Malaysia is likely to adhere to fiscal discipline and aim for a fiscal deficit of 4% of GDP in 2013, narrower than a likely 4.5% budget gap this year (targeted 4.7%), says CIMB in a report. Higher tax revenue, driven by corporate tax and customs duties collection would likely prompt the government to target a 3% rise in annual revenue in 2013. The house expects the economy to grow 5.5% in 2013 after expanding 5% this year. However, it tips, the government is unlikely to implement the much-delayed goods and services tax ahead of the federal poll that must be held by June. Also, the budget may shy from proposing any bold tax that could hurt consumption but instead offer sweeteners for targeted households. The house expects, there is high chance of a hike in real property gain tax and a fresh stamp duty could be imposed to curb speculation.
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