiman Mohd Tahir revealed his optimism that sound policies and rational initiatives will be the staple for the upcoming Budget 2019.<\/p>\n
He added, this will set the framework for more progress and strengthening of the Malaysian economy for us to punch above other nations in this highly globalised and dynamic ecosystem.<\/p>\n
\u201cNever have Malaysians been so interested in the National Budget as Budget 2019. The year 2018 has been a year of monumental changes for our nation and this year\u2019s Budget will usher in improved fiscal discipline for the years ahead.\u201d<\/p>\n
Budget 2019 by the Pakatan Harapan Government will likely bring its fair share of challenges to the Administration.<\/p>\n
This is premised on the imperative need for the Government to balance austerity measures with the growth of the economy and wellbeing of the Rakyat.<\/p>\n
\u201cWe are expecting Malaysia\u2019s fiscal deficit in 2019 to see a \u201cone-off\u201d spike. However, the fiscal deficit should ease in 2020 as a result of prudent management driven by greater levels of transparency and governance, combined with increasing focus on economic growth.\u201d<\/p>\n
\u201cGiven that the private sector is expected to take the lead role in driving the economy moving forward, we anticipate the creation of a more flexible and open business environment alongside the simplification and streamlining of systems, processes and regulations to set up businesses.<\/p>\n
\u201cThe Government is also expected to revisit tax exemptions, credits and allowances in order to determine its effectiveness. It is our hope that a special fund can be established so that a portion of the approximately RM2.5 billion per year in foreign workers\u2019 levies collected can be utilised to support automation and technology upgrading.\u201d<\/p>\n
Sulaiman said, small and medium enterprises (SME) account for close to 40 per cent of the GDP.<\/p>\n
\u201cAs such, we hope there will be measures announced as part of Budget 2019 that will encourage SMEs to embark in new technologies and invest in value-added equipment that will also work to help reduce reliance on foreign manpower.<\/p>\n
\u201cIt is our hope that Budget 2019 will incorporate initiatives that will accelerate the growth of the digital economy.<\/p>\n
\u201cWith digital tax expected to be introduced in Budget 2019, we will be the second country in South-East Asia after Singapore to introduce such a tax,\u201d he revealed.<\/p>\n
By regulating the tech industry, it allows the authorities to look forward to a new stream of revenue while tech companies will increase their reported earnings.<\/p>\n
Addressing the rising urban living costs is likely a key focus area for the Government in this year\u2019s Budget.<\/p>\n
\u201cIt is our hope that the Government introduces key measures that will benefit the urban poor including introducing a fixed nominal monthly fee for unlimited rides on public transport facilities.<\/p>\n
\u201cWe also hope the Government is able to look into \u2018social housing\u2019 measures that will motivate and empower the urban poor to buy and own properties below RM100,000 which they are currently renting from third parties.\u201d<\/p>\n
In addition, he also suggested the Government to look in reviving the Home Ownership Campaign that was introduced in 1998 and 1999 on the back of property oversupply in the aftermath of the Asian Financial crisis.<\/p>\n
Incentives including exemption of stamp duties, lower financing costs, lower legal fees for Sale and Purchase agreements and loan agreements as well as other charge documents were introduced resulting in 19,281 and 17,956 units of residential and commercial properties sold during the first and second campaigns.\u201d<\/p>\n
\u201cTo address the current socio-economic conditions and ease the burden of the Rakyat, we expect the Budget to provide more tax breaks for children\u2019s education expenses which is becoming costlier. In addition, we hope to see more investments and reduced cutbacks to improve the education sector.\u201d<\/p>\n
\u201cOur hope is for the Budget to catalyse a significant push in the education system in the digital direction as well as to focus on the importance of information technology (IT), by adopting digital solutions and introducing coding in the curriculum, for example,\u201d he concluded.<\/p>\n
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