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Malaysia Government proposes 2010 Budget
The Budget proposals for 2010 were tabled in Parliament on 23 October 2009 by the Prime Minister, with a clear emphasis that the Budget would form "the foundation for the development of the new economic model" to steer Malaysia to becoming a more advanced economy premised on "innovation, creativity and high-value added activities".
Several measures have already been introduced in this vein, such as the 1Malaysia concept, National Key Result Areas (NKRAs), Key Performance Indicators for the civil service, the liberalisation of the services sector, and so on. The Budget strategies focus on the following:
- Driving the Nation towards a High-Income Economy;
- Ensuring Holistic and Sustainable Development; and
- Focusing on the Well-being of the Rakyat
Taxand Malaysia's latest newsletter discusses the budget highlights in more depth.
The above provides a snap-shot of the key tax proposals arising in the 2010 Budget. The Budget strategies and allocations are the key drivers towards the foundation of the 10th Malaysia Plan and towards the move to a more advanced economy. The Government's real challenge lies in the implementation of its policies and the manner in which the Budget allocations are spent to ensure that the budget deficit continues to decline without impacting the overall economic growth. Multinationals should look to keep abreast of these changes and be prepared for potential changes in the economic environment.
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