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THE 2025 BUDGET – MY WISH LIST I firmly believe that Malaysia’s 2025 Budget should be expansionary, with the explicit aim of revamping the country’s economic structure. My suggestions for this include: FISCAL 1. Our efforts must be focused on increasing production levels. This is to ensure that prices find the optimal levels required to help us better manage the rising cost of living, which remains the Rakyat’s biggest concern. This is also to ensure that the balance of trade remains strong regardless of the rising Ringgit we are seeing today. Therefore, it is imperative that we a. Re-evaluate and where necessary strengthen the assistance and incentives provided to SMEs. b. Continue building and nurturing the start-up ecosystem. c. Strengthen and increase research and development activities. d. Reassess and increase incentives for re-investment in key economic growth areas. 2. We must ensure the continual increase in the Rakyat’s disposable income. a. The Government must reconsider the removal of diesel subsidies. This is not the right time for it. b. The recent increase in civil servants' salaries must not lead to rising inflation. Exhaustive control mechanisms must be in place to ensure this. c. Cash assistance to eligible citizens must continue 3. The government's income must be increased to ensure that a more equitable and comprehensive tax structure can be implemented. To this end a. The Goods and Services Tax (GST) must be reintroduced, albeit within a more inclusive, harmonious structure. b. A more thorough tax structure for the growing digital economy must be swiftly implemented. c. Re-evaluate and eliminate energy and water subsidies to industries. MONETARY The Overnight Policy Rate (OPR) should be maintained at current levels until at least the second quarter of 2025 to help support and see through the above measures.

EU Budget Must Focus on Competitiveness, Curb Excessive Spending. Péter Ben? Banai, Secretary of State for Public Finance, emphasized the importance of competitiveness in the EU’s 2025 budget during the Economic and Financial Affairs Council (ECOFIN) meeting in Brussels. The Secretary of State highlighted Hungary’s stance that additional resources should be directed towards programs that stimulate investment and boost competitiveness to drive European economic growth. Mr. Banai explained that the ongoing negotiations aim to secure funding for initiatives already approved by EU leaders and the European Parliament, while ensuring these measures do not place excessive financial burdens on Member States. Péter Ben? Banai, Secretary of State for Public Finance at the Ministry of Finance, speaks ahead of the Economic and Financial Affairs Council. Photo: MTI/Bodnár Boglárka He cautioned that excessive spending could lead to increased costs for European citizens, potentially in the form of higher taxes. A significant concern raised by the politician is the higher-than-anticipated interest expenditure on EU borrowing, exceeding the European Commission’s original 2025 projections. This discrepancy, amounting to approximately EUR 2.3-2.4 B, poses a major challenge for the budgetary process. Péter Ben? Banai outlined potential solutions, including reallocating resources from other programs or requiring additional contributions from Member States to cover these costs. However, he stressed the importance of balancing the need for funding with the imperative of minimizing financial strain on citizens and states. Related articleHungarians Seek Work Beyond the Border as Wages Rise in Neighboring CountriesThe largest group commuted to Austria in 2022.Continue reading Via: MTI; Featured Image: Pixabay The post EU Budget Must Focus on Competitiveness, Curb Excessive Spending appeared first on Hungary Today. https://lnkd.in/d4HQrtyk

"Union Budget 2024 date and time" "Check the common FAQs" and "Answers to budget related questions here???????????? ?? Facing continued global uncertainties, potential economic slowdown in the U.S., Europe and elsewhere, and ongoing conflicts in Russia-Ukraine and Israel-Palestine, Gaza, Finance Minister Nirmala Sitharaman is preparing to present the Modi government's budget in late July 2024. ?? Recently, leaders from India's corporate sector advocated for reducing the income tax burden on individuals, increasing capital expenditure, and implementing measures to control food inflation. ?? In their pre-Budget discussions with Sitharaman, industry representatives emphasized the need for heightened focus on infrastructure development to sustain economic growth. They also highlighted the importance of bolstering the MSME (micro, small, and medium enterprises) sector, which is crucial for the Indian economy and a key source of employment. ??? Here are answers to some frequently asked questions related to Budget 2024 ?? When will FM Nirmala Sitharaman present the interim Budget 2024? Finance Minister Nirmala Sitharaman will likely present the Budget 2024-2025 in Parliament in late July 2024. Dates and timings have not been made public yet. ?? When will the Budget Session of Parliament start and end? The first session of the 18th Lok Sabha is set to conclude on July 3 for oath/affirmation of newly elected members. ?? When will President Droupadi Murmu address both the Houses on Budget Session? President Droupadi Murmu will address a joint sitting of the Lok Sabha and the Rajya Sabha on June 27. ?? What is the Economic Survey? The Economic Survey provides an annual overview of the country's economic progress, highlighting significant challenges and suggesting potential solutions. This year’s survey is being prepared under the guidance of Chief Economic Adviser, Dr. V. Anantha Nageswaran. ?? What is the difference between Interim Budget and Full Budget ? An interim budget is a temporary financial blueprint designed to cover expenditures for a short period, usually until a new government takes office. Since the fiscal year ended on March 31 and a new government transitioned in early June, the interim budget bridged the gap, ensuring financial operations continued smoothly during this transition. Now that the new government is in place, a comprehensive budget for the remainder of the fiscal year will be introduced in July. ?? What is fiscal deficit? A "fiscal deficit" represents the gap between a government's total revenue and its total expenditure within a financial year. This deficit highlights how much the government's spending surpasses its earnings. It's important to note that when calculating total revenue, borrowings are excluded. Source: The Economic Times #unionbudget #interimbudget #capex #fiscaldeficit #msme #economicsurvey

