Managing the cost of living and keeping inflation low are among the primary aims for Malaysian’s government this year.
The country’s Prime Minister Datuk Seri Najib Tun Razak stated this in a blog post yesterday, where he also announced Malaysia’s 2015 Budget.
The Budget, scheduled to be tabled in Parliament in October, has been targeted towards stimulating growth, and improving fiscal position and the people’s standards of living.
“Malaysia is on the brink of developed nation status,” Najib said. “Committed as one, we can achieve this goal. Let us continue what we have started together.”
He added individual income tax rates of local employees will be reduced by between 1-3% for all taxpayers in order to increase the disposable income. With this measure, 300,000 current taxpayers will be tax-exempted.
“Our corporate income tax rate will also be reduced by 1%. Income tax rates for small and medium companies will be reduced by 1% from 2016 onwards,” he said. “Finally, cooperative income tax rates will be reduced by 1-2% from 2015.”
He highlighted that although the economy has continued to grow and many new jobs have been created, locals were still affected by rising cost of living.
In the post, Najib also requested Malaysians to express their ideas, opinions and needs with regards to the 2015 Budget through social media sites such as Facebook for his consideration.
“I welcome your suggestions. I’m very excited over the people’s responds prior to #Budget2014 – the sentiments revolved on everything, from housing to culture,” he said.