KUALA LUMPUR (Sept 3): The Ministry of Finance (MoF) is inviting the public to give their suggestions for Budget 2022 by publishing four public consultation papers (PCPs).

The papers complement the pre-Budget statement issued on Aug 31, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz in a statement today.

The four papers are published to seek public feedback on the following:

1. Improvement of government procurement policy on local and goods/services and procurement policy for the bumiputera, which outlines proposals to improve the use of local goods/services and the affirmative policy for bumiputera companies. This is aimed at, among others, protecting and developing local industries as well as reducing dependency on imported goods;
2. Improvement of cash assistance programmes, which aims to identify needs of the rakyat as well as current gaps and issues in delivering assistance to the rakyat, especially in light of challenges posed by the pandemic;
3. Review of tax incentives, which provides a review of the overall investment tax incentive framework to ensure that incentives for investors remain relevant in the current business landscape. The review is also intended to enhance the country's overall competitiveness in attracting quality investments, which in turn would generate economic growth, support job creation and strengthen the country's fiscal position; and
4. Drafting of the Fiscal Responsibility Act, which aims to improve governance, transparency and accountability of the country's fiscal management, including the management of revenue, expenditure, debt and fiscal risks as well as the publication of pre-Budget and post-Budget reports, economic forecasts and the Medium-Term Fiscal Framework.

https://www.theedgemarkets.com/article/public-invited-share-ideas-mof-budget-2022