Opposition front unveils alternative budget
Barisan Alternatif presented its budget for 2003 today three days before the government is scheduled to announce its budget promising better income for the rakyat (people), civil servants, families and business community.
The 'alternative' budget presented at the Parliament's meeting room this afternoon by Universiti Malaya's economic professor Dr KS Jomo planned an increase in personal tax reliefs from the current RM8,000 to RM9,000 to benefit families.
In addition, Jomo said that tax exemption for dependents such as children and parents should be extended to enhance family ties and responsibilities.
For civil servants, he proposed a hike in their income by RM100 and the current interest rate of four percent for house purchase be replaced by a 0.5 percent management charge.
For the business community, Jomo said that the government should introduce a progressive tax structure for corporate companies which will benefit small- and medium-size industries.
Only 20 percent corporate tax should be imposed on companies earning less than RM20,000, he added, while those profiting RM80,000 and more should be imposed with a 50 percent tax.
"This structure will benefit small- and medium-size industries and will encourage them not to evade taxes in the future," he told a crowd of some 80 people comprising mostly opposition MPs and supporters who were at his 'budget' presentation.
"Currently, many of these companies prefer not to participate with government programmes because they do not want to pay high taxes," added the political economist who assisted the opposition front in drafting the plan.
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