Highlights

save malaysia!!!

Author: savemalaysia   |   Latest post: Wed, 24 Apr 2019, 5:38 PM

 

Key highlights of Prime Minister Tun Mahathir’s speech at Invest Malaysia 2019

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  • Friendly ties with Singapore and China – growth partner. Key trading and investment partner. 
  • GLC not to crowd out private sector – become catalytic role in driving growth. 
  • Fix and strengthen government – Cabinet committee set up for anti-corruption. 
  • No political appointees in GLCs. 
  • Change in constitution – Prime Minister term to limit to 2 terms. 
  • Parliament to appoint MACC Chief. 
  • Budget transparency – mid-year Budget review to be done. 
  • Ministry of Finance to provide guidelines on appointing Head of GLCs. 
  • Prime Minister’s to review salary and remuneration of government agencies and GLCs. 
  • Look East Policy – Learn Japan culture in hardwork. 
  • Shared prosperity in income levels – Income gap widening and needs to narrow with higher worker salaries with growth in profits. 
  • Fiscal Responsibilities Act – Government balance sheet to reduce debt and guarantees, greater risk control on government guarantees. 
  • Reduce GLCs stake of the government – monetisation must not be at fire sale prices. No disruption to capital markets. Some GLCs to be listed. 
  • Fiscal Consolidation Committee headed by Prime Minister is on track to achieve targets.  
  • Reduce tax leakages. 
  • Holistic and simplified tax incentives for future investments. 
  • Corporate tax to be reduced to 17% for SMEs. <RM500k profit. 
  • No new tax this year – only sugar tax to be implemented. 
  • Rationalising government expenditure to be more effective – streamlining programmes for poor headed by Deputy Prime Minister. 
  • NEAC given mandate to identify pain points and proposing measures to improve growth prospects. 
  • Education improvements – Make National Schools Great Again. No exams for Standard 1-3. Single vocational schools. Special task force reviewing entire education policies to complete next month.  
  • Regain status as Asian Tiger.
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