Malaysia's Private Push for 2011 - Increase of Taxes?
Posted: Fri Oct 22, 2010 9:38 am
KUALA LUMPUR: Malaysia is geared for bigger growth – and a push towards becoming a high-income nation – with major public-private investment-driven infrastructure projects that are set to kick off next year.
Under Budget 2011, the Government intends to “reinvigorate private investments” to develop what it termed as high-impact projects such as the Mass Rapid Transit, Ampang-Cheras-Pandan Elevated Highway and construction of a 300MW Combined-Cycle Gas Power Plant in Kimanis, Sabah.
“Change is not an option but an imperative,” Prime Minister Datuk Seri Najib Tun Razak said in presenting Budget 2011 as he spoke about achieving the developed nation status.
For the layman, the Government, among other things, has promised not to raise toll rates in four highways for the next five years, besides helping first-time house buyers who earn less than RM3,000 get a full loan without paying the 10% downpayment.
However, the anticipated personal tax cuts did not materialise but there were other goodies for first-time house buyers, civil servants and those with ailing parents.
The Budget in brief
Toll highways and PPP projects
> The government plans to build six highways
> Toll rates on four highways owned by PLUS Expressway Berhad will not be increased for the next five years.
> Greater KL MRT to be implemented from 2011.
> A new 100-storey landmark, Warisan Merdeka, to be completed in 2020.
Tax incentives/hike
> Import duties for around 300 preferred consumer items to be abolished.
> Service tax to be imposed on paid television broadcasting services.
> Service tax for restaurants, hospitals and car rentals to be increased from 5% to 6%
> Sales tax will be exempted on all types of mobile phones.
Housing and Community
> Stamp duty exemption of 50% for first time house buyers on a house priced less than RM350,000
> RM350mil to implement various programmes to combat crime
Family and women
> RM70mil for programmes with selected NGOs to strengthen the family institution and address social ills.
> 40 1Malaysia TASKA to assist women to obtain quality childcare and early education for their children.
Civil service
> Maternity leave increased from 60 days, not to exceed 90 days for civil servants.
> Housing loan for civil servants increased to a maximum of RM450,000 from RM360,000 currently.
Education
> RM576mil allocated for scholarships for those wishing to further their studies.
> RM213mil allocated to enhance proficiency in Bahasa Malaysia and the English Language.
Health
> RM15.2bil to build new hospitals and increase the number of doctors, nurses and supplies of medicines and equipment.
> Another 25 1Malaysia Clinics will be established, bringing the total to 76.
Environment and green tech
> RM1.9bil to finance environmental preservation projects.
> To further encourage ownership of hybrid cars, import duty and excise duty exemption will be extended until Dec 31, 2011
Welfare
> RM100mil allocated to implement various orang asli programmes.
> RM218mil to benefit 80,000 disabled individuals through various programmes.
Things I dislike about the changes.
> Service tax for restaurant, hospitals and car rental to be increased from 5% to 6%.
- Kinda Expensive? Like a Fast Food Restaurant for Students... Should it be decrease the Tax Value for Students?
> Sales tax will be exempted on all types of mobile phones.
- What? The Tax of a Mobile Phone increased? How can I even Get a iPhone with these kinda taxes...
> A new 100-storey landmark, Warisan Merdeka, to be completed in 2020.
- I don't think is a great idea... Kinda a waste of money... Look by this complain...
100-floors of wasted money
Well for others this I dislike I not yet read it...
Under Budget 2011, the Government intends to “reinvigorate private investments” to develop what it termed as high-impact projects such as the Mass Rapid Transit, Ampang-Cheras-Pandan Elevated Highway and construction of a 300MW Combined-Cycle Gas Power Plant in Kimanis, Sabah.
“Change is not an option but an imperative,” Prime Minister Datuk Seri Najib Tun Razak said in presenting Budget 2011 as he spoke about achieving the developed nation status.
For the layman, the Government, among other things, has promised not to raise toll rates in four highways for the next five years, besides helping first-time house buyers who earn less than RM3,000 get a full loan without paying the 10% downpayment.
However, the anticipated personal tax cuts did not materialise but there were other goodies for first-time house buyers, civil servants and those with ailing parents.
The Budget in brief
Toll highways and PPP projects
> The government plans to build six highways
> Toll rates on four highways owned by PLUS Expressway Berhad will not be increased for the next five years.
> Greater KL MRT to be implemented from 2011.
> A new 100-storey landmark, Warisan Merdeka, to be completed in 2020.
Tax incentives/hike
> Import duties for around 300 preferred consumer items to be abolished.
> Service tax to be imposed on paid television broadcasting services.
> Service tax for restaurants, hospitals and car rentals to be increased from 5% to 6%
> Sales tax will be exempted on all types of mobile phones.
Housing and Community
> Stamp duty exemption of 50% for first time house buyers on a house priced less than RM350,000
> RM350mil to implement various programmes to combat crime
Family and women
> RM70mil for programmes with selected NGOs to strengthen the family institution and address social ills.
> 40 1Malaysia TASKA to assist women to obtain quality childcare and early education for their children.
Civil service
> Maternity leave increased from 60 days, not to exceed 90 days for civil servants.
> Housing loan for civil servants increased to a maximum of RM450,000 from RM360,000 currently.
Education
> RM576mil allocated for scholarships for those wishing to further their studies.
> RM213mil allocated to enhance proficiency in Bahasa Malaysia and the English Language.
Health
> RM15.2bil to build new hospitals and increase the number of doctors, nurses and supplies of medicines and equipment.
> Another 25 1Malaysia Clinics will be established, bringing the total to 76.
Environment and green tech
> RM1.9bil to finance environmental preservation projects.
> To further encourage ownership of hybrid cars, import duty and excise duty exemption will be extended until Dec 31, 2011
Welfare
> RM100mil allocated to implement various orang asli programmes.
> RM218mil to benefit 80,000 disabled individuals through various programmes.
Things I dislike about the changes.
> Service tax for restaurant, hospitals and car rental to be increased from 5% to 6%.
- Kinda Expensive? Like a Fast Food Restaurant for Students... Should it be decrease the Tax Value for Students?
> Sales tax will be exempted on all types of mobile phones.
- What? The Tax of a Mobile Phone increased? How can I even Get a iPhone with these kinda taxes...
> A new 100-storey landmark, Warisan Merdeka, to be completed in 2020.
- I don't think is a great idea... Kinda a waste of money... Look by this complain...
100-floors of wasted money
Well for others this I dislike I not yet read it...
any questions feel free to ask here since its not in the rules =p