It is the official stance of the Malay Economic Action Council (MTEM) that the upcoming federal budget to be presented on Oct 10, 2014 must be both ‘sweet’ for the public, but also sustainable in the long term.

From our side, we believe that more must be done to ensure wealth creation for all Malaysians. We would welcome more funds to be available for start-up companies and entrepreneurs to balance the current divide and indirectly address the wealth gap issue that is straining today’s Malaysia.

To do this, more funds for entrepreneurship programmes should be made available especially for the ‘Bottom 40' population of Malaysia - the 40 percent earning the lowest in this country.

Some elements to this plan has already been introduced in the past, in the form of soft loans with low interest rates to hawkers and those opening stalls at pasar malam and markets. We ask that these be further enhanced with more funds and more infrastructures built to assist them.

Furthermore, MTEM would also ask the government to promote further funds to the growing entrepreneurs who wish to expand their business. Subsequently, there should be funds made available for the bumiputera corporate champions to expand into the Asean region.

With Malaysia being the Asean secretariat and the establishment of the Asean Economic Corridor (AEC) next year, it would be folly not to push for the bumiputera business community to take advantage of the huge opportunity which would level the playing field.

On the socioeconomic side, we ask the government to look further at curbing the speculation and pricing of housing. With cost of living getting higher, it is a necessity for this government to do everything in its power to address the burgeoning increase in the price for a home.

It is also necessary that this government understands that its focus should not just be on low-cost or affordable-cost housing. Instead, it should look at the definition of liveable housing, which would include access to efficient, interconnected public transportation as well as commercial areas for those living there to conduct business.

At the same time, we ask this government to make public its tax restructuring plan which was mentioned last year. In 2013, the prime minister had said that the Goods and Services Tax (GST) was only one part of a plan to restructure our tax system. We would like to suggest tot the government that it looks at raising the real property gains tax (RPGT) to curb property speculation, as well as the taxation on dividends to curb rent seeking.

At the same time, we believe that an estate tax for those earning in the millions of ringgit as well as a heritage tax would ensure the government’s coffers become sustainable.

We also believe it is time for a change in government policies related to bankruptcy. We believe the government should introduce policies to assist in granting bankrupts a second chance with similar mechanisms available in other developed nations.

MTEM believes that through these suggestions, the government will be able to declare a budget that is “sweet” for the middle and lower income Malaysians, while ensuring sustainable revenues which can be used to further develop national infrastructure.

NIZAM MAHSHAR is chief executive officer, Malay Economic Action Council (MTEM).