Courageous Heart

Monday, December 2, 2013

Show us your income tax returns, Najib

Dear Najib,

You have come out to call tax evaders traitors. That’s a very strong word. If you had used it on corrupt public officials and politicians, especially government ministers, that would have been more apt. It would have struck a resonant chord. It would also have indicated your seriousness in fighting corruption within your ranks.

As it is, according to your minister Paul Low, the Malaysian Anti-Corruption Commission (MACC) arrested nine politicians who were reported to be involved in corruption between 2010 and August 2013, and only five have been charged. That’s a pretty low number over the course of four years. The minister did not clarify who these politicians were, but one would presume that they were part of the ruling party.

It may well be that Malaysian politicians, including those holding public office, are generally clean, but the unofficial allegations that have been brought up from time to time tell us a hugely different story. You may be aware of them yourself – allegations about this minister living beyond his means, like building a palatial home, and that minister receiving kickbacks or laundering money for his so-called “adopted son”. And of course the biggie surrounding Sarawak Chief Minister Taib Mahmud and his relatives, some of whom were caught on video earlier this year by the international NGO Global Witness allegedly offering logging licences in return for profit.

Only a few days ago, Sarawak Report exposed another alleged scheme of Taib and his family in exploiting the Bandar Samariang low-cost housing project for their own financial gain. If these allegations about the family are true, what would you call the people involved? More important, would you launch an investigation and haul them in for corruption?

Okay, let’s get back to the tax evaders issue. I have a proposal for you that I hope you will accept to prove your sincerity and accountability as a leader.

Since you call tax evaders traitors, show us you are not one. Release your income tax returns to the public. Let us know how much income you make, what assets you own and how much tax you pay. Get your ministers to do the same. Show us that you are not a traitor, that you do not under-declare your income or resort to tax shelters in order to pay less tax.

Don’t try and back out of this one, with some excuse or other. The US president publicly reveals his income tax returns and declares how much tax he pays. And that’s good, don’t you think? He apparently has nothing to hide. Even if he tried to, it’s all out there in the open. If he’s found out later, he can be held accountable.

You should do the same. Since you condemn others for evading tax, it is all the more incumbent on you now to show that you are not doing it yourself. You probably know the saying, “Let him who is without sin cast the first stone.”

For your information, the tax returns of US presidents are protected by law from public disclosure, but since the late 1960s, most of them have chosen to release their returns publicly. Apparently, Gerald Ford is the only exception. Even candidates for the presidency do the same, including those contesting in party primaries.

If you want to look at the combined tax returns of Barack Obama and his wife, Michelle, for 2012, please click here.

Barack and Michelle reported an adjusted gross income of US$608,611. They both paid US$112,214 in total tax. It could have been higher if they had not donated about 24.6 per cent of their adjusted gross income to charity. That’s a generous US$150,034.

Out of curiosity, may I ask how much you donate to charity? You may of course include your wife’s donations too, if you like. Oh, by the way, does she pay income tax?

On top of the federal income tax, the Obamas also released their state tax returns and reported paying US$29,450 to their home state of Illinois.

For Vice-President Joe Biden and his wife Jill’s combined federal tax returns for 2012, have a look here.

They reported an adjusted gross income of US$385,072 and paid US$87,851 in total tax. For state income tax, they filed separate returns, with Jill filing a non-resident one for the state of Virginia. They paid US$13,531 to Delaware and US$3,593 to Virginia.

The Bidens gave to charity US$7,190. That’s a small fraction of what the Obamas donated, but that’s not the point.

The point is, don’t you think this sort of declaration contributes to a wonderful and open system?

Other countries that operate with such openness and transparency include Sweden, Finland and Norway. In fact, there, everyone’s income tax returns are made public. It is said to cohere with the Scandinavian tradition of jantelag, which roughly means that nobody is better than anyone else.

It should also cohere with the “best democracy” that you promised for Malaysia in the speech you made on September 16, 2011. Don’t you agree?

If you recall, on that occasion, you announced the repeal of the Internal Security Act (ISA), which effectively outlawed the use of preventive detention in Malaysia. Now that preventive detention is back – reinstated through the recent amendments to the Prevention of Crime Act – does your promise of “best democracy” still hold true?

In that speech, you also said the repeal of the ISA was part of the political transformation that your government was carrying out pertaining to human rights. You said, “The time has come for us to take another step forward not only in economics and education but also in upholding democratic principles.”

