On 21 October 2016, the Prime Minister and Minister of Finance, YAB Dato’ Sri Mohd Najib Tun Haji Abdul Razak unveiled the Malaysian Budget for the year 2017 (Budget).
The theme of the Budget is "Ensuring Unity and Economic Growth, Inclusive Prudent Spending, Wellbeing of the Rakyat1”. The Budget centers around enhancing the living standards of the people, prioritising especially the wellbeing of the lower and middle income groups.
Acknowledging the current global economic uncertainties and the reduction in revenue from the oil and gas industry, the Budget emphasises the importance of enhancing the revenue collection mechanism, including the introduction of the Collection Intelligence Arrangement, an initiative to implement data-sharing between the Inland Revenue Board, Royal Malaysian Customs Department and Companies Commission of Malaysia. The Budget also focused its attention on developing certain selected sectors and businesses, with its ultimate goal of promoting start-ups and small and medium enterprises (SMEs).
1 Rakyat is defined as the people, in Malay.