Archive for October 26th, 2013
Duo message of 2014 Budget – Malaysia continues to be land of “heinous crime without criminals” and Ministers enjoy immunity and impunity for Ministerial dereliction of duties
Posted by Kit in Budget Debate, Corruption, Najib Razak, PKFZ on Saturday, 26 October 2013
A few hours before the Prime Minister cum Finance Minister Datuk Seri Najib Razak presented his 2014 Budget in Parliament announcing the regressive and controversial 6% Goods and Services Tax (GST) from April 2015, the Kuala Lumpur High Court acquitted and discharged former MCA President and Transport Minister Tun Dr. Ling Liong Sik for cheating the government over the multi-billion ringgit Port Klang Free Zone (PKFZ) project scandal.
Without going into the details of the case against Liong Sik, the Kuala Lumpur High Court decision carries two messages which have a direct bearing on the 2014 Budget, Najib’s National Transformation Plan and the future direction of the Malaysian nation and economy, viz:
• Malaysia continues to be a land of “heinous crimes without criminals”, with Malaysians victimized by mega corruption and scandals which neither the government nor the anti-corruption agency, the Malaysian Anti-Corruption Commission (MACC), could do anything to combat when confronted with “grand corruption” involving “big sharks” instead of “ikan bilis” in the Malaysian corruption waters; and
• Cabinet Ministers are now given a blank cheque to enjoy immunity and impunity for whatever dereliction of duties in the course of official duties, including up to Cabinet level.
Najib’s Budget 2014 acid test
Posted by Kit in Budget Debate, Najib Razak on Saturday, 26 October 2013
Bridget Welsh
Malaysiakini
Oct 25, 2013
COMMENT Malaysia’s Budget 2014 represents the most important economic policy initiative of Najib Razak’s premiership. After scraping through GE13 and deal-making his way to an unchallenged presidency of Umno, there are no immediate political obstacles undermining his ability to implement the economic reforms he has repeatedly promised investors and international financial institutions such as the International Monetary Fund.
Najib has gone on record to claim that he will reduce government debt, tighten spending and make the Malaysian economy more competitive. International watchers were initially bought over by all the different acronyms coined by the government, such as the ETP (Economic Transformation Programme).
However, they have become increasingly negative with regard to Najib’s financial management which continued to involve massive overspending and this led to a negative rating by Fitch in July this year. With debt reaching 54 percent of gross domestic product, near the 55 percent government self-imposed limit, Malaysia stands on the precipice of future downgrades.
As the Budget debate begins, it is important to highlight some of the key issues and patterns that have characterised Najib’s tenure as prime minister. Read the rest of this entry »
GST: killing the golden goose
Posted by Kit in Budget Debate, Economics, Finance on Saturday, 26 October 2013
– Liew Chin Tong
MP for Kluang
The Malaysian Insider
October 25, 2013
The proposed goods and services tax (GST) will tax those who can’t afford to be taxed, i.e. 60% of Malaysians who are eligible for BR1M. These are the people who will soon be taxed by the regressive tax, together with the rest of us who live and stay in this country.
I would like to drop the Orwellian double speak so prevalently employed by many GST apologists who are trying to mask the real issue. I will share my views plainly here.
Flawed arguments
Some argue that the government has to be cruel to be kind. Hence, BN would have us believe that the fuel hike subsidy rationalisation is needed to balance the government’s expenditure and ensure its good financial standing.
In theory, this sounds legit. However, look closer and you will find many flaws in the argument. For one, this argument does not take into account the adverse effects on the man on the street. It also demonstrates an incomplete understanding of how the economy grows or declines.
What is the real reason for the Barisan Nasional government to implement the GST? This tax has hung like a sword of Damocles over our heads since Tun Abdullah Ahmad Badawi’s era in 2005. Read the rest of this entry »
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