Do you still believe that?

If you do, walk the talk. For now, to put your money where your mouth is, disclose your tax returns publicly. And get your deputy and your other ministers to do the same. Be a leader and lead the way. Prove to us that you can lead.

Otherwise, you are just sounding like a prime minister who is talking in abrasive language because your coalition didn’t win the popular vote at the last general election in May.

Otherwise, we will not know for sure that you are not a traitor – like any vile, shameful, despicable, crooked, cheapskate tax evader.

Sincerely,

Chye

* Kee Thuan Chye is the author of the new bookThe Elections Bullshit, now available in bookstores.

Published by MSN News Malaysia on 26 November 2013. Link here:

http://news.malaysia.msn.com/community/blogs/blog-show-us-your-income-tax-returns-najib

Friday, November 29, 2013

Say Again, Who Are The Traitors?!

Prime Minister Najib Tun Razak said those who avoid paying tax can be regarded as having betrayed the country. This, he said, was because the responsibility to pay tax was one of the pillars of patriotism. “The definition of patriotism in our country is that we must discharge our responsibility to the country for the good of the people and the nation."

Datuk Seri Rosmah Mansor was invited to the women's summit in Qatar in her personal capacity and it was not an invitation to the government, said Pengerang MP Datuk Seri Azalina Othman. "The invitation was not on a government-to-government basis but on a personal basis," Azalina said in Parliament today during the debate on Budget 2014.Azalina had also accompanied Rosmah on that trip. She also revealed in Parliament that it was Deputy Prime Minister Tan Sri Muhyiddin Yassin who chaired the Cabinet meeting that approved the use of the government jet for the trip, and not Rosmah's husband, Prime Minister Datuk Seri Najib Abdul Razak.

Minister in the Prime Minister's Department Datuk Seri Shahidan Kassim had said the Cabinet had given its approval for Rosmah to use the government jet for the trip, causing opposition lawmakers to accuse the Cabinet of acting irresponsibly and in an undignified manner...

This did not stop Datuk Seri Noh Omar (BN-Tanjung Karang) who jumped to Rosmah's defence, saying that Malaysians should be proud that she was given such recognition by the Qatar government, as not all the wives of leaders in the region were given such an honour. "I don't understand why can't anyone appreciate this. This is always the case with the opposition. Those who make the country proud are treated as enemies, while those who bring down the name of the country are treated as heroes," he said.

Later at the Parliament lobby, Datuk Seri Jamaluddin Jarjis (BN-Rompin) said through the invitation, Rosmah had upheld the good name of Malaysia. "It not as though she went on her own, we should be proud that she was given the honour to speak at the forum," he said...

Rosmah was in Qatar last week to deliver a keynote address at the 4th Qatar International Business Women Forum in Doha, organised by the Qatari Businesswomen Association and the Interactive Business Network. Accompanying her were Datuk Seri Shahrizat Abdul Jalil, who is special adviser to the prime minister on women entrepreneurs and professionals; Datin Seri Siti Rubiah Datuk Abdul Samad, wife of Foreign Affairs Minister Datuk Seri Anifah Aman; Datin Seri Khamarzan Ahmad Meah, wife of International Trade and Industry Minister Datuk Seri Mustapa Mohamed; and Datin Seri Che Kamariah Zakaria, wife of Second Education Minister Datuk Seri Idris Jusoh.

Former tourism minister Datuk Seri Dr Ng Yen Yen racked up a RM2.71 million bill for overseas trips between 2010 and January this year, at a time when Putrajaya was telling Malaysians to tighten their belts and adjust their lifestyles because of rising living costs...

In a parliamentary written reply to Lim Guan Eng (DAP - Bagan), Tourism and Culture Minister Datuk Seri Nazri Aziz said in 2010 Dr Ng and her delegations spent RM1.28 million on overseas trips in January, April, May, June, August, September and October that year.

In 2011, Dr Ng and her accompanying delegations ran up a bill of RM814,142 on trips in May, July, August and November. Last year, RM588,547 was spent on trips in January, March, May, July and November. Her last trip was made in January this year when she and her delegation spent RM35,400.

Dr Ng was appointed tourism minister from April 2009 until the 13th General Election where she was not fielded. She was not appointed back to the Cabinet but her successor Nazri appointed her as the Malaysian Tourism Promotion Board chair.