New Post: Understand the essence of the budget before the budget, how was the general budget of the year 2024-2025 - https://lnkd.in/e8NvUMpr New Delhi: Finance Minister Nirmala Sitharaman will present the general budget for 2025-2026 on 1 February. The direction of the government's economic policy is visible in the general budget. In this, ministries are allocated money for their expenses. In this, details of tax proposals are presented for the coming year in it. General budgets are presented by the government for every financial year. Before the upcoming budget on one date, let us know the essence of last year's budget. Budget summary is a brief version of the budget, in which the financial provisions and priorities made by the government are summarized. This is usually a brief form of budget speech or budget documents, which includes the main points. How was the budget of 2024In the Union Budget of 2024-25, the government took many important steps to encourage economic development. Capital expenditure in the budget was increased by 11.1% to ? 11.11 lakh crore. Which was 3.4% of GDP. The fiscal deficit is targeted at 4.9% of GDP, which is less than 5.6% of the previous year. The Union Budget of 2024-25 presented by the Finance Minister emphasized the country's economic development, infrastructure expansion, social welfare and financial stability. The government had allocated ? 11.11 lakh crore (3.4%of GDP) to increase infrastructure, transport and investment in energy sectors. The government also insisted on working on the goal of reducing fiscal deficit. Emphasis was also laid on giving tax relief for the lower and middle class.What was the major things of Union Budget 2024-25 Fiscal deficit control - It was limited to 4.9% of GDP, which was less than 5.6% in 2023. Capital expenditure growth - ? 11.11 lakh crore was allocated for infrastructure and transport development. In order to provide relief to the middle class through tax reform, the government had changed the capital gains and security taxes. Credit guarantee schemes were increased for small industries to promote employment and MSME. Agricultural and Rural Development Climate-Smart had promoted agriculture, digital and e-commerce. The government emphasized on women's empowerment. Financial and social schemes were made under the 'Nari Shakti' scheme. The budget was increased for the subsidy provision for food, fertilizer and petroleum subsidy. Increasing the defense budget, the government had increased the budget for modern defense equipment and security reforms. Ayushman Bharat for health and education, a plan to invest more for digital education and research was made by the government.

Budget 2025 Its been years since I’ve taken a deep dive look into Malaysian budget. So when I was asked to do so this year for various reasons, it did bring back a lot of memories and without the pressure to publish something on Friday night, it was a fairly pleasant experience. (Miss the pizza nights but not the mad rush). So here’s a short take on it A Sigh of Relief Budget 2025 was defined not so much as What it Contained BUT rather What it Didn’t Contain. In the weeks prior to the Budget tabling, different segments of Malaysian society were worried about What Budget 2025 would hold for them – Economists were worried that there would be Unrestrained spending by the Government leading to weaker financials for Malaysia, the Rich were worried about a sharp cut of subsidies for them, the Poor were worried about the reimposition of GST and Investors were worried about Capital Gains or Inheritance Tax. In the end, none of these materialized and an audible sigh of relief could be heard from all quarters from what turned out to be a Pragmatic, Balanced and somewhat Boring Budget. In economic terms, Boring is Generally Good. · Economists would be relieved that the Government chose to rein in spending with Development Expenditure coming in flat at RM86bn and Revenue being expected to grow faster than overall Expenses at 5.5% vs 3.3% respectively leading to a gradual forecasted reduction in Deficit to GDP ratio from 4.3% in 2024 to 3.8% in 2025. No New Mega Projects were announced to their relief. · High Income earners were somewhat relieved that any RON95 subsidy rationalization would only come into force in the middle of 2025 and there was no mention of the luxury goods tax that had been deferred in 2024 · Low income earners were relieved that their dreaded GST was not mentioned but instead the Government would continue to provide targeted subsidies for the 85% of the Malaysians in the lower income bracket. Even the expansion of the sales tax was only going to target premium imported goods like Salmon and Avocados. Imagine the gasps of horror from the Gen Z · Investors breathed a sigh of relief that Inheritance tax did not materialize. In its place was a very manageable 2% tax on dividend income above RM100k. Translating this into an example, a portfolio worth RM3m and with a dividend yield of 5% would only incur a tax of RM1000. Quite manageable if you have a stock portfolio worth RM3m. In terms of what was in the Budget, it was good to see that the Government is gradually increasing tax incentives and reliefs to encourage care for the elderly, care for the environment and care for women and the disabled.

