Permodalan Nasional Bhd chairman Tan Sri Abdul Wahid Omar
PNB is committed to do our part in supporting the government to implement 2017 Budget measures. This will include allocation more funds for investment in small-and mid-cap stocks, increase the number of SLIM participants, build more affordable homes through our varios property development companies and ensure our people participate actively in the Transformasi Nasional 2050 national discourse.
Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar
THE 2017 Budget is able to balance growth, fiscal stability and improving living standard for the bottom 40 per cent (B40) of Malaysian households. As the Strategic investment fund of the government of Malaysia, Khazanah is committed to delivering on the government's 2017 Budget initiatives, through our ongoing initiatives on amond others, Skim Latihan 1Malaysia, affordable housing, leisure and tourism, and creative industry sectors.
Malayan Banking Bhd group president and cheif executive officer Datuk Abdul Farid Alias
2017 budget is in line with Maybank's view that is it underpinned by three elements. First and foremost, we are very happy to see that the government remains focused on fiscal disciplin and consolodation. Secondly, we are living in an enviroment where the global economy and world trade - and therefore external demand - has been weak for several years now. Third, the issue of inclusive growth and equality is global, not just local, and they are addressed in this budget via specific measures targeted for the B40 and M40 of the income groups.
CIMB Group Holdings Bhd chief executive officer Tengku Datuk Seri Zafrul Aziz
2017 Budget is both pragmatic and peoplecentric, with the right balance between public sector fiscal discipline and various thrusts that will help the private sector contribute meaningfully to the nation's gross domestic product (GDP) growth. We are confident the proposed measures in 2017 Budget will achieve the fiscal deficit target at three percent of GDP for next year, and will go a long wat towards supporting domestic demand and the rakyat's short-and long-term interests, as well as in meeting the development targets set out in the 11th Malaysia Plan (2016-2020).
RHB Banking Group managing director Datuk Khairussaleh Ramli
THIS budget has a special focus on inclusiveness, such as helping to manage rising cost of living and enabling home ownership among the new joiners to the job market. The affordable home ownership scheme announced by the government through PR1MA will enhance the eligibility of this group of the population to own a house, and RHB is honoured to be able to be involved in this scheme. The budget also bodes well for the business community with the various tax relieves and incentives which stimulate a robust SME sector.
Lembaga Tabung Angkatan Tentera chief executive Tan Sri Lodin Wok Kamaruddin
SECTORS LTAT invests in have been positively impacted by this progressive budget. The importance placed on the healthcare sector is evident given the total allocation of RM25 billion for this sector. Of this, RM4 billion has been allocated for the supply of drugs, consumables, vaccines and reagents to all government hospitals and health facilities. This bodes well particularly for our pharmaceutical, Pharmaniaga Bhd.
Standard Chartered Bank Malaysia Bhd managing director and CEO Mahendra Gursahani
DOMESTIC consumption and private investments are needed to support economic growth, hence we are encouraged to see the pro-business strategies announced in 2017 Budget. The RM2.1 billion allocation to the five economic corridors will be positives for financial services as we support and participate in the country's infrastructure development. We are also pleased to see that small-and mid-cap companies are given attention in this budget, opening up participation in the capital markets to more players.
AMbank group chief executive officer Datuk Sulaiman Mohd Tahir
THE 2017 Budget continues to focus in ensuring the economy continues to expand at a healthy pace, and at the same time reduce the fiscal deficit and address the public debt with the overall objective of bringing prosperity to the nation and promoting the wellbeing of the rakyat. An initiative under the budget, which will bode well for the
economy, is the introduction of reduction of tax payable by stages based on
percentage increase income for the SME sector.
