AlHijjah 20, 1434, Oct 25, 2013, SPA -- Malaysian Prime Minister Najib Razak on Friday unveiled plans to impose a 6-per-cent consumption tax and abolish a sugar subsidy, as his government aims to cut the budget deficit, dpa reported. Najib said the government aims to cut the budget deficit to 4 per cent of the gross domestic product (GDP) in 2013 and 3.5 per cent of GDP in 2014. Malaysia recorded a budget deficit of 4.5 per cent last year. The Goods and Services Tax (GST) will go into effect in 2015 and the sugar subsidy will be abolished on Saturday. "The Government will do what is right for our economy," he told the parliament, presenting the 2014 budget of 264.2 billion ringgit (85 billion dollars). -- SPA 20:21 LOCAL TIME 17:21 GMT تغريد
