Need help with home loans?

Malaysia Budget 2015 Highlights

[vc_row][vc_column][vc_column_text]Income Tax:
1. Income tax rates to be cut by one to three percentage points. Families with monthly income of less than RM4,000 will not have to pay tax
2. Income tax rates to be cut by one to three percentage points
3. Families with monthly income of less than RM4,000 will not have to pay tax
4. Government revenue estimated at RM23.2bil with implementation of GST
5. Government to exempt goods from GST amounting to a total of RM3.8bil
6. Items exempted from GST are – all types of fruits, both local and imported; white bread and wholemeal bread; Coffee powder, tea dust and cocoa powder; Yellow mee, kuey teow, laksa and meehoon; essential medicines covering nearly 2,900 brands which are used to treat 30 types of diseases, including heart failure, diabetes, hypertension, cancer and for fertility treatment
7. With GST implementation, Sales and Services Tax (SST) abolished, resulting in revenue foregone of RM13.8bil
8. RM690mill net revenue collection from GST

BR1M:
1. RM4.9bil to be channelled back to the people through assistance programmes such as the increase in Bantuan Rakyat 1Malaysia (BR1M)
2. BR1M for those earning RM3,000 and below will be increased to RM950 from RM650
3. For those earning RM3,000 to RM4,000, BR1M increased to RM750 (from RM450)

Government Servant:
1. Allowance of MPs of Dewan Rakyat will be increased from the equivalent grade 54 to equivalent grade Jusa C, consistent with their responsibility
2. Allowance of MPs of Dewan Negara will be increased from equivalent grade 48 to equivalent between grade 54 and Jusa C
3. Salaries and allowances of the Speaker of Dewan Rakyat and Speaker of Dewan Negara as well as their respective Deputies will be increased effective 1 Jan 2015
4. Government will review the salary scheme of members of the administration. This includes the Prime Minister, the Deputy Prime Minister, Ministers and Deputy Ministers
5. A half-month bonus with a minimum payment of RM500 to be paid in January 2015 for civil servants
6. Government pensioners will also receive special financial assistance of RM250

Source : The star online
http://www.thestar.com.my/News/Nation/2014/10/10/Budget-2015-full-speech-text/[/vc_column_text][/vc_column][/vc_row]

By | 2015-11-10T21:37:17+00:00 October 10th, 2014|Latest Article/News, Malaysia Budget|Comments Off on Malaysia Budget 2015 Highlights