Public Accounts Committee (PAC) chairman Nur Jazlan Mohamed said he found no element of discrepancy or wrongdoing in the RM1.6 million expenditure made by former Youth and Sports Minister Ahmad Shabery Cheek on the K-Pop concert held last year. After a two-hour hearing with Shabery today, Nur Jazlan said at a press conference, that he found the expenditure to be ‘value for money’, eventhough the upfront payment made to the three Korean groups by the Ministry was against government procedures...

The K-Pop concert controversy first surfaced in the 2012 Auditor-General’s Report, stating that Malaysian taxpayers’ money was used to pay for the concert and was not sponsored. The concert was held during the Youth Day 2012 in Putrajaya and included performances by three South Korean groups – U-Kiss, Teen-Top and Dal Shabet.

Current Youth and Sports Minister Khairy Jamaluddin claimed that the government was forced to foot the bill because there was a last minute pull-out by several sponsors. His predecessor Ahmad Shabery, had earlier said that the ministry had received RM20 million from domestic and foreign corporate sponsors for the event.

Speaking at the parliament’s lobby, Kulai MP Teo Nie Ching today slammed the Johor state government for charging a high water tariff on its own people although the state received RM430,000 monthly from Malacca and Singapore respectively.

“Johor should be considered as lucky as we can make profit from selling raw water to Malacca and Singapore. Johor government is selling raw water to Malacca for the price of RM0.30 per 1,000 gallons and RM0.03 per 1,000 gallons to Singapore.

The fact is Johor is making profit from selling untreated water and Johoreans are paying higher water tariff than the Malaysians in Malacca,” she said in a statement. She then added that the charges were far above the national average of RM0.66/m3; making them pay an extra of 159% for consuming water."

Monday, November 25, 2013

Finally, Prime Minister Najib Razak has admitted the possibility of bankruptcy!

Written by Maria Begum, published by Malaysia Chronicle on 25 November 2013.

Finally, Prime Minister Najib Razak has admitted it. The spectre of bankruptcy does dog Malaysia. This frightening prospect was first exposed by Minister in the Prime Minister's Department Idris Jala, who in 2010 had warned that Malaysia could go belly-up by as early as 2019, which ironically is one year ahead of the Umno-BN government's 2020 deadline for the country to reach 'developed nation' status.

The brouhaha that followed Idris' warning, with the public lashing out at the Najib administration's perceived mismanagement of the economy, had triggered a spate of high-profile denials from including Najib himself, his deputy Muhyiddin Yassin and former prime minister Mahathir Mohamad.

However a day ago, Najib rehashed the possibility of bankruptcy. It may be his back was to the wall and he was trying to catch a bogeyman to blame the unpopular Goods and Services Tax on. However, many experts do not preclude the possibility of bankruptcy ala Greece for Malaysia at all.

In fact, ratings agencies like Fitch have warned against Malaysia's record-high and still climbing national debt and fiscal deficit. And although Moody's had last week restored Malaysia's outlook to 'positive' from 'stable', Najib's latest admission reignites speculation that Moody's decision may have prompted by strong lobbying and marketing by Finance Ministry officials.

“We have to find additional sources of income and that’s why we have to implement the GST,” the Star reported Najib as saying at a seminar on Strengthening the National Economy on Sunday. Najib also holds the post of Finance Minister despite growing calls for him to relinquish the portfolio that many critics say he has neglected and is under-qualified to hold.

Back to the wall? Bankruptcy ala Greece

According to Najib, Malaysia has a stark choice of either increasing government revenue via the GST or burdening the country by borrowing more money. Defending the GST, Najib insisted it was necessary as the country risked becoming bankrupt like Greece if it resorted to borrowing.

He also said the government's decision to introduce GST was the reason why Moody’s agreed to re-rate Malaysia's outlook; hence, the new tax could not be a negative move as suggested by detractors. “This is because they know Malaysia was taking fiscal consolidation steps which are unpopular but necessary for the good of the country,” said Najib.

Najib lashed out at the Opposition for their 'mixed' comments about whether they supported the GST and for allegedly clouding the issue with unfair arguments, including the high electricity bill of his official residence,

He pointed out Seri Perdana belonged to the people of Malaysia and he was occupying it temporarily just like his two predecessors.

