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Thursday, December 8, 2022

Tengku Zafrul: Budget 2023 may see ‘slight’ adjustments, reveals that government to focus on revenue collection

NewsTengku Zafrul: Budget 2023 may see 'slight' adjustments, reveals that government to...

The Budget 2023 may see ‘slight’ adjustments when it is re-tabled at the Parliament after the 15th General Election (GE15), says caretaker finance minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz.

According to Bernama, Tengku Zafrul said the Budget 2023 that was tabled on 7 October is not only a responsible budget but also an inclusive, more progressive, and sustainable one. He added that this budget also reduces the country’s deficit.

“There may be some adjustments based on the economy during the time. I must be frank with you. We have to see the global economy situation that would affect the Malaysian economy,” he said.

The caretaker finance minister explained that the Budget 2023 prioritises spending in vital sectors to boost economic growth. It also focuses on under-developed areas and targets the uplifting of the right groups.

When being asked if Budget 2023 would be close to what it was presented in October if Barisan Nasional (BN) wins the coming general election, Tengku Zafrul said that they would not commit themselves to any drastic measures that were not outlined for fear that (it will choke) the growth momentum.

However, he did mention that the government needs to focus on increasing revenue collection as the current revenue collection is quite low.

Projections showed government lack revenue

According to the projections, the federal government’s revenue collection is estimated to decrease by 4.4% in 2023 to RM272.6 billion or 15% of gross domestic product due to anticipated lower non-tax revenue collection.

It is also estimated that non-tax revenue will decline by 23% year-on-year to RM67 billion in 2023 due to lower dividends from government entities.

The numbers were obtained from the Finance Ministry’s Fiscal Outlook and Federal Government Revenue Estimates 2023 report released on 7 October.

Do you think that Budget 2023 would be implemented without any significant change? Share your thoughts!

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