SINGAPORE (Nov 12): Malaysia’s Budget 2019 was probably one of the most anticipated and closely watched in recent years. After all, it is the first budget from the newly installed Pakatan Harapan government. In the run-up, the government had warned that sacrifices were required in view of the country’s trillion-ringgit debt burden. That certainly had many bracing for the worst. 

But as it turned out, Budget 2019 is more expansionary and far-sighted than one would have expected given the fiscal constraints.

Of note, the budget allocated some RM37 billion ($12.19 billion) for long-overdue tax refunds — Goods and Services Tax (RM19 billion) as well as outstanding income tax and Real Property Gains Tax refunds (RM18 billion). 

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