Budget aims to boost economic competitiveness

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Malaysia unveiled a series of tax cuts and incentives to boost key industries in its 2004 budget, along with sharp increases in "sin" taxes on alcohol and tobacco while imposing new excise duty on imported cars.

Prime Minister Dr Mahathir Mohamad, presenting his last budget before retiring next month after 22 years in power, said additional income tax incentives would be offered to foreign firms setting up operational headquarters in Malaysia.

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