Malaysia's Najib seen levying consumption tax to curb budget deficit

[YahooNews]

By Siva Sithraputhran and Stuart Grudgings KUALA LUMPUR (Reuters) - Malaysian Prime Minister Najib Razak will trim the government's hefty subsidy bill and likely announce a new consumption tax later this week as he delivers a budget seen as crucial to ward off a possible credit downgrade and reassure investors over the Southeast Asian country's fast-growing debt burden. After securing his power base in ruling party elections over the weekend, Najib should have a freer hand to tackle a high fiscal deficit with unpopular steps to wean Malaysians off cheap fuel and food. ...

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