“It has a function room. If a head of state comes, are we expected to dine in the dark? “If the Chinese premier comes, should we use candlelight and say this is more romantic?” he quipped.

'Tighten the belt at your end first before passing the buck to the people'

However, Opposition politicians were unimpressed by his arguments. They insisted that Najib should practice greater austerity, such as as slashing down his own lavish spending on "questionable policies" as well as his well-known luxurious official lifestyle, before calling on the people to pay new taxes.

"He is showing his shallowness and a dishonesty in trying to give silly answers. We are asking why in this time of difficulty does he not try to cut costs and save money. His electric bill is over RM2 million and if he can bring that down, it would already help," MP for Batu Tian Chua told Malaysia Chronicle.

"As for GST, what confusion is there? The Opposition is very clearly against GST not because of the tax system itself but because we believe the majority of the people are still poor and cannot afford additional burden at this point of the economic cycle.

"Najib also tries to justify the GST by saying the bulk of the population does not pay taxes. This is a good question for him to answer to the people - why after so many years of Umno-BN rule are the majority of people still so poor that they fall below the tax line? Is it to do with the massive corruption of the Najib administration and the Umno-BN that the masses are left behind while the country has a huge debt? And now, Najib wants the people to pay GST to help the government reduce the debt it racked up through corruption and plundering - is this fair, is it right?

Unpatriotic not to pay GST

Tian was referring to Najib's comments that out of an entire workforce of 14 million, only 1.34 million paid income tax. “That is just 10% who pay, and there are others who should pay but don’t,” Najib defended himself and his government.

He then pointed out the definition of patriotism is fulfilling one’s responsibility to the country and this included paying taxes. He added that the public’s expectations on the Government was always increasing, and more revenue is needed to meet these demands.

The PM said Malaysians could not always depend on revenue from petroleum which will eventually run out. He said the public’s fear that the GST would cause staggering price increases was unfounded. According to Najib, 160 other countries have implemented the GST and from their experience there is only a slight increase in prices in the year of implementation. “It is unlikely all these countries made a mistake by implementing the GST,” he said.

Full article:

http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=192082:so-desperate-for-gst-najib-admits-it-malaysia-can-easily-go-bankrupt&Itemid=2#ixzz2ld0mNqGT

Wednesday, November 20, 2013

Lawsuits Against Religious Communities Over Gay Marriage & Abortion Are Crossing 'Red Lines of Liberty'!

By Michael Gryboski, published by The Christian Post on 19 November 2013.

A legal expert and head of a conservative law firm has stated that government actions against religious groups over same-sex marriage and abortion are "red lines of liberty" being crossed.

Mat Staver, founder and chairman of the Liberty Counsel, told The Christian Post while part of an event in the Washington, D.C.-area on Monday that these red lines involve coercion on the part of government.

"These red lines of liberty are coming very rapidly. They're not just issues that are contrary to Christian values that you can coexist with," said Staver. "These are issues where the government is seeking to force you to affirm ideas and values that are completely contrary to your Christian faith."

Staver spoke in regard to measures like the HHS "preventive services" mandate, which critics say forces some religious organizations to violate their moral objections to abortion and birth control, as well as recent lawsuits leveled against Christian businesses that refuse to provide their services to same-sex weddings and receptions.

"It's a zero-sum game, not because we made it a zero sum game, but because they've made it a zero-sum game," said Staver. "The sanctity of human life transcends politics and now we're moving into a situation where the federal government, under the HHS mandate, is forcing employers to fund the taking of innocent human life; otherwise be fined or go out of business."

Staver's remarks came at a two-day event sponsored by the National Hispanic Christian Leadership Conference, titled "Justice Summit 2013." Beginning Monday afternoon and held at the Crystal City Hilton near Ronald Reagan National Airport, the summit features several Christian leaders from various churches and organizations. In addition to Staver, guest speakers include Russell Moore, president of the Southern Baptist Convention's Ethics & Religious Liberty Commission; Bishop Harry Jackson of Hope Christian Church; and Danielle Jones, chair for the FreedomUNITED Campaign.

"The NHCLC Justice Summit is an opportunity to amplify our influence, to dialogue and strategize about key justice issues," reads an entry on NHCLC's website. "The NHCLC Justice Summit 2013 is an effort to increase our unified commitment and propose answers, from a Christian worldview perspective, to key issues such as: immigration reform, poverty, the struggle against human trafficking, the defense of the right to life and religious liberty."

