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In Budget 2009
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My comments
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The current tax rebate of RM350 per person be increased to RM400 for those with taxable income of RM35,000 and below.
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The key word here is “taxable income”. Ahaha… I think me and my peers will benefit from here. What's the different? Its just i can eat additional one time TGIF a year. -_-" or 4 times KFC a year -_-""
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Excise duty specific on cigarettes increased by three sen from 15 sen per stick to 18 sen per stick. With this, the duty for a 20-stick pack of cigarettes is now increased by 60 sen.
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Personally, I don’t think this make very much different to the smokers. Basically demand on cigarettes are inelastic.
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All interest income from savings for individuals be tax exempt.
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Ahammm….. ok…
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Current tax exemption medical benefits to be extended to maternity expenses and traditional medicine, namely acupuncture and ayurvedic.
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Ok good, thanks. This will promote and encourage different source of medical assistance.
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Households which incur monthly electricity bills of RM20 or less, will not have to pay for electricity, for the period from 1 October 2008 to end of 2009.
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Ya this is good too. Unfortunately I don’t think I am able to enjoy this L. Same case to anyone living in the city area. But good for this in kampong area.
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Sabah to get an additional allocation of RM580 million for upgrading infrastructures, while Sarawak will get RM420 million.
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Ya this is good. Seriously I can’t deny that much of the resources from our country comes from the east Malaysia.
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Firms can claim working capital allowance for upgrading their staff skills.
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Good. I assume this includes private sectors. Its always the best in invest into knowledge and skills.
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Toll charges for buses to cut by 50 percent for the next two years beginning Sept 15. However, not cut in tolls at border entry points- Johor Causeway, Second Link and Bukit Kayu Hitam.
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That’s good too. I remember reading an article that travelling by bus is about 15 times less risk to involve in accident comparing to car. More over I like to go green and with this current petrol price, it make all sense to travel by bus.
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To improve public transportation, the government has allocated RM35 billion in the next five years.
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Sigh….. sigh… sigh…………………….. this is in the talking since ice age. We don’t see much changes till now. Lets hope there money doesn’t flow into the pocket of the “people” handling the money.
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Government to provide RM3 billion in soft loans under public transportation fund to be administered by Bank Pembangunan to finance acquisiton of buses and rail assets.
Government will also reduce toll charges for all buses for 2 years beginning 15 Sept 2008.
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Good. Thanks.
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Government to reduce import duties on various consumer durables from between 10 to 60 percent to between 5 and 30 percent. This includes blenders, rice cookers, electric kettles.
Government to fully exempt import duty on several food item, i.e. vermicelli, biscuits, fruit juices, canned sweet corn.
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Good thanks. I am sure this will reduce the rakyat’s burden. Hope this can reduce the burden for consumer durables and food products.
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Reduce the road tax on private passenger vehicles with diesel engines to be the same as those with petrol engines, effective 1 September 2008.
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Yahoooooooo! But on the going green point of view… ahammmm well I hope people will use the environment friendlier diesel engine.
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Purchase of medium-cost houses up to RM250,000 to get 50 percent reduction in stamp duty on transfer document and loan agreement.
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Good. Thanks.
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Education Ministry to get RM31 billion allocation to benefit 5.8 million students, RM1.6 billion to finance additional posts created following the opening of 26 primary and 41 secondary schools and the additional expenditure for maintenance, food assistance, scholarship, per capita grant and new equipment. Government to build 110 new primary and 181 new secondary schools.
Higher Education Ministry to get RM14.1 billion, of which RM8 billion is for operating expenditure of public institutions of higher learning, RM4.4 billion for development expenditure and RM627 million for polytechnics and community colleges.
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Good but please make this not racist decision. Everyone with flesh and blood deserve the same education treatment.
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100 percent importy duty and 50 percent excise duty on new hybrid CBU cars, with engine capacity below 2,000cc will be given to franchise importers. The exemption is for two years to prepare for the local assembly of such cars.
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Good. Anyway I am not good with cars. Anyone can recommend or share with us what are the common cars in Malaysia that can benefit from this?
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Tax exemption to be given for three years on fees and profits earned by institutions undertaking activities relating to the arranging, underwriting, distributing, trading on non-ringgit sukuk.
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This is more related to the government’s vision to position Malaysia as a global financial hub. Don’t feel that this has any great impact to ease the rakyat.
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Travel allowance for commuting to work provided by employers be given full tax deduction, while the employees receiving such an allowance be given tax exemption of up to RM2,400 per year.
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I’m a bit confuse with this. Does that means company can give travel allowance for commuting? Hmmm never heard of this before.
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* The existing LRT system in the Klang Valley will be extended by 30km, that is 15km respectively, for Kelana Jaya and Ampang lines. Upon completion in 2011, the extensions are expected to benefit 2.6 million residents in the Subang Jaya-USJ and Kinrara-Puchong areas, compared with 1.9 million currently.
* A new LRT line will be built along a 42km route from Kota Damansara to Cheras; to be completed in 2014.
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Any good property location to recommend? I have to do some research on this. If you have any idea please share with us.
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Venture capital companies that invest at least 30% of their funds in start-up, early stage financing or seed capital be eligible for a 5-year tax exemption.
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Hmmmm how can I benefit from this? Can anyone share too?
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Tax exemption be given on fees received by domestic intermediaries, which successfully list foreign companies and foreign investment products in Bursa Malaysia. This measure will also enable domestic investors to acquire shares of foreign companies listed in the local exchange.
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This is good. Will encourage having more sophisticated products on local market.
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Current tax rate on dividends received by foreign institutional investors from Real Estate Investment Trusts (REIT) be reduced from 20% to 10%. Recognising that REITs is an attractive investment product for individuals as well, the Government also proposes a reduction in tax rate from 15% to 10%.
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Good from the tax point of view. Anyway I think the REITS in Malaysia are still poorly managed.
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Enhancing The Welfare Of Employees
* Travel allowance for commuting to work provided by employers be given full tax deduction, while the employees receiving such an allowance be given tax exemption of up to RM2,400 per year.
* Tax exemption be given to employees on:
- Interest subsidies on housing, motor vehicles and education loans. The tax exemption will be limited to total loans up to RM300,000;
- Mobile phones, as well as telephone and internet bills paid by the employer;
- Staff discounts of up to RM1,000 a year on company traded goods;
- Staff discounts on services rendered by the company, such as private schools providing free education to children of their employees; and
- Childcare allowance of up to RM2,400 per year.
* Tax exemption on medical benefits provided by employers to include expenses on maternity and traditional medicine, namely acupuncture and ayurvedic.
* Effective Jan 1 2009, civil servants with a monthly household income of RM3,000 eligible for a subsidy of RM180 per month.
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I think all employers shall look into this. To see how the remuneration package can be restructure in order to benefit from the budget 2009.
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