Tax relief for 2010 budget

The Finance Ministry is studying 68 memorandums from various focus groups to decide if there’s a need for more tax relief for the 2010 budget.

This video was made by thestaronline

Like many other independent nations, Malaysia’s economic policies were shaped by various events in the nation’s history since independence.

The Malaysian government subsidizes and control prices on a lot of essential items to keep the prices low. Items such as palm oil cooking oil, petrol, flour, bread, rice and other essentials has been kept under market prices to keep cost of living low. In 2008, the government announced that it has spent RM40.1 billion in 2007 in subsidies to keep prices leveled.

Although the federal government promotes private enterprise and ownership in the economy, the economic direction of the country is heavily influenced by the government though five years development plans since independence. The economy is also influenced by the government through agencies such as the Economic Planning Unit and government-linked wealth funds such as Khazanah Nasional Berhad, Employees Provident Fund and Pemodalan Nasional Berhad.