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Categories
| Najib explains why no tax cuts |
| Business & Market 2009 | |||
| Written by Yong Min Wei | |||
| Thursday, 12 March 2009 16:07 | |||
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KUALA LUMPUR:The current tax rates for the corporate sector and small and medium-scale enterprises are still reasonable, despite the economic downturn, said Deputy Prime Minister Datuk Seri Najib Razak. He said on March 12 that since the tax rates were "still reasonable and competitive", the government decided not to cut taxes as part of the RM60 billion stimulus budget. On March 10, Najib, who is Finance Minister said the RM60 billion package would be implemented in 2009 and 2010, which would account for 9% of GDP. The government has proposed RM60 billion stimulus package to be implemented in 2009 and 2010 which will account for almost 9% of GDP. Of RM60 billion, a total of RM15 billion is fiscal injection, RM25 billion Guarantee Funds, RM10 billion equity investments, RM7 billion private finance initiative (PFI) and off-budget projects, as well as RM3 billion in tax incentives.
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