KUALA LUMPUR: The 2016 Budget will use the value management method to ensure the 3.1 per cent fiscal deficit target for next year is achieved.
Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah said the method was more effective because it minimised price and optimised cost.
“Similarly, for our development expenditure, we no longer want estimates to be made based on the conservative. With that, we believe that a 3.1 per cent (deficit fiscal target) is achievable,” he told reporters after delivering a briefing on the 2016 Budget at the Premier Information Ceremony here today.
He said the 2016 Budget, which was the first one for the 11th Malaysia Plan (RMK-11), was not merely for developing Malaysia next year but to also ensure the nation was on the correct footing to become a developed nation by 2020.
Ahmad Husni said the national economy was expected to expand by 4.0 to 5.0 per cent next year, as compared to the 4.5 – 5.5 per cent expectation this year, following the global economic slowdown and the continued expectation of low commodity and fuel prices.
On the issue of the rising price of goods, Ahmad Husni said the government was looking at the issues on the unfair fixing of prices among traders.
He said, via the Goods and Services Tax, the government could check the costs, profits and losses of 400,000 companies registered with the Malaysian Royal Customs Department.- BERNAMA