The Federal Government's revenue collection is projected to grow by 5.5 per cent to RM339.7 billion, or 16.3 per cent of gross domestic product (GDP) in 2025, said the Finance Ministry.
It said growth would be driven by a 6.6 per cent rise in direct tax collection to RM188.8 billion and a 9.8 per cent increase in indirect tax, totalling RM70.2 billion.
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It said growth would be driven by a 6.6 per cent rise in direct tax collection to RM188.8 billion and a 9.8 per cent increase in indirect tax, totalling RM70.2 billion.
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NewsTranscript
00:00When it comes to taking orders from the government, the Madani government sets a clear goal,
00:07that sustainability cannot be continued and maintained.
00:12The principle of good governance must continue to be rooted and promoted.
00:19Therefore, what is being discussed and discussed today is not only the spending of the Ministry of Finance or the government in general,
00:28but also the spending of the people and the country of Malaysia.
00:32In fact, I want to embrace all the powers of the people.
00:36The country must be known and recognized with a good governance system,
00:41with value and without using power to maintain the environment.
00:45Therefore, with full commitment, I urge this spending to be restricted the meaning and benefits of the people and the country.
00:54Although the world economy is in turmoil, geopolitics does not give up.
01:00The economic situation of the country is in crisis and continues to grow.
01:05The economic growth of the second race in 2024 reached 5.9% compared to 4.2% of the first race.
01:17Unemployment as of August 2024 fell to 3.2%, the lowest since January 2020.
01:26Inflation in August 2024 fell by 19% after three consecutive months at 2%.
01:36However, we did not hesitate in trying to reduce the increase in the cost of living that burdened the people.
01:47For the first half of 2024, we managed to raise the investment that was approved for Rp 160 billion,
01:59to Rp 135.6 billion in the previous period.
02:09I would like to congratulate all the members of the Jumaat Menteri,
02:14both domestic and international workers who work tirelessly to raise the national economic level.
02:22We managed to boost the Ringgit to 14.4% compared to the US dollar in the third race in 2024,
02:32the best achievement since 1973.
02:39The value of the domestic equity market broke the highest number,
02:43exceeding Rp 2 trillion, in addition to the FBM-KLCI business index, again exceeding Rp 1,600.
02:52The state credit rate was maintained.
02:56The economic performance exceeded expectations and peaks,
02:59both in terms of growth, investment and value of the ringgit,
03:03depicting the confidence of investors and the initial success of the steps of economic renewal.
03:10Therefore, KDNK 2024 is projected to be stronger between 48% to 5.3%,
03:21compared to the previous 4% to 5%.
03:26Next year, we are confident that the economy will develop, God willing,
03:30stronger between 45% to 5.5%,
03:35supported by the Madani 3rd strategy of spending in 2025.
03:39The fact that this achievement is not denied,
03:43in addition to the development of the balance sheet and the fiscal base.
03:47However, we cannot imagine that this achievement,
03:51should be based on commitment or commitment to the agenda of change and reformation.
03:59A comfortable culture, a culture of complacency,
04:03which is easy to do with praise, must be stopped.
04:09The Madani 3rd strategy of spending will pay off.
04:13The achievement of improving the Madani economy,
04:17the achievement of more firm reforms,
04:20the achievement of eliminating recreation,
04:23the achievement of increasing wages and income,
04:26and the achievement of addressing the cost of living.