Harman Patil (Editor)

2016 Pakatan Harapan alternative federal budget

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Party
  
Pakatan Harapan

Total expenditures
  
MYR238 billion

GDP
  
MYR1,228.6 billion

Total revenue
  
MYR208 billion

Program Spending
  
MYR70.9 billion

Deficit
  
MYR30 billion (2.48% of GDP)

The Malaysian alternative federal budget for the 2016 fiscal year was launched by Pakatan Harapan on 21 October 2015, two days before the Malaysian Budget Day, as a response to the government's federal budget.

Contents

Areas of direction

Some of the key items in the alternative budget were:

  • Implementing the capital gains tax since this is also being implemented in 127 countries, including all European countries which are part of the OECD.
  • Implementing the inheritance tax since many OECD members already implemented.
  • Restructuring of 1Malaysia Development Berhad (1MDB) by putting the firm into administration and prosecuting wrongdoers.
  • Separation of Prime Minister and Finance Minister portfolios to avoid excessive concentration of power held by one individual.
  • Support extension of Zeti Akhtar Aziz's term as Bank Negara Malaysia governor by two more years.
  • For a short term, keeping Goods and Services Tax (GST) system by zero-rating all items to mitigate inflation.
  • To set up a petroleum endowment fund for East Malaysians.
  • The Kuala Lumpur-Singapore high speed rail (HSR) project funds will instead be reallocated to building a rail network in Sabah and Sarawak.
  • Offset the loss of GST income by making MYR30 billion in savings by stamping out "wastage and corruption", and also by shutting down several state-linked corporations.
  • Reducing PETRONAS dividend to MYR20 billion.
  • Revamping cash handouts such as Bantuan Rakyat 1Malaysia (BR1M) to be conditional on employment and school attandance; the low-income parents must work and send their children to schools.
  • Focusing more on agriculture because the country’s agricultural policies were “backward, if compared with other countries”; it is necessary to give the subsidies directly to the farmers and also provide a subsidy for the price of rice.
  • Parliamentary oversight of sovereign wealth funds for greater accountability, accountability and full independence of regulators which include the Malaysian Anti-Corruption Commission (MACC), Attorney-General of Malaysia, Bank Negara Malaysia and Parliament of Malaysia.
  • Focus in bridging the economic activities' gap in Peninsular Malaysia and those in Sabah and Sarawak.

    • Revenues

    (In million MYR)

    Expenditures by object

    These tables are in million MYR.

    References

    2016 Pakatan Harapan alternative federal budget Wikipedia
    (Text) CC BY-SA