KUALA LUMPUR: The government's fiscal reform initiative is already underway, the Ministry of Finance (MoF) said today.
In a statement, it also said the shortfall from the Goods and Services Tax (GST) which is zero-rated effective June 1, will be cushioned by specific revenue and expenditure measures to be announced in due course.
"Expenditure reduction will begin with rationalisation, efficiency measures and reduction in wastages. Of significance, oil prices have been higher than the US$52 (RM206) per barrel estimated for Budget 2018. This provides fiscal buffers for the immediate future.