Malaysia Budget 2010 Summary

Posted by Kris | Friday, October 23, 2009 | , | 2 comments »

Here are some of the interesting lines that I captured from the Malaysia Budget 2010. Look into the link for more detail. I am just doing a speed reading, thus might skip some of the statements. Below are the goodies. Happy reading.

Link here.

Good news to high achievers. Beginning 2010, 1st class honor students will get their PTPTN converted to full scholarships. And special full scholarship award given to the creme le creme to further their studies at renowned universities oversea based on MERIT. (page 23)

Govt intends to propose a 5% tax on property gain on January 2010. Tax exemption only if you give the property as gifts to your family and the 1st residential property that you dispose off. (If i read and understood it properly). This going to be dent to the house flippers' profit especially at expensive property states like KL & Penang. (page 33)

Government intends : No more free credit card waivers.. Minimum RM50 per year in forms of service charge. RM25 for supplementary cards.. Ouch..(Time to cancel off my multiple credit cards..) Page 33.

Day care centers for the children of govt servants. And Rm180 subsidy for those that has a salary range of 2,000 to 3,000. Private sectors will have tax breaks if they establish these day care centers for their employees.

Maximum Income tax reduced to 26%. Personal relief increased from RM8000 to Rm9000. If local and residents working at Iskandar Region , their income tax will only be a WHOOPING 15%!!! Wow... Start setting up shop there or applying work there!! Page 36.

1Malaysia sukuk worth RM3 billion with a 5% annual interest payment for 3 years. (Maybe very hard to attract investors since the stock market is going UP UP UP). page 43.

1Malaysia Retirement scheme under EPF hich gives the self-employed lower income earners 5% for every RM100 contribute , subject to RM60 per annum for 5 years. Thus, in short government is giving RM300 for 5 years if you enrolled under this program. (page 43)

RM500 to support staff from grade 41 to grade 54 or mandatory retirement (not sure what it means by mandatory retirement. Probably the offer extends to retiree) Payment paid by Dec 2009 which cost the taxpayer an allocation of RM400 million. Early Christmas present for government servants. (Page 48)



2 comments

  1. Jayce // 10:15 AM  

    I wonder free annual free credit card like CIMB Direct Access will start have fee or not... ^_^"

  2. Kris // 12:07 PM  

    I think yes. Even though it is free npw, it will have that service charges as indicated in the speech.

    Really a deterrent of having a credit card. I guess the only thing not affected is debit card which seems to be very popular nowadays among the bank promoters but not as lucrative biz as the credit cards.