Kota Kinabalu: Sabahans may not be aware what Bank Negara Malaysia Assistant Governor Tuan Fraziali Ismail described at a recent Rotary Club of Kota Kinabalu dinner event, as the “Fiscal Responsibility Act”.
It is actually known as the Public Finance and Fiscal Responsibility Bill focussing on the Government’s policies and strategies to ensure responsibility and transparency in the country’s fiscal and economic policies for the people’s wellbeing.
“The Government needs money. The Government doesn’t have much money.
“Malaysia is one of the countries where the income tax revenue collection in proportion to the GDP is one of the lowest. GST in the past got rescinded.
Advertisement
