Bajet | Budget 2015 Malaysia: UPDATED! [Infographic]
Last October, we saw our Prime Minister Datuk Seri Najib Razak presenting a “pro-rakyat” Budget 2015 that would help enhance job opportunities, improve education and create more affordable housing. In line with that, we saw that first-time home buyers, women, and entrepreneurs were the primary groups to reap the most benefits.
The budget also saw continuity of the Government’s deficit reduction measures.
However, in recent times, the significant drop in global fuel prices and weakening of the Ringgit has impacted significantly on the country’s revenue. Besides that, our economic landscape has changed with such financial trends and therefore it is necessary for us to review and revise our previous financial assumptions.
In order to create more avenues to increase direct and indirect revenue, the Budget 2015 allocations have been revised accordingly.
In order to further boost the development of the entrepreneurship sector to play a more global role and reduce dependency on oil revenue, the Government has now introduced additional allocations for SMEs, GLCs and GLICs. Today, with the various items revised in Budget 2015, more entrepreneurs are set to reap the most benefits with increased SMEs opportunities.
The recent flood that hit a few states in the country also require more than the initial allocated fund. Other major highlights of the revised Budget 2015 also include various flood relief initiatives.