{"id":58451,"date":"2023-09-11T17:36:35","date_gmt":"2023-09-11T09:36:35","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=58451"},"modified":"2023-09-11T17:36:35","modified_gmt":"2023-09-11T09:36:35","slug":"spending-for-12mp-to-be-raised-by-rm15-billion-gst-might-be-re-introduced","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/spending-for-12mp-to-be-raised-by-rm15-billion-gst-might-be-re-introduced","title":{"rendered":"Spending For 12MP To Be Raised By RM15 Billion, GST Might Be Re-Introduced"},"content":{"rendered":"<p>The government has increased the budget and expenditure ceiling for the 12th Malaysia Plan (12MP) by RM15 billion, raising the total amount allocated to RM415 billion.<\/p>\n<p>Prime Minister Datuk Seri Anwar Ibrahim said that the increase was necessary to enhance the management quality and reallocate subsidies to cover basic needs.<\/p>\n<p>The t<a href=\"https:\/\/www.facebook.com\/PejabatPerdanaMenteriMalaysia\/posts\/pfbid0BsgtPTBmsEiaEMWMqyHB1jWeDZ1fffeEgEFpSKYSooqXozPgUv3Bm1wjqYNfKEgFl\" target=\"_blank\" rel=\"noopener\">abling of the mid-term review (MTR) in parliament for 12MP<\/a> further highlighted the initiative\u2019s emphasis on sustainable economic growth, as well as transparent, fair and equitable wealth distribution across all economic sectors.<\/p>\n<p>&#8220;The increase in allocation is to prioritise the people&#8217;s well-being while improving the quality of management and retargeting subsidies in meeting the people&#8217;s basic needs. Hence, the government will spend RM90 billion per year (2023 to 2025) to upgrade the people&#8217;s well-being,&#8221; the prime minister told Dewan Rakyat.<\/p>\n<h2>12MP was originally tabled by former government<\/h2>\n<p>The <a href=\"https:\/\/rmke12.ekonomi.gov.my\/bm\/dokumen\/teks-ucapan\" target=\"_blank\" rel=\"noopener\">12MP<\/a> was tabled by the former Prime Minister,\u00a0 Dato&#8217; Sri Ismail Sabri Yaakob, back in September 2021, and had an estimated development allocation of RM400 billion.<\/p>\n<p>Anwar, who is also the finance minister, said that the first two years of the 12MP have led to the country averaging an annual gross domestic product (GDP) of 5.9% between 2021 and 2022.<\/p>\n<p>During the tabling, the subject of reintroducing the Goods and Services Tax (GST) was also discussed.<\/p>\n<p>While Economy Minister Rafizi Ramil did not rule out the possibility of reintroducing the tax system, he did say that the government will first prioritise its strategy to widen the nation&#8217;s revenue base and redevelop and introduce the Captial Gains Tax, which is slated to be implemented in 2024.<\/p>\n<p>&#8220;The government will stick to our strategy and is open to go through any ways to achieve fiscal sustainability through a wider revenue base.<\/p>\n<p>&#8220;Hence, whether it is going to be the GST, Capital Gains Tax or any form of direct and indirect tax, we will only decide on a case-to-case or year-to-year basis.\u201d Rafizi said during the tabling.<\/p>\n<p><strong>Read more: <a href=\"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp\" target=\"_blank\" rel=\"noopener\">Malaysia Records Lowest GDP Growth In Two Years<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 12th Malaysia Plan mid-term review was tabled today in Parliament by Prime Minister Anwar Ibrahim.<\/p>\n","protected":false},"author":47,"featured_media":58452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[271,244,216],"tags":[1437,1436,1386,1396,1438,1439,1209],"class_list":["post-58451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-gst","category-news-updates","tag-12mp","tag-12th-malaysia-plan","tag-anwar-ibrahim","tag-datuk-seri-anwar-ibrahim","tag-dewan-rakyat","tag-gst","tag-rafizi-ramli"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>12MP Budget Raised By RM15 Billion GST Reintroduced<\/title>\n<meta name=\"description\" content=\"Prime Minister Anwar Ibrahim led the tabling today on the 12th Malaysia Plan mid-term review in the parliament.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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