Maybank says the 2020 budget may extend the sugar tax to include 3-in-1 coffee mixes.
Prime Minister Mahathir Mohamad’s government will, at the least, need to sustain its development spending to prop up domestic demand next year, economists have said, even as it continues to deal with RM1 trillion in debts and other liablities that has been blamed on embattled former premier Najib Razak’s administration.
Maybank said there was a possibility of broader sugar tax coverage to include powdered brew like the 3-in-1 coffee mix “and carbonated drinks sold at fast food restaurants.” An expanded budget for next year could mean a slower pace of fiscal consolidation than forecast by the government, though it is something that is to be expected with the soft outlook, Standard Chartered said.
“Nevertheless, we do not expect this to raise rating concerns given the challenging economic outlook, as long as the medium-term fiscal consolidation target is adhered to,” Standard Chartered said in a note, projecting the deficit to fall to around 3.2%.The government has said that it will not introduce any new taxes in the 2020 budget, but it could expand the coverage of existing taxes to broaden its revenue base, according to Maybank Investment Bank.
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