The Malaysian federal budget for 2015 fiscal year was presented to the Dewan Rakyat by Prime Minister and Minister of Finance, Najib Razak on Friday, 10 October 2014. Summary Following are the highlights of the 2015 Budget themed, “BUDGET 2015: PEOPLE ECONOMY”, which was tabled by Prime Minister Najib Razak in Parliament. The 2015 Budget completes the 10th Malaysia Plan The 11th Malaysia Plan will be launched in May 2015 A new approach, known as the Malaysian National Development Strategy, is being formulated Budget 2016 will be the trigger to the final five years of Malaysia’s progress to a high-income advanced economy by 2020 Since 2009, a total of 196 projects from 12 NKEAs and 6 SRIs have been implemented Total investment reached RM219 billion and more than 437,000 high-paying job opportunities created Malaysia registered GDP growth of 6.3 per cent, the highest among Asean countries in the first half of 2014 The FBM KLCI has risen 114 per cent from 884.45 points in January 2009 to 1,892.65 points in July 2014 Market capitalisation rose 162 per cent from RM667.87 billion to RM1,749.49 billion on 7 October 2014 The GNI per capita increased 50 per cent from US$6,700 to US$10,060 in the last five years This year Malaysia will achieve strong economic growth of between 5.5 per cent and 6.0 per cent Fiscal deficit expected to reduce further to 3.5 per cent of GDP in 2014, 3.9 per cent in 2013, 6.7 per cent in 2009 For 2015, economic growth expected to remain strong between 5.0 per cent and 6.0 per cent Fiscal deficit projected to further decline to 3 per cent of GDP The FBM KLCI reached 1,892.65 points in July 2014, a historic new high FDI totalling RM38.7 billion in 2013 was the highest realised investment to date The 2015 Budget allocates a total of RM273.9 billion, an increase of RM9.8 billion compared with 2014 initial allocation Operating expenditure RM223.4 billion, development expenditure RM50.5 billion In 2015, the revenue collection of the federal government is estimated at RM235.2 billion, an increase of RM10.2 billion from 2014 Revenue from GST in 2015 estimated at RM23.2 billion Government to exempt several goods from GST amounting to RM3.8 billion Abolishment of SST will see RM13.8 billion in revenue forgone The government will have a balance revenue of RM5.6 billion after deducting RM3.8 billion for GST exemption and RM13.8 billion from abolishment