Budget 2014 Fails to Offset Maximum Limit of the National Debt Below 55 Percent


SHAH ALAM, 26 Oct: The Budget 2014 presented by Prime Minister Datuk Seri Najib Razak failed to offset the maximum national debt below 55 percent from the total Gross Domestic Product (GDP) and reduce deficit by 3 percent in 2015.

Chief Minister, Tan Sri Abdul Khalid Ibrahim said the approach taken in the Budget 2014 to increase revenue through the implementation of the Goods and Services Tax (GST) and the increase in the real property gains tax (RPGT) does not meet with the requirements of actual changes in ensuring efficiency of expenditure and rationalisation to reduce improvidence and leakages.

“Operating expenses for cost rationalisation will increase to 82.4 percent in 2014 from 80.2 percent this year,” said Abdul Khalid in his media statement.

Abdul Khalid said that Selangor will take advantage of the move to enrich the services sector through the Services Sector Blueprint when the Federal Government plans to launch it in 2014.

Among the sub-sectors of services to be promoted is that Selangor will be the leader in logistics, aviation, tourism and bio-based industries.

“As the gateway to Malaysia, Selangor will endure that various programmes and activities will be held to explore opportunities in Malaysia’s tourism industry by aiming to welcome 28 million tourists in 2014 in conjunction with the Visit Malaysia Year,” said Abdul Khalid.

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