BUDGET 2005 involves an intricate task. In his maiden budget presentation, Prime Minister Datuk Seri Abdullah Ahmad Badawi, who is also Finance Minister, will seek to balance pressure from two opposing directions: to reduce the budget deficit and increase incentives to spur other economic activities. The latter is needed in the wake of a manufacturing sector that is facing intense competition from China.
It was heartening to hear from the Inland Revenue Board chief executive Tan Sri Zainol Abidin Abd Rashid that the tax revenue target of RM50bil is likely to be achieved. Direct taxes form the biggest source of Government revenue. Other sources include indirect taxes.
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