Franklin Templeton Investments Malaysia fixed income and sukuk executive director Hanifah Hashim
THE actual a low three per cent region and this is still an acceptable rate to international rating agencies, given the challenging global economic climate. Infrastructure development projects are one of the key fiscal spendings that can benefit the economy if it is targeted and transparently distributed due to its resultant multiplier effect on other sectors such as construction manufacturing and services. The country's trade surplus remains healthy, foreign reserve can support 8.5 months of retained imports, and gross domestic product growth for the full year can come in at four per cent, which will be commendable given a slower global growth.
Bina Darulaman Bhd group managing director Datuk Izham Yusoff
THE 2017 Budget represents a delicate balance to spend and distribute among key socio economic segments while achieving reduced budget deficit. Clear emphasis was also given to improve B40 income level via higher BRIM payout and various subsidies/ incentives. SNEs have been given a lot of attention to help grow the economy next year. In the medium term, since the econimic growth would largely be driven by local investments, SMEs are given numerous incentives including of step-up financing scheme for PR1MA houses, the increase of government servants loan entitlement and utilising GLC landbanks in strategic locations to develop affordable houses.
KPMG Tax Services Sdn Bhd executive director Nicholas Crist
THE 2017 Budget contains no tax shocks. Instead, the budget builds on a sound economic base with te tax changes being generally extensions of existing tax incentives. The consolidation of reliefs into the new tax relief for lifestyle should facilitate the completion of the annual income tax return as the relief is more generous than those it replaces, it should be popular with the rakyat. Companies whose chargeable income increases by 20 per cent or more, compared with the previous year, will be given a four per cent point reduction in the income tax rate on the increased income. This is a particularly attractive relief and would increase the after-tax profits of companies and their devidend paying ability.
Mah Sing Group Bhd managing director and group cheif executive Tan Sri Leong Hoy Kum
WE appreciate the stamp duty exemption of 100 per cent, compared with the current 50 per cent, for houses under RM300,000. This will be beneficial for our projects under the Rumah Wilayah Persekutan programme in Lakeville Residence, Taman Wahyu, Rumah Selangorku Programme in M Residence 2@ Rawang, Southville City@ KL South, as well as our Rumah Mampu Milik Johor in Meridin East. For those who have the intention of buy higher and houses, the stamp duty increases from three to four per cent for houses more than RM1 million, which will encourage advance buying of completed properties prior to January 2018
PwC Malaysia tax leader Jagdev Singh
THE 2017 Budget addressed the broad needs of the rakyat in terms of improving standard of living as they will have to be prioritised as we come closer to the general elections. However, there should have been a clearer long-term measures on how we continue our growth trajectory to propel us forward as a high-income nation. Attracting foreign and domestic investment in strategic sectors, innovation and R&D for sustainable growth. Hopefully, the 2050 National Transformation will provide a clearer roadmap in bringing us on par with more successful economies.
SP Setia Bhd president and cheif executive officer Datuk Khor Chap Jen
WE are happy that the government will make financing easier and more accessible and looking at reducing the loan rejection rate for first-time house buyers, Nevertheless, we noted that the government did not introduce broader incentives to spur the soft property market and it has a proposal to increase stamp duty for properties above RM1 million.
Supermax Corp managing director Datuk Seri Stanley Thai
SUPERMAX Group has recently invested in advanced manufacturing of medical devices, including contact lens manufacturing. We have been hiring fresh graduates and young enginners for out new line of business and tranining to prepare them for business and training to prepare them for business expansion. The double tax deduction for three years on the internship and training programme for hiring fresh graduates would certainly motivate us to accept and train more young engineers.
Putra Perdana Development chief executive officer Akmel Zurin Haron
IT is certainly a step in the right direction and will ease the financial burden of first time house buyers. Having a roof over one's head is a basic necessity and the expected increase of people living in their own houses will also reduce social ills. At the same time, it will spur and reactivate the property development sector, which has seen stagnated purchases of the properties launched. The housing loan increased for civil servants is certainly a good move and augurs well for both the property developers as we;ll as buyers.
This article first appeared in NEW STRAITS TIMES, on October 22, 2016.