The Budget 2018 is seen to have express the sound economic and financial management of the country and at the same time cares for the interests of the rakyat reflected by the targeted incentives and measures and create more high impact programmes.
“We wish to extend our appreciation to the Government for its comprehensive Budget which shows commitment in ensuring the economy continues to expand at a healthy pace and at the same time reduce the fiscal deficit since 2009 while maintaining the Federal Government debt to GDP below the self-imposed limit of 55%,” said Tan Sri Azman Hashim, Chairman, Ambank Group.
Budget 2018’s core thrusts of accelerating investments, trade and industries while prioritising the rakyat’s wellbeing are significant steps in placing Malaysia as a player to be reckoned with in the global private healthcare market while boosting the efficiency of our local public healthcare services for its citizens, said Selvam Ramaraj, Executive Director, AJ Pharma Holding
Investments to spur the medical tourism industry that also incentivise industry players to obtain quality accreditation and certification from authorised bodies will cement the credibility of our healthcare service providers, and establish medical tourism as a significant revenue contributor for the nation.
The Malaysian Rubber Glove Manufacturers Association (MARGMA) applauds the Government’s move to allocate the grant of RM245 million under the Domestic Investment Strategic Fund to upgrade facilities for Smart Manufacturing. This is in line with the Industry’s aspirations to fully automate and modernise its manufacturing plants across the country.
MARGMA is also pleased with the extension of the incentive period for Accelerated Capital Allowance of 200% on automation equipment for manufacturing sectors from the year of assessment 2018 to 2020.
Bina Darulaman Berhad (BDB) welcomes the RM2.2 billion allocations by the government to boost the housing sector, particularly homeownership.”
Uber is delighted to note the Malaysian Government’s continued support for the e-hailing industry, with a view to improve the overall national transport landscape.
Yesterday, Prime Minister Datuk Seri Najib Tun Razak announced the RM5,000 cash grant for taxi drivers intending to join the e-hailing industry. We welcome this move to empower more Malaysians with the choice to use technology for flexible earning opportunities and to raise their socioeconomic status,” said Warren Tseng, General Manager, Uber (Malaysia & Singapore).
TERAJU, the Government’s Bumiputera Agenda Steering Unit welcomes the multitude of initiatives underlined in Budget 2018 that will provide a more holistic, inclusive, focused and viable approach towards promoting the national, economic and social development and wellbeing of Malaysia.
In the overall pursuit of the Bumiputera agenda, Budget 2018 strengthens the Transformasi Kesejahteraan Bumiputera (TKB or Bumiputera Wellbeing Transformation) initiative announced earlier this year, entrusting TERAJU with a more widely encompassing role of ensuring that the ideals in education, health, social and culture, living environment, and Bumiputera stature are lifted to greater heights, and weaved into Malaysia’s plural social fabric.
Prime Minister Datuk Seri Mohd Najib Tun Razak has announced an allocation of RM280.25bil for Budget 2018.
This is an increase of RM19.45 billion over the 2017 budget allocation of RM260.8 billion.
The Finance Ministry expects higher amounts of revenue from indirect tax such as GST, import tax and export tax, mainly due to better GST collection.
The Malaysian government is expected to collect RM43.8 billion in Goods and Services Tax (GST) next year, which is projected to account for 18.3 per cent of its entire estimated revenue of RM239.9 billion, according to a Finance Ministry’s Economic Report 2017/2018.
The Malaysian economy in 2018 is estimated to grow between 5% and 5.5% from 2017, according to the Finance Ministry's real gross domestic product (GDP) estimates for the country.
The ministry said in its Economic Report 2017/2018 that domestic demand is expected to grow 5.5%, driven mainly by private sector expenditure and by resilient domestic demand amid a favourable external sector.
While 30% of the global workforce is now reported to be pursuing freelance opportunities, the Employees Provident Fund (EPF) in August 2017 reported that the Malaysian freelancing economy has also grown by 31% - making it the third largest freelancing market in the region, as reported by Freelancer.com.
To understand the growing adoption of freelancing as a career and recognising the role of freelancers in shaping the Malaysian economy, INTI International University & Colleges commissioned a first-ever survey of 300 full-time freelancers who represent professional fields of work including business, marketing, IT and computer science, culinary arts, and art and design.