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SECOND Finance Minister Tharman Shanmugaratnam has unveiled a budget deficit of $1.3bil (RM2.9bil) for fiscal year 2006, with the GST hike to take effect in July, accompanied by a S$4bil (RM9.2bil) offset package, as well as a rise in the employer's share of CPF contributions by a 1.5 percentage point.
WITH stronger than expected economic growth in 2007, the Government expects the overall budget Balance to be a surplus of S$6.4bil (RM14.6bil) for financial year 2007, compared to the deficit of S$0.7bil (RM1.6bil) that was originally projected.
Malaysia scored a dismal 35 out of 100 points in the Open Budget Index (OBI) 2008 and is ranked 53rd out of 85 countries, prompting Centre for Public Policy Studies chairman Tan Sri Dr Ramon Navaratnam to declare he was 'surpised and embarrassed.'
LONDON (AP): Prime Minister Gordon Brown's government used its last budget before a looming national election to take from the rich and give to the poor, raising accusations it is invoking a class war as it attempts to win over recession-weary voters.