Sunday September 9, 2012
Husni: Higher allocations for them under Budget 2013
IPOH: The allocation for all ministries will be increased in next year's budget, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.
He said the decision to increase the allocation was made after the Government engaged the World Bank under its strategic reform initiative and reviewed each ministry's expenditure.
Ahmad Husni also announced that the Cabinet had approved the draft of Budget 2013 after discussing it during its meeting on Wednesday.
“The budget aims to ensure that there is an operating surplus, the fiscal deficit is reduced and the debt-to-gross domestic product (GDP) ratio is maintained at below 55%,” he said in a press conference during the Hari Raya open house at the Mydin hypermarket in Manjoi here yesterday
When asked whether there would be any increase in the income tax rate, Ahmad Husni said this was up to Prime Minister Datuk Seri Najib Tun Razak, who will table the budget in Parliament on Sept 28.
“As far as I know, the Government does not intend to increase the tax rate,” he said.
On a separate matter, Ahmad Husni said the quantitative easing measures taken by the United States would not affect Malaysia's capital market.
“This is because our country has a strong macro economy and market structure and we do not rely solely on the equity market,” he said, adding there were also high demand for Malaysian bonds, such as sukuk.