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Economic Report 2013/2014: Federal Govt revenue to increase to RM224.09bil in 2014

Total Federal Government revenue is expected to grow 6% to RM220.42bil in 2013 or account for 22.3% of GDP as it expects to collect more taxes from companies and individuals.

For 2014, total revenue is expected to rise 1.7% to RM224.094bil and account for 21.2% of GDP.

Despite the projected increase in revenue, the Government vows to adhere to its self-imposed guiding principles to ensure healthy public finances, including an operating surplus, reduction in fiscal deficit and a balanced budget by 2020.

The target is to reduce the fiscal deficit to around 3% by 2013 and ensure the Federal Government debt does not exceed 55% of the gross domestic product (GDP), according to report.

“Spending will be prudent and for productive purposes,” the report said, pointing out the Government had resumed subsidy rationalisation of sugar and fuel.

On-going measures to improve government finances will continue to meet near-term fiscal goals.

“However, to ensure sound public finances over the longer term, structural reforms and a more strategic management of fiscal resources are imperative,” it said.

The Government expects the budget deficit to be further reduced from 4.5% of GDP in 2012 to 4.0% in 2013, while policies that boost economic growth will continue. For 2014, it expects the deficit to be reduced further to 3.5%.

GOVERNMENT REVENUE IN 2013 AND 2014

Federal Government revenue is expected to grow 6% to RM220.42bil in 2013 or account for 22.3% of GDP. This figure is expected to rise 1.7% to RM224.094bil in 2014.

The revenue comprises of tax revenue and non-tax revenue. Tax revenue comprises of direct tax, including from companies, petroleum income tax and individual tax. Indirect tax comprises excise duties and sales tax. Non-tax revenue includes licences and permits and investment income.

TAX REVENUE

Tax revenue provides a large chunk of the Government revenue, accounting for 74.2% in 2013 and 76.7% in 2014.

Tax revenue is expected to rise 7.8% from RM151.643bil in 2012 to RM163.506bil in 2013 and increase 5.2% to RM171.970bil in 2014.

DIRECT TAX

Direct tax is a component of tax revenue and it is expected to rise 8.6% from RM116.937bil in 2012 to RM127.020bil in 2013 and increase by 4.8% to RM133.148bil.

The largest chunk of direct tax comes from companies, which reported a 17.8% increase from RM51.288bil in 2012 to RM60.431bil in 2013 and rising 8.8% to RM65.729bil in 2014.

The Government also expects to collect more taxes from individuals, rising 15.0% from RM22.97bil in 2012 to RM26.43bil in 2013 and increasing 8.8% to RM28.746bil in 2014.

The total number of registered taxpayers was 7.6 million at end-July 2013 from 7.3 million in 2012. Of this 92.6% of 7.1 million wee individual taxpayers while 7.2% or 549,359 were companies.

It should be noted the Government projects petroleum income tax to decline further from RM33.93bil in 2012 to RM30.51bil in 2013 and to RM28.27bil in 2014.

The reduction in the petroleum income tax is due to lower export prices despite higher production and the appreciation of the US dollar.

The report said although the external environment continues to be mired in uncertainties, receipts from stamp duties are expected to rise 11.1% to RM6.2bil in 2013 from RM5.6bil in 2012, underpinned by strong business confidence in the economy.

Revenue from real property gains tax (RPGT) is expected to be RM653mil in 2013 from RM608mil in 2012 due to the higher value of transactions, despite the upward revision in RPGT rates from Jan 1, 2013 to curb speculative activities,

The report noted that receipts from other direct taxes, including withholding tax (RM2.3bil) is expected to remain firm.

INDIRECT TAX

The Government expects higher collection from indirect taxes, rising 5.1% from RM34.706bil in 2012 to RM36.486bil in 2013 and increasing 6.4% to RM38.822bil in 2014. Indirect taxes are expected to account for 16.6% to total revenue.

Of the indirect taxes, excise duties are expected to increase 4.4% from RM12.187bil in 2012 to RM12.728bil in 2013 and to RM13.442bil in 2014.

Sales tax is expected to increase by 7.4% in RM8.49bil in 2012 to RM10.199bil in 2013 and by 7.7% to RM10.98bil in 2014.

