KUALA LUMPUR, Oct 3 — MIDF Amanah Investment Bank Bhd’s research arm believes that no new taxes would be introduced in Budget 2022 due to the lingering Covid-19 pandemic.
“However, the government may need to increase borrowings to finance the fiscal deficit. A possible increase in the statutory debt ceiling to 65 per cent of GDP from 60 per cent currently will provide a greater fiscal space for the government,” its economist Abdul Mui’zz Morhalim told Bernama when asked to share MIDF Research’s Budget 2022 wish list recently.
“This may include reviewing and introducing a new tax system to improve the government’s revenue generation in the future,” he said, adding that improvement in the fiscal position would be crucial to ensure the government has greater fiscal flexibility to support the economy, especially to cushion the impact from the next economic crises.
Among the projects mentioned in the 12MP are the Klang Valley Double Tracking , East Coast Railway Link, Pan Borneo Highway, West Coast Expressway and Central Spine Road Abdul Mui’zz did not rule out the government considering an increase in the allocation for healthcare and the Covid-19 Fund for next year, as the waning effect of the existing vaccines may require additional jabs and there is still a chance of resurgence of Covid-19 cases with the emergence of new variants of the coronavirus.
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