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Friday, October 25, 2013

PM on key to future wellbeing

Posted on 24 October 2013 - 09:45pm
Last updated on 25 October 2013 - 11:38am
Hemananthani Sivanandam

KUALA LUMPUR (Oct 24, 2013): Prime Minister Datuk Seri Najib Abdul Razak (pix) said today the Malaysian economy must remain resilient in order to lay the foundation for future growth and prosperity.

He underscored the importance of continuing with the government's transformation agenda.

Bernama quoted him as saying that the government must fulfil its pledges to the people and avoid populist measures that would undermine economic stability.

Noting the global financial crisis and the Eurozone crisis, Najib said a robust economy would help safeguard Malaysia's future.

"We cannot control what happens abroad, but we can work to strengthen the resilience of our economy," Najib, who is also the finance minister, said in a statement issued by the Prime Minister's Office today.

"The government will do what is right for our economy. Some measures may not be popular now, but over the medium term, what is good for the economy is also good for the people."

Meanwhile, Public Accounts Committee (PAC) chairman Datuk Nur Jazlan Mohamed urged the government not to keep borrowing, advising some financial prudence in Budget 2014.

He said this may not be a popular move "but it is better to bite it now, rather than suffer later".

He said revenue collection sources have to be improved, adding that the goods and services tax (GST) has to be implemented to balance out the nation's revenue system.

"Our premise is moving from a manufacturing base to a consumption base but it is not fair especially for those who work in the manufacturing sector to pay tax and the others don't.

"With the GST, if you spend you pay tax, if you don't spend you don't pay, " he said, adding that it should be at a low rate of between 3%-4%.

Meanwhile, Pakatan Rakyat unveiled plans to increase Real Property Gain Tax (RPGT) in its shadow budget as a means to curb skyrocketing house prices.

DAP MP for Serdang Ong Kian Ming said Pakatan has suggested that RPGT be returned to pre-2007 levels where 30% tax will be imposed on net gains from houses disposed off after two years of purchase while a 15% tax will be imposed on houses that are disposed between three to four years after purchase.

"Houses disposed after five years of purchase will have 0% tax imposed on them," he told a press conference.

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