Saturday, October 24, 2009

BUDGET 2010: Quick facts

Quick facts

  • Malaysia economy to grow 2-3 percent in 2010.
  • Per capita income to increase by 2.5 percent to RM24,661.
  • Budget 2010 allocations totalled RM191.5 billion, of which RM138.3 billion is for operating expenditure and RM53.2 billion for development expenditure.
  • Federal government revenue in 2010 to decline by 8.4 percent to RM148.8 billion.
  • Budget deficit at 5.6 percent of GDP compared with 7.4 percent in 2009.

    Taxation
  • Maximum income tax rate to be further reduced to 26 percent from 27 percent effective from the 2010 year of assessment.
  • Personal tax relief will be increased to RM9,000 from RM8,000 effective from the 2010 year of assessment.
  • Individual taxpayers to be given tax relief on broadband subscription fee up to RM500 a year from 2010 to 2012.
  • Income tax for 2010 based on income derived from 2009 will be allowed to be paid in instalments in five years.
  • kwsp epf logo
  • Employees EPF contributions will be raised again to 11 percent on a voluntary basis with immediate effect. However, from Jan 1, 2011 employees' EPF contribution will revert to 11 percent.
  • The government proposes existing personal tax relief of RM6,000 for EPF contributions and life insurance premiums be raised to RM7,000.
  • Civil servants are eligible to apply for computer loans once in every three years and up to a maximum of RM5,000 from the government once in every five years.
  • A five percent tax to be imposed on gains from disposal of real property from Jan 1, 2010.

    Credit cards
  • There will be no more free credit cards which are currently being used extensively. The number increased from more than two million in 1997 to 11 million as of August 2009, excluding 285,000 charge cards.
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  • To promote prudent spending, a service tax of RM50 a year will be imposed on each principal credit card and charge card, including those issued free of charge.
  • There will also be service tax of RM25 a year imposed on each supplementary card.

    Fuel subsidies
  • To ensure fuel subsidies only benefit targeted groups, the government will implement a fuel subsidy management system in early 2010.

    Goods and Services tax
  • Government is in the final stage of completing a study on imposing Goods and Services Tax (GST). The rate will be lower than the current sales and service tax.

    Approved Permits (AP)
  • RM10,000 to be imposed for each AP to open AP holders effective Jan 1, 2010. A portion of the collection will be channelled to the bumiputera development fund in the automotive sector.

    Permanent residency
  • Simplify permanent residency (PR) applications for those who possess high talents, expatriates will be issued visas within 14 days while male expatriates who marry locals will be automatically conferred PR status.
(Source: Mkini - Support Mkini - Subscribe to Mkini!)

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