Malaysia Budget 2013 Wish List
Malaysia 2013 National Budget is coming close. Looking out we found a few random surveys that show more affordable homes, lower taxes, cheaper food and better public transport are among the items on the wish list.
Recently, Prime Minister Dato’ Sri Najib Tun Razak has asked for the public’s opinion regarding Budget 2013 in his blog.
Top the list, many who have taken up Prime Minister’s call to provide feedback for the Budget 2013 have placed affordable housing at the top of the list.
Of the first 100 suggestions ranked by popularity, a large number of people asked that premier take steps to ensure affordable housing particularly for the middle income group.
According to Real Estate and Housing Developers’ Association Malaysia (REHDA), the Property prices in Malaysia are likely to see an upward trend in the second half of 2012 on the back of higher market demand.
Malaysia property prices have risen quite significantly the last couple of years, especially in major cities like Kuala Lumpur, Penang and Johor Bahru. The nation wide uptrend in the property price could also be attributed to rising costs of labour and building materials such as steel bar, cement and brick.
According to the PM, currently, less than 10% Malaysians pay tax. So the key challenge we have is to broaden and transform our revenue base to ensure that the budget deficit is kept to a manageable level and that we do not spend beyond our means.
On the other hand, the highly anticipated goods and services tax (GST) is unlikely to be announced in Budget 2013 as the government is still in consultation with stakeholders, including business associations, as it wants to ensure that the public fully understands the nature of the tax.