KUALA LUMPUR, Oct 29 — The individual income& tax reduction announced at the tabling& of the 2018 Budget would enable people to have more money in their pocket, said Communications and Multimedia Minister Datuk Seri Salleh Said Keruak.
Salleh& noted that the lowering of the tax rates by two percentage points for income tax band between RM20,000 and RM70,000 would generate an additional disposable income of RM1.5 billion, or an increase in the people’s disposable income by& RM300& to RM1,000.
“This extra money would be& contributing back to the economy via consumption. At the end of the day, businesses would make more money as well,” he said in his blog posting.
The 2018 Budget was tabled by Prime Minister Datuk Seri Najib Tun Razak& in the Dewan Rakyat& on Friday.
Salleh, who is also Umno& treasurer, said the prime minister’s focus was on& how to assist the needy while at the same time, balance the accounts so that the country could& still earn enough to fuel development.
“We need a balance between inflow and outflow and not cut inflow and increase outflow,” he said.
Salleh said Najib& knew that budgets must take into consideration many factors and that plans must take into account both short-term& and long-term needs, and that was what 2018& Budget was all about.
Alluding to alternatives proposed by the opposition, he pointed out that populist policies such as removing all taxes and offering everything free to the people was not only unrealistic but unsustainable as well.
“Just to gain support and become popular while jeopardising the future of the country is very irresponsible,” the minister said. — Bernama