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October 24, 2009 14:03 PM
Federal Budget, A Truly People's Budget
KUCHING, Oct 24 (Bernama) -- Sarawak Second Finance Minister Datuk Seri Wong Soon Koh described the 2010 federal budget of RM191.5 billion as a "truly people's budget."
In lauding the budget tabled by Prime Minister Datuk Seri Najib Tun Razak, he said Sarawak would receive a fair share of the allocation, especially on infrastruture for roads in Kapit, Simunjan and Lawas besides water and electrical supply in the rural areas.
"As a truly people's budget, it benefits mainly the poor and middle income groups as well as the country in the long-run," he said in a statement faxed to Bernama on Saturday.
He said they stood to benefit through the RM2 billion allocation mainly for the farmers and fishermen, housing assistance, subsidy for target groups, including petrol and rice and the upgrading and construction of more clinics.
The reduction on individual income tax and corporate tax to 26 percent would also improve the personal disposal income and make businesses more attractive and competitive, he said.
He also welcomed the 100 percent foreign equity participation and various incentives, including tax allowances for the financial sector, which would strengthen the banking and financial system.
The RM11.3 million allocation for information communication technology (ICT) sector would improve ICT infrastructure, he added.
-- BERNAMA
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