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Budget 2014 – Full summary

Hi Everyone,

We just want to sum up Malaysia Budget 2014, so check out the listing below.

It is a very long list and we try our best to shortlist it.

1.Education : RM250 1Malaysia Book voucher Program available for each student .

2.Education : Bantuan Persekolahan of RM100 Continues.

3.Education :RM450 million to maintaining and improving old schools – SK, SJK (c), SJK (T), MARA, Sekolah Agama included.

4.Education: RM6million research grants for public universities.

5.Education: RM209million to be invested in improving the quality of teaching in schools.

6.Education: RM168million allocated to build new schools.

7.Sugar Subsidies cancel effective 2014. However, sugar remain GST exempt in 2015

8.Subsidies : Changes in BR1M handouts. Household income RM3000 and below receive RM650. Household income RM3001-RM4000 receive RM450. Individual income RM2000 and below receive RM300.

9.Agriculture and Foreign Trade: Government plans to increase exports of durians to China. ( Market for odourless packaging expected to triple)

10. National Security :Police & Armed Forces – RM8.8mio allocated for PDRM RM13.20 billion to Malaysian Armed Forces.

11.  National Security: RM20million allocated to install CCTV at 25 crime hotspots

12.  National Security: RM3.9billion on fighting crime and increasing security.

13.  Taxation : Special Tax Relief RM2000. Tax relief given to tax payers with a monthly income up to RM8000 ( tax savings up to RM480)

14.  Taxation : Reduction in  Corporate Tax from 25% to 24%

15.  Taxation: Individual tax to be reduced between 1% to 3% depending on income bracket. Highest income bracket increased from RM100,000 to RM400,000.

16.  Taxation : GST 6% effective 1st April 2015

17.  Property : MYHOME Scheme- Developer subsidy to encourage building of more low and medium cost houses.

18.  Property : Under PR1MA RM1billion allocated to construct 80,000 new residential units at 20% lower than market prices.

19.  Property : RM578 million allocated to the National Housing Department to develop an additional 16,473 residential units.

20.  Property : Real Property Gain Tax (RPGT) revision. 30% for properties held for 3 years or less, 20% for 4 years, 15% for 5 years.

21.  Healthcare : RM22.1 billion allocated to improve public health care system.

22.  Tourism: Tourism industry to receive RM2million boost. Visit Malaysia 2014. Government aims to attract 28 million tourist in 2014. Airport upgraded planned in few tourism attraction airport.

23.  Tourism : Kuala Lumpur is the 4ht best city in the world for shopping. ( After New York, Tokyo and London)

24.  Pension: RM120 Government contribution to 1Malaysia Retirement Savings Scheme for Pensioners.

25.  Investment : RM500 one-time benefit for Private Retirement Scheme investors beginning January 2014 to encourage investment.

26.  Internet : To implement High Speed Broadband up to 10Mbps, to provide more coverage in urban areas.

27.  Construction: Project to implement West Coast Expressway from Banting to Taiping as well as double tracking projects from ipoh to Padang besar and later from Gemas to Johor Bharu.

28.  Government will create a Night Market Traders Entrpreneurs Scheme with an allocation of RM100million under Bank Simpanan National.

 

That’s wrap up everything.

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By | 2015-10-24T11:23:35+00:00 October 25th, 2013|Latest Article/News, Malaysia Budget|Comments Off on Budget 2014 – Full summary