Malaysia legislation
Section 38
Section 38
(2)
The tax expenditure statement shall contain the following information:
(a)
actual tax expenditure and estimated tax expenditure;
(b)
actual tax expenditures against the estimated tax expenditure;
(c)
any changes in tax policies and tax legislation; and
(d)
other relevant information relating to tax expenditure.
(3)
The tax expenditure statement shall be used for the purpose of assessing revenue foregone arising from changes in the tax policy of the Government, including but not limited to exemption, remission, allowance, preferential tax rate, deferral or offset, that reduces tax obligation to achieve its intended objective.
FIRST SChEdULE
[Subsection 8(2)]
Fiscal Objectives and Quantified Values
Fiscal Objectives
Quantified
Values
Annual development expenditure incurred as a percentage of gross domestic product
≥ 3%
Fiscal balance as a percentage of gross domestic product
≤ -3%
Debt level as a percentage of gross domestic product
≤ 60%
Financial guarantee as a percentage of gross domestic product
≤ 25%
Annual development expenditure incurred as a percentage of gross domestic product
Quantified Values
Public Finance and Fiscal Responsibility 29
SECONd SChEdULE
[Sections 4 and 17]
Borrowing and Debt Legislations