Receipts from stamp duties are expected to be robust, rising 11.1% to RM6.2bil in 2013 from RM5.6bil in 2012.

NON-TAX REVENUE

Non-tax revenue is expected to remain stable at RM56.916bil in 2013, up 1.1% from RM56.270bil in 2012 and declining 8.4% in 2014 to RM52.124bil.

The non-tax revenue comprises of licences and permits and investment income. Licences and permits are expected to see a decline to RM13.468bil in 2013, or down 0.8% from 2012’s RM13.570bil and slip 2.4% to RM13.149bil in 2014.

Investment income is expected to decline 4.6% to RM35.062bil in 2013 from the RM36.736bil in 2012 and fall 8.5% to RM32.065bil in 2014.

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akito is racist and im not sure he is Bingo or not. But if Bingo he must be one of the Red Bean Army. The characteristic is almost the same.

MSM Confirm big drop next week. govt decide to reduce subsidies given to sugar and reduce 34 cent which is one of the biggest reduction in sugar subsidies.But in contra the price of sugar is more expensive now and might increase sale profit or reduce profit of MSM.But i think it will increase profit as sugar is on of the main ingredient in malaysian food. for long run MSM gonna get benefit.

high rise luxuries condo and apartment will kena kaw kaw. Govt decided that foreigner only can but property 1 million above. This is will cause property developer now pening kepala because we all know those who buying property above 500k before this is a lot of them come from foreigner from singapore,hongkong,china,korea,taiwan and now the limit increase from 500k to 1 million will cause foreigner to think twice before buying any property in malaysia and those property developer who developed already those house can not sell their property now. sale will be impacted.

property will kena kaw kaw. Next week bye bye to Property counter and also company related to SUGAR.

tak nak ANCOMLB. sorry . :-)

it has to break 0.08 first. If done then the next TP 0.10.

Wave 3: Wave three is usually the largest and most powerful wave in a trend (although some research suggests that in commodity markets, wave five is the largest). The news is now positive and fundamental analysts start to raise earnings estimates. Prices rise quickly, corrections are short-lived and shallow. Anyone looking to "get in on a pullback" will likely miss the boat. As wave three starts, the news is probably still bearish, and most market players remain negative; but by wave three's midpoint, "the crowd" will often join the new bullish trend. Wave three often extends wave one by a ratio of 1.618:1.

Wave 5: Wave five is the final leg in the direction of the dominant trend. The news is almost universally positive and everyone is bullish. Unfortunately, this is when many average investors finally buy in, right before the top. Volume is often lower in wave five than in wave three, and many momentum indicators start to show divergences (prices reach a new high but the indicators do not reach a new peak). At the end of a major bull market, bears may very well be ridiculed (recall how forecasts for a top in the stock market during 2000 were received).

Wave 4: Wave four is typically clearly corrective. Prices may meander sideways for an extended period, and wave four typically retraces less than 38.2% of wave three (see Fibonacci relationships below). Volume is well below than that of wave three. This is a good place to buy a pull back if you understand the potential ahead for wave 5. Still, fourth waves are often frustrating because of their lack of progress in the larger trend.

Wave 3: Wave three is usually the largest and most powerful wave in a trend (although some research suggests that in commodity markets, wave five is the largest). The news is now positive and fundamental analysts start to raise earnings estimates. Prices rise quickly, corrections are short-lived and shallow. Anyone looking to "get in on a pullback" will likely miss the boat. As wave three starts, the news is probably still bearish, and most market players remain negative; but by wave three's midpoint, "the crowd" will often join the new bullish trend. Wave three often extends wave one by a ratio of 1.618:1.

Wave 2: Wave two corrects wave one, but can never extend beyond the starting point of wave one. Typically, the news is still bad. As prices retest the prior low, bearish sentiment quickly builds, and "the crowd" haughtily reminds all that the bear market is still deeply ensconced. Still, some positive signs appear for those who are looking: volume should be lower during wave two than during wave one, prices usually do not retrace more than 61.8% (see Fibonacci section below) of the wave one gains, and prices should fall in a three wave pattern.