Gus Reyes, director of the Hispanic education initiative for the Baptist General Convention of Texas, served as emcee for the summit. Samuel Rodriguez Jr., president of the NHCLC, gave remarks early Monday afternoon where he spoke inspirational words and provided an overview of the summit. In his remarks, Rodriquez stressed that he believes true justice comes from God and that far too often the word "justice" has been "exploited" by ideological partisans.

"Justice is not a term to be exploited. It is not a copyrighted nomenclature to be exploited by political operatives on the left or on the right," said Rodriguez. "Justice does not belong to the donkey or the elephant, justice comes from the heart of the lamb. And we are here these days to lift up, to elevate justice."

At one point, Rodriquez went "off script" and led the audience through an emotional prayer based in "reflection and repentance" in which a majority of summitt attendees went to their knees. "We repent before you in the name of Christ as a nation, as a community, and people of the Church, we have fallen short," prayed Rodriquez.

Staver, who presently serves as executive board vice president and chief legal counsel for NHCLC, told CP that the event was some time in the making. "We've been actually talking about and planning an event like this for quite a while. So it's good to see it come to pass," said Staver.

Said to be the largest Latino Christian organization in the United States, the National Hispanic Christian Leadership Conference is a sister organization to the National Association of Evangelicals.

Link: http://www.christianpost.com/news/expert-lawsuits-against-religious-employers-over-gay-marriage-abortion-are-crossing-red-lines-of-liberty-109037/cpt

By Katherine Weber, published by The Christian Post on 19 November 2013.

A small town in upstate New York has rallied together to continue funding its local community's Christmas celebration, even though an atheist's complaint forced the local government to stop supporting the event.

The town of Spencerport, N.Y., a small village located just outside of Rochester, has been celebrating its annual "Christmas on the Canal" event for 17 years until this year, when Elaine Spaziano, the event's founder and organizer, announced that the tradition had to be canceled after an atheist complained about First Amendment rights and the separation of church and state to the local government...

According to the local Rochester YNN news, after word got around that the "Christmas on the Canal" event had been canceled, donations from local residents and businesses began pouring in, in an effort to keep the decades-long tradition going. Resident Ralph Parmelee began imploring local businesses to donate to the event, and the town has now officially raised enough money to hold "Christmas on the Canal" for another year.

"We cannot let this die. For the generations that are coming, the young people and all, we can't take Christmas out of the picture. It's got to stay there and we're going to keep it there," Parmelee told the local media outlet.

Thursday, November 7, 2013

Barisan Nasional government is not walking the talk

The nation’s top leaders spent almost half-a-million ringgit for each trip they took using the government's private planes last year, a DAP lawmaker revealed today.

Seremban MP Anthony Loke told reporters that in 2012, a whopping RM182 million was spent on 372 flights to 339 destinations, using the six private planes belonging to the government,

Loke was referring to a written reply he received from Minister in the Prime Minister's Department Datuk Seri Shahidan Kassim on the expenditure incurred by the government in the usage and maintenance of the planes.

Of the RM82 million, fuel cost RM14,951,448.04 while maintenance cost RM167,079,541.80.

"This is another form of wastage by the government who does not want to reduce its expenditure despite telling the people to do so. Did the Prime Minister and his deputy fly everyday? The records seems to indicate so," said Loke at the Parliament lobby today.

He questioned the need for both leaders to continually use the private planes even for domestic travel, pointing out that it was cheaper to take a commercial flight. "Even if they took business or first class, it would have still been cheaper,” he added.

Loke however said it was proper if the jets reserved for VVIPs were used by the Yang Di-Pertuan Agong.

He added the "colossal wastage" showed that the Barisan Nasional government was not walking the talk by prioritising the people's needs. "They ask people to save and take away all kinds of subsidies and they spend the nation's resources lavishly like this. BN has always thought of the nation's funds as party funds. The subsidies of both the PM and DPM should be reduced first, then only talk about the people's," said Loke.

The rich can well afford to thumb their noses at the good and service tax (GST). All they have to do is hop on plane and go to London to buy handbags or to the United States to buy expensive rings. Ipoh Timur MP Su Keong Siong told the Dewan Rakyat today that this means that they will not have to pay GST here.

