Jump to content

2016 Pakatan Harapan alternative federal budget

Add links
From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Anandmoh21 (talk | contribs) at 08:19, 23 September 2023. The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

2016 (2016) Alternative budget of the Malaysian Federal Government
Averting a crisis
PartyPakatan Harapan
Total revenueMYR208 billion
Total expendituresMYR238 billion
Program SpendingMYR70.9 billion
DeficitMYR30 billion
(2.48% of GDP)
GDPMYR1,228.6 billion
WebsitePakatan Harapan Alternative Budget 2016

The Malaysian alternative federal budget for the 2016 fiscal year was launched by Pakatan Harapan on 21 October 2015, two days before the Malaysian Budget Day, as a response to the government's federal budget.

Areas of direction

Some of the key items in the alternative budget were:

  • Implementing the capital gains tax since this is also being implemented in 127 countries, including all European countries which are part of the OECD.
  • Implementing the inheritance tax since many OECD members already implemented.
  • Restructuring of 1Malaysia Development Berhad (1MDB) by putting the firm into administration and prosecuting wrongdoers.[1][2][3]
  • Separation of Prime Minister and Finance Minister portfolios to avoid excessive concentration of power held by one individual.[4]
  • Support extension of Zeti Akhtar Aziz's term as Bank Negara Malaysia governor by two more years.[5]
  • For a short term, keeping Goods and Services Tax (GST) system by zero-rating all items to mitigate inflation.[6][7]
  • To set up a petroleum endowment fund for East Malaysians.[8]
  • The Kuala Lumpur-Singapore high speed rail (HSR) project funds will instead be reallocated to building a rail network in Sabah and Sarawak.[9][10]
  • Offset the loss of GST income by making MYR30 billion in savings by stamping out "wastage and corruption", and also by shutting down several state-linked corporations.[11]
  • Reducing PETRONAS dividend to MYR20 billion.[12]
  • Revamping cash handouts such as Bantuan Rakyat 1Malaysia (BR1M) to be conditional on employment and school attendance; the low-income parents must work and send their children to schools.[13]
  • Focusing more on agriculture because the country's agricultural policies were “backward, if compared with other countries”; it is necessary to give the subsidies directly to the farmers and also provide a subsidy for the price of rice.[14]
  • Parliamentary oversight of sovereign wealth funds for greater accountability, accountability and full independence of regulators which include the Malaysian Anti-Corruption Commission (MACC), Attorney-General of Malaysia, Bank Negara Malaysia and Parliament of Malaysia.[15]
  • Focus in bridging the economic activities' gap in Peninsular Malaysia and those in Sabah and Sarawak.[16]

Total revenues and spending

Revenues

Revenue estimates for 2016 Alternative Budget, excluding 2016 tax measures

  Companies income tax (33.0%)
  Individual income tax (15.0%)
  Petroleum income tax (9.8%)
  PETRONAS dividend (9.6%)
  Excise duties from motor vehicles (4.3%)
  Stamp duty (3.7%)
  Petroleum royalty (2.6%)
  Excise duties from tobacco, cigarattes and cigars (1.9%)

(In million MYR)

Source Projected
Revenues 		% of
Total Projected
Revenues
Direct tax
Income tax
Companies
Individual
Petroleum
Withholding
Co-operatives
Others
Other direct taxes
Stamp duty
Capital gains tax (proposed tax)
Real property gains tax
Others
 135,571
123,399
68,830
31,265
20,480
2,430
369
25
12,171
7,723
3,500
852
96
 65.1%
59.3%
33.0%
15.0%
9.8%
1.2%
0.2%
0.0%
5.8%
3.7%
1.7%
0.4%
0.0%
Indirect tax
Excise duties
Motor vehicles
Tobacco, cigarattes and cigars
Spirits and malt liquor
Others
Sales tax
Import duties
Others
CKD and CBU vehicles
Spirits and malt liquor
Tobacco, cigarattes and cigars
Other indirect taxes
Service tax
Export duties
Crude oil
Palm oil
Others
Levy
Goods vehicles
Oil palm fruit
Goods and services tax
 26,784
14,396
9,016
3,974
1,402
3
2,890
2,865
2,217
533
82
33
2,715
1,943
1,824
1,646
175
3
152
152
0
0
 12.9
6.9%
4.3%
1.9%
0.7%
0.0%
1.4%
1.4%
1.1%
0.3%
0.0%
0.0%
1.3%
0.9%
0.9%
0.8%
0.1%
0.0%
0.1%
0.1%
0.0%
0.0%
Non-tax revenue
Interests and proceeds from investments
PETRONAS dividend
Others
Bank Negara Malaysia dividend
Khazanah dividend
Licenses, registration fees and permits
Petroleum royalty
Motor vehicle licenses
Others
Levy on foreign workers
Other non-tax revenue
Service fees
Fines and penalties
Proceeds from sales of goods
Rentals
 43,618
24,354
20,000
2,204
1,700
450
13,427
5,432
2,824
2,608
2,563
2,456
1,390
1,153
570
268
 20.9%
11.7%
9.6%
1.1%
0.8%
0.2%
6.4%
2.6%
1.4%
1.3%
1.2%
1.2%
0.7%
0.6%
0.3%
0.1%
Non-revenue receipts 1,401 0.7%
Revenue from Federal Territories 894 0.4%
Grand Total Revenue 208,268