Elliott Wave personality and characteristics

Wave 1: Wave one is rarely obvious at its inception. When the first wave of a new bull market begins, the fundamental news is almost universally negative. The previous trend is considered still strongly in force. Fundamental analysts continue to revise their earnings estimates lower; the economy probably does not look strong. Sentiment surveys are decidedly bearish, put options are in vogue, and implied volatility in the options market is high. Volume might increase a bit as prices rise, but not by enough to alert many technical analysts.

IT will be on uptrend until end of this year and start to jump up January - April 2014.

aiyo mcm mau bankrupt jer PATIMAS . Haiya. Do know la got white horse or not.

i think the best think is govt should provide guide book or some sort of information booklet to all rakyat so that we all can understand well about the implementation of GST. Because for sure there is a good and bad things about GST. If all bad things then non of the country around the world would dare to implement it. There must be some good on it and some bad on it and i think rakyat should be inform on this so that rakyat is not easily being mislead by any group/organization.

Then ruslimz, 160 country around the world who implementing GST in their country are also lie to their Rakyat ? . Below is the list of 160 country around the world which implementing GST.

http://idrisjala.my/wp-content/uploads/2013/10/Implementation-of-GST-around-the-world.pdf

based on the latest PM Najib blog reply and hint there will be more subsidy restructuring,housing for low & middle income group,property speculation and tax reform. Possible counter will be hit badly is tobacco company,liquor and gaming, property counter and counter related to sugar.heheheh.

so yang ni nampak mcm ok. so mcm boleh makan sikit.

i think i will jump in also.

ok decided to not look at PM counter anymore. Move to other counter. Bye Bye PM.

heheheh mcm sudah mati punya counter. no need to q la.hehheh

Wow they collecting non-stop. sell and then collect. Sell and then collect.

hahhahha pulak. calvin kena Racist pulak. Aku ingat aku jer yang kena sebelum ni.hahahhaha.join the club. :-)

hahahah they eat last minute usually. last 10 minute. :-) . So no people kacau-kacau. And the next day show it as there is a selling non stop.And last 10 minute they collect. This way of buying & selling this way already being practice so many time for PM related counter. :-). hahahhaha.

hahahah Ayam Tua..anbz tu dah tak tahan tu sebab tu terpaksa cakap mcm tu.kesian la dia.hehehhehh. ok ok agree kasi makan coklet banyak2.

heheheh heavy selling ? sejak bila pulak ? ala tak heavy pun ni. come come sell to me.

Why anbz in this PMCORP forum while he is not buying it or he only condemn it. Why wasting time here. Aiyo. Please promote PW at PW forum not in PM forum.You are not Fan of PM but yet you still in this PM forum.

oit ayam bukan i yang bagi tahu tukar nama. i just follow what calvin write dekat forum.hehehhe. Hheheheh new name with new price...ok jugak tu.

CASH PAY OUT ANNOUNCEMENT price shoot up to 0.50 consider Ok already.

Waa PMCORP change name to NFI (NETWORK FOOD INDUSTRIES)

bye bye rooney2u. hhheheheh pmcorp sleep already. calvin not interested to pump in money anymore.hehehehhe.

think today high chance can go up. chart also look good.weak holder banyak run already. only tinggal a few with holding power.

林俊松 property & sin (Gaming, Alcohol & Tobacco)maybe will get hit.

This is for you akito to answer your news artical about "Umno can’t change, will soon be extinct, says former NST chief editor" . This time Raja Petra Answer it for u. :-)

http://www.malaysia-today.net/mtcolumns/60026-the-sins-of-the-fathers-visit-the-sons

The sins of the fathers visit the sons

Raja Petra Kamarudin

The pro-Umno Bloggers are on the attack. They are not happy with the just-concluded Umno party election. They were hoping that Mukhriz Mahathir instead of Hishammuddin Hussein would win one of the three Vice-Presidencies.

A. Kadir Jasin is also on the attack (read below). He has repeated what Tun Dr Mahathir Mohamad has to say about Najib Tun Razak -- which is not at all flattering. But then Kadir Jasin has always been Tun Dr Mahathir’s ‘mouthpiece’. So this is probably not at all surprising.

The issue here is that the son of Tun Hussein Onn won with just a nine-vote lead against the son of Tun Dr Mahathir Mohamad. And they blame the son of Tun Abdul Razak Hussein for this narrow defeat.

This sounds like a proxy war between two dead one-time Malaysian Prime Ministers versus one still alive one-time Prime Minister.