Kenya's unending 2024/25 budget cycle Quite a bit has been obscured by the impeachment of Rigathi Gachagua, one critical thing is that the National Assembly & the Senate have failed to agree on the Division of Revenue (Amendment) Bill 2024. What was the ask from the counties? 1. Deletion of Clause 2 of the Bill. This means they want the allocation retained at Kes 400.12 billion per Appropriations Bill 2024 2. Deletion of section 1 of Clause 3. This means they are rejecting the proposal that any shortfall in revenue nationally in 2024/25 be borne equitably by the two levels of government 3. Deletion of Clause 3(b) prescribing that burden sharing upon revenue shortfall shall be capped at 15.0% of the shortfall for counties 4. Deletion of the Schedule under Clause 4. This means the entire proposal with total sharable revenue at Kes 2.602 trillion & Equitable Share at Kes 380.0 billion has been rejected The National Assembly maintains that: 1. The budget cuts following the Finance Bill 2024 triggered revenue downgrade are to be borne equally by both levels of government 2. Counties should accept Kes 380.0 billion for 2024/25 as their equitable share allocation Musings: 1. At Kes 380.0 billion equitable share allocation, Kenya is already at the 4.3% fiscal deficit to GDP ratio ceiling agreed upon with the fund 2. Remember the delayed 7th Review which has now effectively been combined with the 8th is largely predicated on the fiscal outturn, so the deficit question is a live wire 3. There's literally no wiggle room around this, unless of course GOK trims expenditure elsewhere to offset a possible increase on the equitable share 4. Supplementary Appropriations II already being contemplated?

Namibia’s Mid-Term Budget: Balancing Fiscal Responsibility with Developmental Needs: Namibia is moving into her election period and there have been some levels of uncertainty around the country’s future economic and political paths. More specifically, multinationals are looking for policy certainty for long-term hydrocarbon investments to be kick-started. Furthermore, the past year saw Namibian assets being favoured due to economic tailwinds and governmental fiscal prudence. However, the government has fallen short on developmental and capital expenditure, which could exacerbate inequality and prevent many Namibians from entering the formal economy. Another important factor to consider is that the region is viewing Namibia as a key logistical hub through the Walvis Bay corridor. Unfortunately, a lack of infrastructural development does limit the country’s capacity to live up to her potential. Tax amendments and government wage adjustments have provided relief to Namibian consumers, but overall, the purchasing power of consumers is still considered weak. However, on an asset basis, Namibian bonds have repriced as the market welcomes fiscal constraint and strong revenue collections. Furthermore, the government continues to illustrate that the upcoming bond redemptions are catered for through the sinking fund. Namibia’s future looks promising on the back of future hydrocarbon discoveries and economic productivity. However, income inequality and poverty may lead to radical policies in the future – opening the possibility of policy uncertainties. Namibia can spend on developmental projects after years of fiscal restraint, and we expected her to take advantage of the current fiscal health of the country. Revenue Revenue outperformed marginally (0.40%) compared to initial expectations in the annual budget speech (N$81.5 billion vs N$81.1 billion). Non-tax revenue constituted 6.71% of total revenue, with the majority coming from tax sources: customs and excise at 33.3%, indirect taxes at 25.7%, income tax on individuals at 23.4%, company tax at 13.9% and the remainder from property and other taxes. The over-collections nullified the downward revisions of non-tax revenues. Revenue collection has been on an upward trend over the last two financial years and is mainly driven by diamond mining company tax. It is important to note that Namibia continues to face challenges in the diamond sector due to low international prices and weak demand. Consequently, projected revenues from the sector for 2024/25 financial year have been reduced by over N$2.3 billion. This ongoing weakness represents the most significant risk to the national fiscus in the short to medium term. The mid-term collections now equate to 50.5% of estimated revenue for the 2024-2025 fiscal year. Expenditure Expenditure came in lower than anticipated, with earlier expectations at -2.2%, due to…