Expenditures by object

These tables are in million MYR.

Description Projected
Expenditures
Operating expenditures
Emoluments 64,995
Supplies and services 15,124
Assets 1,106
Fixed Charges and Grants 85,231
Other Expenditures 1,379
Total Operating Expenditure 167,835
Development expenditures
Direct Grant 65,741
Loans 3,175
Contingencies Reserve 2,000.0
Total Development Expenditure 70,916
Grand Total Expenditure 238,750

Reactions

See also

References

  1. ^ "Pakatan Harapan moots putting 1MDB into administration in alternative budget - Yahoo News Singapore". Retrieved 21 October 2015.
  2. ^ "Pakatan's budget proposes to wind up 1MDB - The Malaysian Insider". Archived from the original on 25 October 2015. Retrieved 21 October 2015.
  3. ^ "Pakatan to get Interpol help for return of 'stolen' money | Free Malaysia Today". Archived from the original on 22 October 2015. Retrieved 21 October 2015.
  4. ^ "Pakatan Harapan proposes separate PM and Finance Minister portfolios - The Rakyat Post - The Rakyat Post". Retrieved 21 October 2015.
  5. ^ "'Extending Zeti's term will help stabilise economy' - Malaysiakini". Retrieved 21 October 2015.
  6. ^ "Pakatan Gov't will keep GST, zero-rate the tax | Free Malaysia Today". Archived from the original on 4 March 2016. Retrieved 21 October 2015.
  7. ^ "In alternative budget, Pakatan Harapan says will zero rate all GST items - Yahoo News Singapore". Retrieved 21 October 2015.
  8. ^ "Ucapan Ketua Pembangkang di Majlis Pelancaran Belanjawan Pakatan Harapan 2016 | Selangorkini". Retrieved 21 October 2015.
  9. ^ "Opposition's alternative budget: No GST, no high-speed rail project | New Straits Times | Malaysia General Business Sports and Lifestyle News". Retrieved 21 October 2015.
  10. ^ "Pakatan budget vows to scrap KL-S'pore high speed rail - Malaysiakini". Retrieved 21 October 2015.
  11. ^ "In alternative budget, Pakatan Harapan says will zero rate all GST items - The Malaysian Insider". Archived from the original on 4 March 2016. Retrieved 21 October 2015.
  12. ^ "Pembangkang mahu kurangkan dividen Petronas kepada RM20b | Malaysia Gazette". Retrieved 21 October 2015.[permanent dead link]
  13. ^ "Pembangkang kekalkan BR1M cuma ubah cara bayaran | Free Malaysia Today". Archived from the original on 22 October 2015. Retrieved 21 October 2015.
  14. ^ "Pakatan Harapan's alternative budget focuses on East Malaysia | Portalkini". Archived from the original on 15 October 2015. Retrieved 21 October 2015.
  15. ^ "Alternative Budget 2016: Finance Minister post cannot be held by same person - Videos | The Star Online". Retrieved 21 October 2015.
  16. ^ "Opposition's alternate Budget to focus on closing East-West gap | Malaysia | Malay Mail Online". Retrieved 21 October 2015.
Retrieved from "https://en.wikipedia.org/w/index.php?title=2016_Pakatan_Harapan_alternative_federal_budget&oldid=1176677782"