FeaturedBudget 2016 Speech – Najib Razak

I beg to move the Bill intituled “An Act to apply a sum from the Consolidated Fund for the service of the year 2016 and to appropriate that sum for the service of that year” be read a second time.

1. In the name of Allah, the Most Gracious and the Most Merciful. All praise is due to Allah, the Lord of the A’iamin. Wa bihi Nastai’n.

3. Peace be upon the Prophet Muhammad, the chosen Messenger who rejects falsehood, and safeguards rights and truths.

Govt to Review Budget 2016 if Oil Remains at Present Price

The Government will have to review Budget 2016 should the price of Brent Crude remain at current levels.

Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar said the Government would continue to monitor oil prices to determine the new norm.

“In the event that oil prices remain at low levels, the Government might have to review the Budget as it will need to focus on the optimisation of the country’s growth,” he said.

Budget 2016, a Tough Balancing Act: UOB

KUALA LUMPUR: Budget 2016 has been a tough balancing act for the government as it juggles economic resilience, inclusiveness and fiscal sustainability goals says UOB Bank. “It is an expansionary budget reflecting the commitment to ensure a steady economic growth amid domestic and external headwinds while still staying the course of fiscal consolidation,” said economist Julia Goh. The fiscal consolidation path remains on track with a slightly narrower fiscal deficit target of 3.1 per cent of GDP in 2016, which marks the seventh straight year of a narrower fiscal shortfall since Malaysia started recording deficits in 1998. “We think that the government’s commitment to fiscal reform measures and continued fiscal consolidation could help to assuage investor sentiment in the current period of market adjustments amid heightened perceived risks and negative sentiment.” This is particularly critical as the US Federal Reserve normalises monetary policy that would trigger further capital volatility. According to Goh, the winners include the construction sector with higher development expenditure allocation of RM50 billion announced in the budget. The losers were higher income earners as the highest income tax rate was raised to 26 per cent – 28 per cent (vs. current 25 per cent for income earners above RM600,000.

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Budget 2016: Tax breaks, GST relief, healthcare and housing among highlights

PETALING JAYA: Goods and Services Tax (GST) relief, tax breaks for spouses, parents and caregivers, education development, healthcare and infrastructure development, and infrastructure development initiatives for Sabah and Sarawak – these are the highlights of Prime Minister Datuk Seri Najib Tun Razak’s Budget 2016.

Najib, who presented his budget speech before the Dewan Rakyat Friday afternoon, first shook Parliament when he announced that certain items would be GST-free from Jan 1 2016.

Najib oversees final preps for 2016 Budget

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak last night spent about an hour to oversee the final preparations for the 2016 Budget at the Finance Ministry here. Accompanied by wife Datin Seri Rosmah Mansor, Najib, who is also Finance Minister, arrived at the ministry at 8pm and was received by staff and officers involved in preparing the budget.

Budget 2016 will have something for everybody: MoF official

PUTRAJAYA: There will be something for everybody in the 2016 Budget, especially the lower income group as well as the middle class, but the people must not expect goodies that are not realistic, a senior Finance Ministry official said.

The was in view of the “extraneous circumstances challenging the economy beyond our control” causing uncertainty and volatility as evident by the sharp drop in crude oil and gas prices and steep decline in the ringgit, he said on Thursday.

Prudent Spread of Goodies

KUALA LUMPUR: Budget 2016 is likely to have something for everyone, including the middle class, but expectations must be “realistic”.

One of the most challenging budgets to date for Prime Minister Datuk Seri Najib Tun Razak, it is expected to spread the benefit across all segments of society and promote key sectors while at the same time be prudent in expenditure.