Part 1: In response to the Budget delivering tax cuts and increasing spending on core services, the Coalition Government has faced criticism from both left and right. Some say the Budget did not go far enough in reducing wasteful spending and rebalancing the economy. They say government spending should have been cut, not increased. Opponents were quick to say the Coalition should have spent more and not cut taxes. Predictably, some of the strongest criticism was from separatists who claimed the Budget had nothing in it for Maori. That, of course, is a lie – as is much of their rhetoric. For a Government that pledged in their coalition agreements “to improve outcomes for all New Zealanders, and not advance policies that seek to ascribe different rights and responsibilities to New Zealanders on the basis of their race or ancestry”, far too many race-based initiatives are still being funded in Budget 2024. The Coalition has given Te Matatini, which received $34 million over two years from Labour’s 2023 Budget for a regional kapa haka programme, a further $48.7 million over three years from 2025. Their funding for Matariki events amounts to $3 million a year. The Bilingual Towns and Cities Programme has been given $400,000 a year for anyone interested in adopting bilingual or te reo signage. The $1.2 billion Regional Infrastructure Fund to invest in infrastructure with a focus on economic and climate resilience over the next three years is expected to benefit iwi throughout the regions. The Maori Development Portfolio has received more than half a billion dollars in funding. That includes over $142 million to promote Maori language and culture, $64 million for Maori wellbeing, $56 million to improve Maori housing, $48 million to assist Maori to meet their aspirations, and $10 million to support Maori Tourism. Whanau Ora – the quasi-government agency developed with iwi leaders to operate outside of the system of government accountability so the Auditor General is unable to monitor the spending of public money by Commissioning Agencies – received just over $182.3 million, up from $181.7 million last year. The Office of Maori Crown Relations, Te Arawhiti, another agency set up with iwi leaders – to drive He Puapua and indoctrinate the Public and private sectors with a ‘Maori World View’ – will receive $42 million, only slightly down on last year’s $46 million.

How does the government plan to address the 2017 budget deficit of 358 billion birr? In 2017, Ethiopia's budget deficit was reported to be 358 billion birr. The Ministry of Finance announced that the economy experienced growth rates of 7.9% in 2016 and 8.4% in 2017. The economic recovery was attributed to the second indigenous economic reform, which involved significant policy changes such as opening the economy to foreign banks and initiating the capital market. Finance Minister Ahmed Shide emphasized the role of the private sector in driving economic growth and highlighted the government's efforts to implement sustainable fiscal policies. ? The 2017 fiscal budget was set at 971.2 billion birr, with the federal government's total revenue, including foreign aid, reaching 612.7 billion birr—a 21.1% increase from the previous year. The budget allocation included 451.3 billion birr for regular expenses, 283.2 billion birr for capital projects, and 236.7 billion birr for regional allocations. Major capital investments focused on infrastructure, education, agriculture, health, and safety nets. Despite these allocations, challenges such as inflation, foreign currency shortages, and rising commodity prices were noted as significant economic hurdles. To address revenue generation, the government planned comprehensive tax policy reforms, including updates to the Value Added Tax Act and the excise stamp tax system. Additionally, non-tax revenue and foreign resources were identified as critical funding sources for the budget. The government aimed to reduce inflation from 27.4% to 12% and to enhance fairness in resource distribution across regions, despite concerns from council members about equitable allocation and project implementation delays. The budget also included substantial allocations for national defense and various social services, reflecting the government's priorities in maintaining security and social welfare. Source: Reporter (https://lnkd.in/epEipSCj)

PM Anwar to table Budget 2025 this afternoon KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim will present Budget 2025 in the Dewan Rakyat on Friday (Oct 18) afternoon. It will be the third budget presented under the Madani government led by Anwar and the final one under the 12th Malaysia Plan (2021-2025), before transitioning to the 13th Malaysia Plan for the next five years. The Budget 2025 presentation will be broadcast live on local television stations and social media at 4pm. According to the pre-Budget 2025 statement published on the Finance Ministry’s dedicated Budget website, Budget 2025 will focus on the key pillars of the Madani Economic Framework: 'Raising the Ceiling', 'Raising the Floor', and good governance and public sector reform. The 'Raising the Ceiling' thrust aims to restructure the economy and boost the nation's competitiveness, positioning Malaysia as a leader in Asia’s economy, while the 'Raising the Floor' pillar seeks to improve Malaysians' living standards by ensuring equal opportunities, a decent standard of living and social protection for all. The pillar of good governance and public sector reform aims to prioritise transparency, efficiency and accountability in government, ensuring that Malaysia's outlined goals can be achieved. On Oct 7, Anwar, who is also the Finance Minister, said in a Facebook post that Budget 2025 is a continuation of the government's efforts to realise the vision of the Madani Economic Framework. The Prime Minister said more structural improvements to the economy would be introduced in the budget to ensure that the rapid economic growth is shared equitably among the people. According to the schedule on the official Parliament website, the Supply Bill 2025 will be debated at the policy stage for eight days starting next Monday (Oct 21), followed by a ministerial response session for four days beginning Nov 6. Members of Parliament will then debate the bill at the Committee stage for 12 days starting Nov 13, before it is voted on by the Dewan Rakyat. #budget #Budget2025 #kokkiam