KUALA LUMPUR – As part of efforts to improve Budget preparations, the Finance Ministry has agreed to publish four public consultation papers (PCPs) and invite people to share their ideas for next year’s spending plan, said Datuk Seri Tengku Zafrul Tengku Abdul Aziz.
The finance minister said the PCPs are set to complement the pre-Budget statement issued recently.
“For a start, four PCPs will be published to obtain input on Budget 2022,” he told a press conference here today.
The PCPs are Improvement of the Government Procurement Policy on Local and Goods/Services and Procurement Policy for the Bumiputera; Improvement of Cash Assistance Programmes; Review of Tax Incentives; and, Drafting of the Fiscal Responsibility Act (FRA).
The first paper outlines proposals to improve the use of local goods and services, and the affirmative action policy for Bumiputera companies.
“This is aimed at, among others, protecting and developing local industries, as well as reducing dependence on imported goods,” said Tengku Zafrul.
He said the paper on Improvement of Cash Assistance Programmes aims to identify the needs of the rakyat, and current gaps and issues in relation to aid delivery, especially in light of the challenges posed by the Covid-19 pandemic.
On Review of Tax Incentives, he said it provides a review of the overall investment tax incentive framework to ensure incentives for investors remain relevant in the current business landscape.
“The review is also intended to enhance the country’s overall competitiveness in attracting quality investments, which, in turn, generates economic growth, supports job creation and strengthens the country’s fiscal position.”
Meanwhile, Drafting of FRA aims to improve governance, transparency and accountability when it comes to the country’s fiscal management, including the management of revenue, expenditure, debt and fiscal risks, as well as the publication of pre- and post-Budget reports, economic forecasts, and the Medium-Term Fiscal Framework.
“The ministry is confident this inaugural publication of PCPs will provide more avenues for all stakeholders to provide feedback and contribute towards formulating a Budget that is well-aligned with the needs of the rakyat, as well as the country’s policies and objectives,” said Tengku Zafrul.
Queries or requests for additional information can be submitted via email to [email protected].
The PCPs can be downloaded from, and feedback submitted via, the Finance Ministry portal by 5pm on September 15 at the latest. – Bernama, September 3, 2021
.jpeg)
