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Malaysia Budget 2016 : Important Highlights

Housing:
1.RM1.6bil is allocated for the construction of 175,000 units of PR1MA homes. 10,000 units are expected to be completed next year.
2.RM40mil to revive abandoned housing projects.
3.RM150mil to refurbish 11,000 houses in rural areas
4.RM155mil to repair low-cost public houses
5.RM200mil to build 10,000 unit Rumah Mesra Rakyat
6. RM863mil to build 22,300 condos and 9,800 terrace house under the People’s Housing Programme
7. RM200mil to fund loans for the down-payment of first-time house buyers

Income Taxes :
1.Tax payers get relief increase from RM1,000 to RM2,000 for each children under the age of 18
2. Tax relief for those with unemployed spouse increased from RM3,000 to RM4,000
3. New tax relief for those supporting unemployed parents above 60 – RM1,500 for each parent.
4. RM8,000 tax relief (up from RM6,000) for parents with children above the age of 18 studying at local or foreign higher learning institutes.
5.Parents with disabled children above 18 pursuing higher studies to get RM8,000 tax relief (up from RM6,000), on top of existing RM6,000 tax relief for parents with disabled children. (Total relief is RM14,000).
6.Those with chargeable income of between RM600,000 and RM1mil to pay 26% tax (from 25%) and those with more than RM1mil to pay 28% (from 25%)

BR1M:
1. RM5.9 billion pumped into BR1M for 7.4 million households and people
2. E-kasih participants earning below RM1,000 will receive RM1,050 handout in new BR1M category
3.The Government will allocate a BR1M payout of RM400 to unmarried persons above 21 with incomes below RM2,000.
4. A BR1M payout of RM1,000 is also set aside for those with incomes below RM3,000.
5. BR1M payout RM800 for those with incomes below RM3000-4,000.
6.Conclusion, Previous BR1M recipients will receive RM50 more.

Student Aid:
1. From Jan 2016, RM100 will be given in schooling aid to students from households with a monthly income of RM3,000 and below.
2. RM250 1Malaysia book vouchers will be available for 1.2mil students.

Source : The Star Online

http://www.thestar.com.my/News/Nation/2015/10/23/Budget-2016-Highlights/

 

By | 2016-11-01T10:40:12+00:00 October 24th, 2015|Malaysia Budget|Comments Off on Malaysia Budget 2016 : Important Highlights