Income tax laws, to be an instrument of equity and the fairer distribution of income and social opportunities, must not be rigid and inflexible – but must be alive to the economic problems and difficulties of taxpayers.
There has been a lot of talk about restructuring of society, but there does not appear to be any realisation of the need to restructure our taxation laws to achieve a progressive, poverty-free Malaysia. Continue reading Educational tax rebate proposal
The 1976 Budget presented by the Finance Minister last Thursday and the accompanying Treasury/ Economic Report 1975-1976 raised many big questions about the health and future of the Malaysian economy, like the weakened Ringgit, the poor economic performance of the country, mounting unemployment, continued high rate of inflation, rising public debts, the new tax proposals, and the failure to make any appreciable progress to eliminate poverty and redress economic imbalances between the haves and the have-notes.
I shall deal with these various issues. Continue reading The 1976 Budget – The Weakened Ringgit
Twice in his budget speech last Wednesday for 1974, the Finance Minister Tun Tan Siew Sin, described inflation as “our No. 1 economic problem.”
This was in stark contrast to the Tun Tan Siew Sin of June 1971, who gave an assurance that there was no danger of inflation in the country in a big way, when inflation was already in full gallop.
He said, (Straits Times, 14 June 1971): “In fact, I have every confidence that we can maintain price stability as easily in the future as we have done in the past.” Now, he has every confidence to tell of the country that what he has promised to do ‘easily’ has become the No. 1 economic problem! Continue reading 1974 Budget – a disappointment and shame it is not an anti-inflation budget