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Understanding The Jargon: Budget 2015 Buzzwords

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Prime Minister Datuk Seri Najib Razak today unveils Budget 2015 in the Dewan Rakyat, the last budget under the 10th Malaysia Plan.

Najib, who is also Finance Minister, hinted yesterday that Budget 2015 would be “pro-rakyat” and would include measures to ease concerns over the cost of living.

Below are the key elements to the presentation:

GST:

Goods and Service Tax, also known as VAT or the value added tax in many countries is a multi-stage consumption tax on goods and services.

GST is levied on the supply of goods and services at each stage of the supply chain from the supplier up to the retail stage of the distribution.

People Economy:

An economy that is rakyat-orientated covering priorities and interests of the rakyat such as cost of living, household income, education opportunities, employment and business, quality of life, skills training, entrepreneurship as well as security and safety.

Capital Economy:

GDP growth economic management,per capita income, private investment, credit ratings, Bursa index and share value.

MyNDS:

A new approach known as the Malaysian National Development Strategy (MyNDS), formulated to drive the 11th Malaysia plan to produce high impact projects with limited resources. (More to come….)MYNEWSHUB

 

 

 

 

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