Published: Saturday September 8, 2012 MYT 2:39:00 PM
Updated: Saturday September 8, 2012 MYT 9:38:21 PM
Husni: Cabinet approves Budget 2012 draft, more allocation for ministries
BY EDMUND NGO
IPOH: The Cabinet has approved the draft of Budget 2013 after discussing it during their meeting last Wednesday.
"Ministries will also have an increase in their allocation after their expenditure was reviewed under the rationalisation initiative," Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah told reporters after the Manjoi Mydin Wholesale Hypermarket Hari Raya open house here on Saturday.
Ahmad Husni said that the budget aims to ensure there is operational surplus and that the debt-to-gross domestic produce (GDP) ratio is below 55%.
When asked whether there would be any increase in income tax, Ahmad Husni said the announcement was up to the Prime Minister Datuk Seri Najib Tun Razak, who will table the budget at the Parliament on Sept 28.
"As far as I know, the Government does not intend to increase the tax rate," he said.