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Thursday, October 9, 2014

Worsening inequality and education must be addressed in Budget 2015, says Nurul Izzah

Budget 2015 must address the worsening inequality and declining education standards as well as the need to improve Malaysia’s global competitiveness, PKR vice president Nurul Izzah Anwar (pic) said today.
She said the budget, to be tabled tomorrow, could not ignore clear warning signs that Malaysia’s poverty levels and education standards were worsening, and must “pivot towards investing in the future”.
“We need to find an equitable taxation system for the richest Malaysians, which includes capital gains, gift and inheritance tax – to close the wealth gap,” the Lembah Pantai MP said in a statement today.
“To address declining educational standards, we must focus on quality, affordability and accessibility.
“I repeat my earlier calls for a Petroleum Provident Fund, with a big portion of it to be used to invest in education.
“We should be emulating the success of Norway in managing their petroleum wealth to protect their future generations,” she said.
Nurul added that she had moved a bill to amend the Petroleum Development Act 1974 to ensure Petronas was accountable to Parliament rather than the prime minister alone.
She said she had also asked Datuk Seri Najib Razak to implement the Extractive Industries Transparency Initiative so Malaysians had access over the use of Petronas’ profits as well as revenues received from other oil and gas entities operating in Malaysia.
“Finally, catering for the future requires a Future Generation Fund. Such a fund involves an annual contribution from the government, from the time of birth until 18 years old for every citizen who will receive the funds upon reaching its maturity,” said Nurul.
“Based on certain projections, we are able to pay out RM45,000 to each 18-year-old citizen to be used for either education; home purchases or to invest in a mutual fund.”
Nurul said if the government started this programme in 2015, the projected expenditure would be around RM1 billion that year, and would stabilise at a maximum RM18 billion a year on average in the 18th year of operation.
“The prime minister should immediately move to create a parliamentary fiscal committee. Every budget the parliament passes must address future needs, shaped by decisions made in an inclusive manner by engaging all stakeholders.
“Tomorrow, the PM must prove to Malaysians that he has the political will to budget for the future,” said Nurul.
- TMI

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