The Malaysian Insider :: Breaking Views
The Malaysian Insider :: Breaking Views |
| Lower income group will not be impacted by GST and subsidy rationalisation Posted: 21 Mar 2013 10:01 AM PDT
"As far as the government is concerned, from the aspect of implementation many basics like food products, would actually be exempted from the programme. "The GST can be implemented in a manner, with no significant loss to their welfare," he told reporters after officiating the "Seminar on the BNM Governor's Address on The Malaysian Economy & Panel Discussion", here today. On the subsidy rationalisation, Sukhdave said subsidies are wasteful because even those who don't need it, including non-Malaysians, benefit from it. "When you rationalise the subsidies, you can physically transfer them directly to the lower income group. It would also significantly help offset any negative impact of the subsidy rationalisation on the lower income households," said Sukhdave, who has been apppointed Deputy Governor, effective April 16. He also urged Small and Medium Enterprises to adjust to the minimum wage policy as in the long term, it would benefit the Malaysian economy and welfare of the country. "We want to be a developed economy, but what does this mean, if there is unfairness in terms of income distribution. "The lowest group in our society should be able to earn an income that at least meets their basic needs," he said. Sukhdave said the Economic Transformation Programme has played a catalytic role in promoting private investment in Malaysia and this has made a positive contribution to the country's economy. — Bernama |
| SapuraKencana Petroleum’s pre-tax profit rises to RM829.75m Posted: 21 Mar 2013 09:58 AM PDT KUALA LUMPUR, March 21 — SapuraKencana Petroleum Bhd's pre-tax profit for financial year ended Jan 31, 2013 rose to RM829.75 million from RM519.53 million in the same period last year. In a filing to Bursa Malaysia, the group said pre-tax profit was higher despite the one–off occurrence of merger-related expenses which had affected margins. Its revenue increased to RM6.91 billion from RM2.56 billion due to the completion of the merger exercise. For the fourth quarter ended Jan 31, 2013, its pre-tax profit increased to RM207.85 million from RM122.34 million in the same quarter last year. Its revenue rose to RM1.96 billion from RM560.43 million. SapuraKencana said the growth in the regional oil and gas industry will remain robust while the capital spending in the upstream sector will be strong. "The group is well-positioned to benefit from the spending," it said. — Bernama |
KUALA LUMPUR, March 21 — The implementation of the proposed Goods and Services Tax (GST) and subsidy rationalisation will not impact the lower income group, said Bank Negara Malaysia (BNM) Assistant Governor, Dr Sukhdave Singh.| You are subscribed to email updates from The Malaysian Insider :: ALL To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
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