22 Oktober 2009

Broad-based, people-friendly budget seen. Petikan TheStar 21/10/2009

SHAH ALAM: SJ Securities Sdn Bhd expects the upcoming Budget 2010 to be broad-based and “people-friendly” with the aim of promoting growth and boosting domestic consumption.

Deputy managing director Peter Lim said smaller contractors were likely to receive more jobs while the man in the street could expect some personal tax incentives that would lift consumer demand.

“I expect it (Budget 2010) to be people-friendly and not burden the public,” he said at the launch of SJ Securities’ new logo at its new corporate headquarters here. He added that personal income tax relief would translate into higher disposable income, which would in turn boost consumption.

But the implementation of the goods and services tax (GST) should be held back as it was not supportive of consumption, he said.

“It should be implemented (only) when the economy has recovered and back on a growing trend,” Lim said.

“We want people to spend to boost domestic consumption. The multiplier effect created would expand the economy.”

Nevertheless, the brokerage anticipates a slight contraction in the economy next year.

“The feel good factor has started to flow in and a recovery is seen on the stock market. However, the question of sustainability remains,” Lim said, adding that there had been an increase in retail participation in the local stock market, although not in a big way.

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