Tengku Abdul Rahman did not like Tun Dr Mahathir. In fact, that is putting it mildly. Tengku Rahman actually hated Tun Dr Mahathir and he once said that Umno would perish at the hands of Tun Dr Mahathir.

And that hatred is mutual. Tun Dr Mahathir played a prominent role in Tengku Rahman’s ouster that saw Tun Razak take over as Prime Minister in 1970. Tun Razak then appointed Tun Dr. Ismail Abdul Rahman as his Deputy and when Tun Dr Ismail died in 1973 Tun Hussein took over.

When Tun Razak died in 1976, Tun Hussein took over as Prime Minister and he reluctantly appointed Tun Dr Mahathir as his Deputy -- because of pressure from the party -- when he would rather have appointed Tun Muhammad Ghazali Shafie as the Deputy instead.

And once Tun Dr Mahathir became the Deputy he made his move to oust Tun Hussein and took over as Prime Minister in 1981.

Since the 1950s Umno has seen power struggles for the top two positions.

First Onn Ja'afar was ousted. Then Tengku Rahman was ousted. Then Tun Razak died before he could be ousted, as did Tun Dr Ismail. Then Tun Ghazali was ousted. Then Hussein Onn was ousted. Then Tengku Razaleigh Hamzah and Tun Musa Hitam were ousted. Then Tun Abdul Ghafar Baba was ousted. Then Anwar Ibrahim was ousted. Then Tun Dr Mahathir was ousted. Finally, Tun Abdullah Ahmad Badawi was ousted.

The only way you could avoid being ousted was to die in office like Tun Razak and Tun Dr Ismail.

So what was the just-concluded Umno party election all about? Was it about bringing change to Umno? Certainly not! It is about who is going to take over as Prime Minister once the son of Tun Razak is forced out of office. Is it going to be the son of Tun Hussein Onn or the son of Tun Dr Mahathir? And he who wins the Umno Vice-Presidency can then prepare himself to take on the Deputy Presidency and from thereon the Presidency of Umno, which also means the Prime Ministership of Malaysia.

So the son of Tun Dr Mahathir did not make the Vice-Presidency. The son of Tun Hussein did. Hence the son of Tun Hussein and not the son of Tun Dr Mahathir would have a better shot at the number two slot -- and thereafter the number one slot.

It is about the son of which ex-Prime Minister will take over once the son of another ex-Prime Minister is successfully ousted from power. This is what the just-concluded Umno party election was all about.

And that man who aspires to take over must be seen as more Malay and more Islamic than his opponents. And has Umno’s history not shown that liberals eventually get ousted in favour of hardliners?

Umno can’t change, say some liberals. Of course Umno can’t change. If Umno does change then the top leaders would get ousted. But will Umno soon become extinct if it does not change? I fear not. I fear that PAS may become extinct instead -- unless it changes course and becomes more Islamic than Umno.

The animal called Umno is about Malay and Muslim supremacy. And unless Najib sees this he would soon join the long list of top Umno leaders who eventually get kicked out.

What happened yesterday was that the Malays have sent the top party leadership a message that Umno is about Malay political power and that there must be no compromise on this matter. And the only way that PAS is going to remain relevant is to become more radical than Umno. That is what yesterday’s Umno party election means.

Welcome to the realm of Malay politics.

Hidup Umno! Hidup Melayu! Hidup Islam!

Finally Raja Petra Got it all correct. Hhahahah. That is why i said Malay will get more and more and more if UMNO stay in this courses and they know very well that to win they need to win the heart of Majority. Now i rest my case. :-). Thanks Raja Petra.

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PART 1

http://www.malaysia-today.net/mtcolumns/60024-change-by-any-other-name-is-still-change

Change by any other name is still change

So, back to my opening question: going by the just-concluded Umno party election, have we seen any change in Umno? Many of you will say ‘no’. I, however, will say ‘yes’. Umno has changed. It now realises what it needs. It understands that what it wants does not matter. What it wants will not keep Umno in power. And what Umno needs is to stay in power. And, to stay in power, it needs to give the Malays/Muslims want they want.

THE CORRIDORS OF POWER

Raja Petra Kamarudin

Two old friends bump into each other on the street after not having met for some time.