Su said the poor will have to cough up the GST while the rich will be flaunting their expensive tax-free handbags. The DAP man said that it was incorrect when certain quarters claim that those who spend more will be most affected by the GST. He then said that the GST will thus not be beneficial for the country.

Shahnaz Abdul Majid, the ex-wife of the son of Sarawak Chief Minister Tan Sri Taib Mahmud, provided a peek into their marital life and home in Kuching from 1992 to 1999 in her RM400 million divorce suit at the Syariah High Court.

In her verbal and pictorial portrait, Wisma Mahmud, the home she shared with ex-husband Mahmud Abu Bekir, was a 3-storey residence with 12 rooms inlaid with Italian furnishing. It was next to the Chief Minister's house, by the river with a private jetty.

"We lived in a three-storey bungalow with 12 rooms, where one room had been transformed into a kitchen. Another room was made into a study,” she said, as reported by Malaysiakini.

"Our house was next to Taib's residence in Petra Jaya. This was not the chief minister's official residence, but his private residence.” she added.

Thursday, October 31, 2013

Sarawak Energy grants USD196 million in contracts to Chief Minister’s son amidst growing tensions over dam projects

Sarawak Cable Bhd (SCB) has bagged two new contracts totalling RM618.6 million from Sarawak Energy Bhd (SEB) to develop transmission lines in Sarawak.

In a filing with Bursa Malaysia yesterday, SCB said the group, via its unit Trenergy Infrastructure Sdn Bhd, yesterday received a letter of award from SEB for the Sinohydro-Trenergy Joint Venture the Mapai to Lachau 500kV transmission line project (Package B) for RM352.8 million. It also received a letter of award dated Oct 23, 2013 for the Lachau to Tondong 500kV transmission line project (Package C) for RM265.8 million.

Read more here: http://www.thesundaily.my/news/868887

Mahmud Abu Bekir Taib, the son of long-serving Sarawak state chief minister Abdul Taib Mahmud, owns 20.69% of Sarawak Cable. State-owned Sarawak Energy, meanwhile, owns 18.75% of the firm.

Sarawak Cable is chaired by Mahmud Abu Bekir, the elder son of Sarawak Chief Minister Taib Mahmud. According to company documents, the Sarawak strongman’s son is both chairman of Sarawak Cable and its second-largest shareholder with a 33% stake in the company (21% held directly and 12% indirectly).

The Bruno Manser Fund is dismayed that Sarawak Energy under its Norwegian CEO, Torstein Sjøtveit, continues with the corrupt practice of favouring the Chief Minister’s family. Already between 2010 and early 2013, Sjøtveit had granted over 220 million USD in contracts to Taib family-linked enterprises.

“By granting contracts worth a grand total of over 400 million USD to the Chief Minister’s son, Mr. Sjøtveit’s conduct has passed all levels of decency”, Bruno Manser Fund director Lukas Straumann said on Thursday. “We ask Mr. Sjøtveit to resign immediately as he has lost all credibility when claiming that he contributes to the development of Sarawak. Instead, he has made himself a tool of the Taib family’s unrestrained greed and corruption. Mr. Sjøtveit should feel ashamed for what he is doing to the people of Sarawak and to the reputation of Norway in Malaysia.”

The explosive news comes amidst a situation of growing tensions over the planned Baram dam construction. Earlier this week, native communities scored a victory when their blockades forced Sarawak Energy workers to halt survey works for the planned Baram dam.

The dam, one of 11 new dams being planned by the state government throughout Sarawak, will see the evacuation of 20,000 natives from the Kenyahs, Kayans and Penans ethnic groups...

Meanwhile, The Star quoted Telang Usan's Barisan Nasional state assemblyman, Dennis Ngau, as saying that the situation on the ground was "very hot" following no sign of the natives backing down. The politician claimed he was worried the matter would "boil over into a physical confrontation", urging restraint through a "cooling off period".

"Stop all ground works for the time being until further notice. Don't confront the protesters. Leave it to us politicians to find a solution," Ngau advised, referring to rock drilling works between Long Naah and Long Kesseh, some 200kms inland from Miri City. Ngau said he had also cautioned Sarawak Energy and officials from the state Land and Survey Department to stay away from the site for now.

Budget 2014: It's not BN's money!

You were not personally threatened. Instead, an institution called Parliament passed a law to legalise coercing you into giving up your money. And society as a whole has been conditioned over many decades to accept this coercion, which is now called taxation. It has become a norm and you must pay.

