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Date [ 2014-12-17, 07:30 ]

Some highlights that should give a clearer picture of the new Budget.


(Kuala Lumpur=Koreanpress) Azmi Anuiar = With Budget 2015, the 10th Malaysian Plan will come to a close. The 11th Malaysian Plan will take off from May 2015 along with the Malaysia National Development Strategy (MyNDS).

To understand Budget 2015, realise it is categorised under SEVEN main strategies. These are:

1.    Strengthening economic growth.
2.    Enhancing fiscal governance
3.    Developing human capital and entrepreneurship
4.    Improving the Bumiputera agenda
5.    Greater prominence for women’s roles
6.    Implementing the youth transformation programme
7.    Giving priority to citizens’ wellbeing

1. STRENGTHENING ECONOMIC GROWTH
         -      Introduction of a blueprint for the service sector with RM5 billion
                allocated for SMEs in this sector.

-        Boosting ICT and high impact technology with RM10 million
    allocation to establish Research Incentive Scheme for Enterprises
    (RISE).

-         To encourage the private sector to develop industrial centres in rural
      and low developed areas, there will be 100% tax exemption for 5
      years.

-            From 2015 to 2017, an allowance automation modal expenditure of
      200% on  the first RM4 million.    

-          High Speed Broadband in high impact economic areas covering
      selected towns and cities to continue.

The Government will kickstart the Budget with infrastructural projects. These are:  
1. Lebuh Raya Pantai Barat from Taiping to Banting
 2. Lebuh Raya Lingkaran Luar KL to Hubungan Timur
3. Lebuh Raya Damansara to Shah Alam
4. Lebuh Raya Sungai Besi to Ulu Klang
5. Pantai-Timur Railroad upgrades

An allocation of RM23 billion has been made for the MRT second phase, 56 km, from Selayang to Putrajaya.

Coming on is the LRT 3rd phase, from Bandar Utama to Shah Alam to Klang.

2. ENHANCING FISCAL GOVERANCE

-    Price increase to be less than 5.8% for 354 goods and services under GST .

-    Individual income tax to be restructured; whereby:
       
•    highest income tax rate to be reduced from 26% to 24%.
•    Personal income tax rate to be reduced by 1% to 3%.
•    With 300,000 taxpayers  exempted from income tax when household income is RM4,000 and below .

Exempted From GST

-    RON 95 Petrol, Diesal and LPG Cooking Gas
-    Educational reading materials e. newspapers, exercise, text and reference books, dictionaries, colouring books and religious books..
-    2,900 medications, some of which involve 30 types of illnesses e.g., diabetes, heart diseases or cancer, hypertension and fertility treatments.
-    Food items will cover local and imported fruits, coffee and cocoa powder, tea dust, white and wholemeal bread, yellow mee, kuey teow, laksa and meehoon.

3. DEVELOPING HUMAN CAPITAL AND ENTREPRENEURSHIP
•    PTPTN Loan: 10% rebate for those who repay loan 12 months in a row, 20% discount for those who pay off in one lump sum.
•    To reduce unemployment, syllabus in higher learning institutions will now include extra-curricular activities.
•    Revision of labour laws that should bring on worker benefits such flexi hours.

4. IMPROVING BUMIPUTERA AGENDA

-    EQUINAS to receive RM600 million to be used to increase Bumiputera ownership in private companies and GLCs.
-    RM30 million for Bumiputera Entrepreneur Start Up Scheme (SUPERB)
-    RM350 million from TEKUN for Bumiputera entrepreneurs.
-    Amanah Iktiar Malaysia(AIM)  to handout RM1.8 billion for the benefit of  346,000  Sahabat AIM.  
-    Lembaga Tabung Haji to contribute RM200 million for the establishment of the Bank Islam syriah-compliant Restricted Investment Account(RIA).

Under Education:

-    5,000 will benefit from the RM72 million that  Yayasan Peneraju Pendidikan Bumiputera will provide for their scholarship, training and financial assistance.
-    MARA will be given RM2 million to fund the education of eligible Bumiputera students.

5. GREATER PROMINENCE FOR WOMEN’S ROLES

1.    To develop women in entrepreneurship and increase their value on the job market, an allocation of RM2.26bil will be made.
2.    Programmes such as Wanita Career Comeback or 1Malaysia Support will be introduced by the Government  as encouragement for housewives and professional women to be more pro-active in entrepreneurship and increase their job market value.
.
6. IMPLEMENTING THE YOUTH TRANSFORMATION PROGRAMME

-    Revitalisation of youth programmes such as Rakan Muda and the National Service with an allocation of  RM320 million.
-    Program Latihan Khidmat Negara (PLKN) to be developed with a new concept  in the future.
-    For every year from now on, the first Saturday of each November to be designated as National Sports Day.

Housing for Youth
-    Young married couples earning less than RM10,000 are eligible for house ownership under the Youth Housing Scheme for which 20,000 units have been allocated.
-    A monthly incentive of RM200 will be given for the first two years of  the housing loan repayment period.
-    The couples must be between 25 to 40 years of age with the house to be purchased not exceeding a cost of  RM500,000.
-    This offer is on a first come first served basis only.

7.GIVING PRIORITY TO CITIZENS’ WELBEING

1. Financial assistance RM1.2 billion for poor families, children, senior citizens
     and the disabled.

2.A monthly discounted fare of 30% on intercity bus services for people living
   outside KL but working in KL.

3.Medical facilities to be improved with the building of two hospitals in  
    Dungun and Seri Iskandar; 30 additional 1Malaysia clinics to be established.

4.Cancer, kidney failure and heart attack patients get a tax relief from
    RM5,000 to RM6,000.

6.  A total of RM3 billion in educational sponsorship has been allocated to –
     JPA(RM1.9b), Education Ministry (RM759m), Health Ministry (RM258m).

7. RM100 will be given to each primary and secondary school student, and
     BB1M remains at RM250 for students are tertiary institutions.

8.Rural areas will get RM4.6 mil for  the upgrading of facilities &
    infrastructure.

9.Minimum eligibility for home loans increased to RM120,000 & maximum
    eligibility limit to RM600,000 for civil servants.

10.Stamp duty exemption of 50% extended for first home, and purchase limit increased to RM500,000.

11. One-off grant of RM50 million to be provided to creditable NGOs.

12. To end the water woes in Klang Valley, construction of Air Langat 2 Water
       Treatment Plant will be hastened at an estimated cost of RM3 billion.

13. The Employment Act 1955 will be reviewed and temporary financial aid
       will be given to retrenched workers under Employment Insurance System.

14.Public sector officials will receive half-month bonus at a minimum of
      RM500.

15. MPs will have their allowances increased. 

abc@koreanpress.net

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