27 April 2018


 NEWS 20/10/2001
Malaysia must utilise all fertile land for crop cultivation

Malaysia must utilise all fertile land for crop cultivation

KUALA LUMPUR Oct 19 - Prime Minister, Datuk Seri Dr Mahathir Mohamed said when presenting Budget 2002 at the Dewan Rakyat that the nation is endowed with fertile land which can be utilised for the cultivation of crops and the rearing of livestock.

However, he said the growth of the agriculture sector has been concentrated only on the production of a few commodities such as rubber and palm oil.

These commodities are subject to price fluctuations, thus affecting the income of the smallholders and others.

"We are also (unduly) reliant on food imports, which exceeded RM11 billion last year. It is, therefore, vital to diversify the agriculture sector to produce higher value added products," he said.

Mahathir also noted that currently, an approved agriculture project is eligible for 100 percent allowance on capital expenditure where the expenditure is allowed from the aggregate income (income from all sources).

This incentive is provided for prawn farming, floriculture and the planting of approved fruit and vegetables and herb farming, the breeding of fish including ornamental fish, cockles and oysters.

Moreover, he said, poultry will also continue to be the main component of the livestock sub-sector.

"To ensure self-sufficiency in poultry, I propose that the rearing of chicken and ducks in the Eastern Corridor of Peninsular Malaysia, Sabah and Sarawak be granted pioneer status with income tax exemption of 85 percent or investment tax allowance of 80 percent for a period of five years.

Mahathir also said that as Malaysia is a major producer of rubber, timber and palm oil, the nation must further promote resource-based downstream activities such as vulcanised rubber and furniture which have the potential to contribute towards economic growth.

"Those companies which reinvest in the production of such resource-based products are granted income tax exemption of 70 percent or investment tax allowance of 60 percent for a priod of five years," he added.

Tajuk-tajuk Berita
  • Domestic spending boost
  • Half month's bonus, 10 pct salary hike for civil servants
  • Individual income tax cut by one pct to 28 pct
  • Economic growth will be driven by domestic activities
  • Sales tax exemption for smart cards and related equipment
  • Reinvestment allowance period extended to 15 yrs, says PM
  • Realising full potential of services sector
  • Malaysia must utilise all fertile land for crop cultivation
  • Gov't to adopt circuit breaker mechanism to stabilise stock market
  • Tax incentives to be enhanced further, says PM
  • Medical officers' OT allowance increased by 25-50 pct
  • Biggest ever allocation of RM5.34 bil for rural development
  • RM59 million to finance programmes for women
  • Govt to lose RM1.2 bln revenue from tax cuts
  • Govt allocates RM81.8 million for youth programmes
  • RM294.3 mln allocated for development programmes to benefit Muslims
  • 2002 Budget aims to boost competitiveness, reduce costs
  • Equitable distribution of income between urban and rural areas
  • Bulk of 2002 growth from domestic stimulants, says Dr M
  • PM calls for reducing dependence on imported capital goods
  • 2002 Budget aimed at making local companies more competitive
  • RM6.3 billion for health services
  • No reason for govt to finance deviant religious schools, says PM
  • Retailers and suppliers reminded against price hikes
  • Budget balances incentives for people and corporates
  • "Circuit breaker" should have been implemented earlier - MIA
  • Petroleum dealers wants govt to review the 10 sen rise in petrol price
  • Budget proposals a step in the right direction - LIAM
  • Incentives given by government will prevent severe recession
  • 2002 Budget will soften the impact of economic downturn
  • "Budget finely balanced" - MICCI
  • MBAM supports the govt's continued emphasis on rural education
  • Don't take advantage of pay rise, CUEPACS tells businessmen
  • IT sector supports incentives in Budget 2002
  • Budget addresses needs of present time
  • Budget 2002 a boost to the ICT industry
  • 2002 Budget has right response to global economic uncertainties
  • It's a pro-growth budget, says MTUC
  • BAT disappointed with steep rise in taxes on tobacco products
  • Everyone benefits from the budget, say ministers
  • Pay hike and allowance will increase computer purchase
  • More ways for corporate sector to benefit, says MACPA
  • 5.0 pct deficit will not create imbalance in the economy
  • Incentive should also include e-business services
  • Positive reaction to 2002 Budget
  • Budget 2002 a burden to lower income group: Fadzil
  • MICG lauds govt's move to extend deadline to ailing companies
  • Less "red tape" will help contractors
  • Tax deduction for advertising cost encourages overseas ventures

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