“Hey, Mike, how are you? Haven’t heard from you for some time.”

“Yeah, I’ve been away over the last few months. Been in rehab.”

“Yeah, I heard about that. And how is your drinking problem?”

“Oh, much better. I’m doing great. I don’t drink any more.”

“That’s certainly great to hear. Well done.”

“I don’t drink any less either.”

I suppose that can either be taken as an improvement or a setback, depending on how you look at things and whether you perceive half a glass of water as half-full or half-empty. And how would you perceive the just-concluded Umno party elections? A step forwards or a step backwards (or many steps as the case may be)?

That would probably depend on whether you think that not drinking any more is good when one does not drink any less either. Or maybe you think there is really no change for the better although things may not be getting any worse as well.

Again, how would you perceive the just-concluded Umno party elections? Has Umno moved forwards? Has Umno moved backwards? Or has there actually been no change?

To the alcoholic, not drinking any more is good even though he or she does not drink any less either. To the teetotaller, though, that would probably be seen as a setback. After months of rehab all you could achieve is to arrest the slide but not reverse it? That, to some, would be a disaster.

The Islamists look at Malaysia today and compare it to Malaysia of, say, 60 years ago, and would say that much has improved since the 1950s. Nowadays, most Muslim women dress ‘decently’ and wear a tudung compared to short skirts and bareback dresses as in the past. This, to the Islamists, is a great leap forward.

Liberals frown and sigh and say that Malaysia has gone backwards since the days or Saloma and P. Ramlee. What has become of Malaysia when Malay women today dress like Arabs in the desert whereas once they were so modern and sexy? And where has all the joget and ronggeng gone to, which was very much part of Malay culture back in the days before Merdeka?

People will change when there is a need for change. The question would be whether the change is for the better or for the worse. Better or worse would be how you perceive things and is not constant. The only constant thing, as they say, is change. But then if it changes how could it be constant? That is what we could probably call an oxymoron.

Umno would change if there were a need for change. Everything and everyone changes dependent on need. The only thing is: what would be this need? And this is where we enter the realm of the debate between wants and needs. There are wants and there are needs -- and most times people are confused between the two.

You need a car because you cannot get to work without one, especially when Malaysia’s public transportation system sucks. But you do not need a BMW or a Mercedes Benz. That is not a need. That is what you want. Hence the difference between wants and needs, which most people cannot seem to differentiate.

The question of needs and wants would also come into play when we talk about the change, or lack of change, as the case may be, in Umno. Going by the just-concluded Umno party elections, has Umno changed? And if it has, has it changed for the better or for the worse?

Different people will have a different answer to this.

I would rather ask another question. Does Umno want to change? Or, more importantly, does Umno need to change?

Umno may want to change, or at least some people in Umno may want to see Umno change -- for example, people such as Party President Najib Tun Razak and Youth Leader Khairy Jamaluddin. But can Umno change if many people see no need for change in Umno?

So, what then does Umno need before we talk about what Umno wants?

In the past, Umno depended on their partners in Barisan Nasional. That was in the days when Barisan Nasional could win general elections with landslide victories and with more than two-thirds of the seats in Parliament (plus the same in the state elections as well). Today, that is no longer possible.

what is the different between mui berhad & mui property ? both are property counter ? or their nature of business is property ? because i thought mui prop is focusing on property.

MUI PROP ?

Good for u Fortunebull

Good For u Fortunebull

My Second daughter soon will be born at PCMC. My son also born there. Thank You Dato President to keep your promise to all staff that it is not all about business but also about the well being of the employee. Thanks you for the Management of PETRONAS for keeping this facility for all staff to use it and for the employee of PCMC,Doktor and nurse thanks so much for what you did to our family. Hehhehe hope to see you guys soon as my daughter is on the way.

ASUPREM never let me down.every year got play one. Thats what i like about this counter.

based on TA

wow thats a lot AhJee. u still holding it. well we see how la. not sure what is the company plan on the regulation plan and whether bursa going to accept it or not. next week or last week of Oct would be an interesting time to see where it heading.

heheheh.jangan pecah bank sudah. but look at this counter it is on uptrend. so next week i might curi-curi buy.hehehhe.

last week has clear some weak holder and we see how it going to be next week