SINGAPORE – Budget 2023 may see some adjustments based on the state of the economy during the time it is retabled, said caretaker finance minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz today.
Nonetheless, Tengku Zafrul stressed that the budget – which was tabled on October 7 – is not only a “responsible budget” but also “inclusive, more progressive” and “sustainable”.
Speaking at The Straits Times’ inaugural Asia Future Summit here, Tengku Zafrul highlighted that the budget reduces the nation’s deficit.
“There may be some adjustments based on (the economy) during the time. I must be frank with you. We have to see the global economy (situation) that would affect the Malaysian economy,” he said.
He noted that the budget prioritises spending in vital sectors to boost economic growth, besides focusing on under-developed areas and targeting the uplifting of the right groups.
His segment was pre-recorded and moderated by The Straits Times’s Malaysia bureau chief, Shannon Teoh.
Tengku Zafrul was asked whether Budget 2023 would be retabled as “it is” or “close to what was presented last month” if Barisan Nasional (BN) wins the coming general election.
To a question on whether the BN government would introduce a “less populist” policy after the polls – such as targeted subsidies or reintroducing the goods and services tax, Tengku Zafrul replied: “We will obviously not commit ourselves to any drastic measure that was not outlined for fear that (it will choke) the growth momentum.”
“We need to increase our revenue collection as it is quite low. This needs to be addressed,” he added.
The federal government’s revenue collection is envisaged to decrease by 4.4% in 2023 to RM272.6 billion or 15% of gross domestic product due to anticipated lower non-tax revenue collection.
The non-tax revenue in 2023 is expected to decline by 23% year-on-year to RM67 billion due to lower dividends from government entities.
This is according to the Finance Ministry’s Fiscal Outlook and Federal Government Revenue Estimates 2023 report released on October 7.
Budget 2023 was tabled three days before Parliament was dissolved. – Bernama, November 1, 2022
.JPG)
