2014 Budget Highlight

Hello.. I think most of Malaysian has been waited for today as our Prime Minister announced about the 2014 Budget. The budget will make us know what to do for next year and could bring happines to our future. As the budget was tabled by Prime Minister, Datuk Seri Najib Razak in parliament there’s many thing that could be highlight such as :

2014 Budget

1.  Abolition of 34 sen sugar subsidy effective Oct 26,2013. It is to encourage Malaysians to reduce sugar intake.
// I put this on the first because it become a huge debate in my facebook. I don’t want to discuss it, maybe you can give some opinion.

2.  Sales tax and service tax to abolished and be replaced by Goods and Service Tax (GST) effective April 1,2015. GST rate is fixed at 6 percent and will not be imposed on piped water, first 200 units of electricity per month for domestice, basic food items, piped water supply, services provided by the government. Transportation services are exempted from GST.

3. Corporate income tax rate to be reduced from 25 percent to 24 percent

4. One off RM300 cash assistance to households who are BR1M recipients; individual income tax rates reduced by 1-3 percentage points for all tax payers; individual income tax structure reviewed.

5. BR1M increased from RM250 to RM300 for single individuals aged 21 and above and with a monthly income not exceeding RM2,000.

6. Pensioners to receive special financial assistance of RM250.

7. A half month bonus for 2013 with minimum payment of RM500 announced to be paid in early January 2014.

8. BR1M to households with a monthly income of below RM3,000 increased from RM500 to RM650; and for the first time, BR1M assistance of RM450 to be extended to households with monthly income of between RM3,000 and RM4,000.

9. Special tax relief of RM2,000 for tax payers with monthly income of up to RM8,000 received in 2013.

10. RM82 million to be relocate to rehabilitate abandoned housing project.

11. RM30 million to open 60 Kedai Rakyat 1Malaysia(KR1M)

12. Private Affordable Ownership Housing Scheme (MyHome) introduced with subsidy of RM30,000 to private developers for each unit built

13. SPNB to build 15,122 units of affordable houses,. 3,000 units of Rumah Idaman Rakyat and 8,000 units of Rumah Mesra Rakyat.

14. RM578 million for National Housing Department(JPN) to build 16,473 Program Perumahan Rakyat housing units

15. RM100 schooling assistance to all primary and secondary school students. RM250 book vouchers to continue.

16. RM441 million allocated for the development and welfare of the disabled.

17. Cost of purchasing ICT equipment and software is given Accelerated Capital Allowance until year of assessment 2016.

18. Bank Negara Malaysia to lead in formulating the Netting Act to protect enforcement rights of “close-out netting” under the financial contract.

19. Public investment is estimated to reach RM106 billion in 2014.

20. Unemployment rate for #Bajet2014 is estimated at only 3.1% whereas inflation rate remains lowest at 2% to 3%.

I just share some of the important part. Maybe I’ve missing something that important for our finance. For more budget highlight try website New Straits Times

How about the 2014 budget? Do you think it is good for us or not? Just share your opinion below.

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