In fact, it has become such a norm, many of you smiled and cheered when you heard how your money would be spent by complete strangers whom you have never met, for causes that probably have nothing to do with you.

The most awkward thing was, many started singing praises when a new tax was announced as one of many steps to pay our national debt. No one complains about being made to pay a debt caused by many years of overspending by someone else...

Our Finance Minister announced that he will take your money whether you like it or not, and he listed a raft of things he will do with your money whether you like it or not.

That should not be a day for celebration. The day when the Government announces the Budget should instead be a day for us to demand even greater accountability and transparency from the Government.

It is a day that should have also made us even more sceptical of government because they are the only entity on earth that can legally coerce us into giving up our hard-earned money.

Since the 5th of May, the BN government has not only refused to right the wrongs but has seen very little ‘transformation’ if not none at all.

The government’s own figures showed that 60% of the nation are eligible for BR1M . That means 60% of Malaysians earn less than RM3000 per month and are below the tax paying threshold. With the introduction of GST, they will now be paying tax.

We can see through the tabling of the GST, that BN is adversely affecting, in effect robbing the general masses including the poor and struggling lower middle class, to further enrich the super rich, as seen from 1% reduction of corporate tax. What is also damningly worrying is the general direction of the BN government’s economic rationale...

BN views the civil service as a fixed deposit constituency. In political-economic term, this is simply too much government, with no governance, at the expense of the nation’s future. The general outlook on this particularly budget is that it is the tip of an enormously huge RM264.3 billion iceberg.

Najib’s only interest is in maintaining power. His near-blind-shortsightedness in fatally cutting DevEx, indicative of an abandonment of any investment in the future beyond this election cycle. Najib is nursing his desperation and maintaining the 56-year-old lie that is BN at the expense of not just the Malaysians today, but generations to come.

GST, rising fuel costs and abolishment of sugar subsidies are frightening but is a small part of the darkness in the coming four years ahead. Those walking the corridors of power are laughing at us whilst we face dark prospects ahead.

We the people have limited options in voicing our fears and choosing an alternative path, one of which is through the process of democratic elections. And that has failed.

Despite steadfast efforts by Malaysia to fix its pressing fiscal deficit, international rating agency Fitch Ratings maintained its “negative outlook” for the country.

While recognising Prime Minister Najib Tun Razak’s commitment to address Malaysia’s fiscal weaknesses, Fitch is cautious about his strategy...

“We will look, however, for a track record of implementation towards the stated goal of deficit reduction (as a percentage of gross domestic product (GDP), backed by subsidy rationalisation and GST introduction over 2014-2015, hence the ratings remain on negative outlook,” said Fitch in statement posted on its website last Monday.

Malaysia’s commitment to lowering the government’s deficit and introduction of GST are potentially constructive steps, but a track record of budget management remains key to limiting further credit pressure on the sovereign rating, added Fitch.

Another Fitch’s concern is whether Malaysia can avoid the emergence of twin public and external deficits.

“As we have previously highlighted, the rapid erosion of Malaysia’s current account surplus has been driven partly by a draw down of public-sector savings as well as by increased investment. The slippage of the current account position into deficit could increase Malaysia’s vulnerability to renewed market tensions when Federal Reserves tapering becomes more likely,” said the agency.

Malaysian and Thai financial institutions are the most vulnerable in the Asia-Pacific region to a deterioration in the household debt segment, as household leverage outpace income growth and undermine household resilience, according to a Standard & Poor’s (S&P) report.

The rating agency’s “Rising Household Debt Could Weigh Down Asia’s Banks” report said the creditworthiness of the banks’ households exposure in the country is less resilient than its peers, as a result of rapidly rising households indebtedness.

Malaysia’s household debt to- GDP (gross domestic product) ratio increased to 80.5% in 2012 compared to the 75.8% recorded in 2011, according to S&P calculations and estimates as of Dec 31, 2012.

In 2012, Malaysia has the highest debt-to-GDP ratio compared to other Asia-Pacific regions such as Thailand (77.1%), Singapore (76.8%), Korea (75.4%), Taiwan 64.9%), Japan (62.8%) and Hong Kong (58.2%).

Read more here:
http://www.freemalaysiatoday.com/category/business/2013/10/30/sp-malaysian-banks-most-vulnerable-to-debts/