28/10/2017
[10/27, 21:35] John Choong PH: *_Budget 2018 and Effects on Individuals:_*
*Tax:*
Reduction of 2% tax for those income below RM70,000. An estimate of 261,000 ppl would not be paying tax.
Tax exemption for rental income of 50% up to RM2000 per month.
12 months Tax exemption for income for women re-etering workforce.(After at least 2 years of work break)
SSP1M Education Tax relief will continue for the next 3 years.
*PTPTN:*
The discount period for PTPTN will be extended from the end of this year to Dec 31, 2018.
Grace period of 12 months instead of current 6 months after graduation for loan repayment.
Increased maximum loan for students from B40 families.
*GST:*
All reading materials inclusive of magazines and comics will be zero-rated items.
Management & maintenance service of strata residential buildings will be GST exempted.
*BRIM:*
BRIM of RM1200 to deserved individuals.
*Investments:*
3 year duty stamp exemption for ETF and Structured Warrants
Additional RM1.5bil in Amanah Saham allocation for Indians, up to 30,000 units
Each Malaysian child born from Jan 1, 2018 to 2022 will be given RM200 worth of units in unit trust Amanah Dana Anak Malaysia 2050 (Adam50).
*Govt Servants, Senior Citizens & PWD:*
Earlier 1 hr Time Off for Expecting Parents in Govt Sector.
Bonus of RM1500 for Govt Servants.
Increased allowance to Senior Citizens from RM50 to RM350.
Increased allowance to Person With Disabilities & Caretakers of PWD by RM50 per month.
Bonus of RM750 for Govt Pensioners.
*Women:*
Mandatory maternity leave for private sector increased to 90 days.
30% women representation requirement as Board of Directors in GLC by end of 2018
*Transport:*
Batu Tiga & Sg Rasau (Selangor), Bukit Kayu Hitam (Kedah) & Eastern Dispersal Link (Johor) tolls will be abolished.
Upgrading of Airports of Penang, Langkawi, Mukah, Sandakan, Kota Bahru.
Feasibility study to be conducted for Bridge connecting Labuan to Mainland Sabah.
*Free Trade Zone:*
Pulau Pangkor will be a new Free Trade Zone (except for To***co, ci******es and vehicles)
Upgrading of Free Trade Zone of Bukit Kayu Hitam.
*Neighbourhood:*
Bonus RM1500 special assistance to Village Head.
RM75mil for Development & Restoration of Chinese New VIllage
Summarized by
CK Lau
Your Financial Partner
[10/27, 21:38] John Choong PH: Budget 2018 highlights
* Najib: Malaysia has created 2.26 million jobs, representing 69% of the 3.3 million target by 2020
* Budget 2018 allocates a sum of RM280.25b, up from RM260.8b in 2017
* Per capita income expected to rise to RM42,777 in 2018, from RM40,713 now, says PM
* Federal government's revenue collection projected at RM239.86b in 2018
* Budget 2018 to see RM234.25 billion allocated for operating expenditure, RM46 billion for development expenditure
* Additional RM200m allocated to Amanah Ikhtiar Malaysia in Budget 2018, raising fund size to RM2.7b
* Budget 2018 allocates RM6.5b to assist farmers, fishermen, smallholders and rubber tappers
* Budget 2018 allocates RM200m to SMEs for training programmes, grants and soft loans under the SME Corp
* Najib declares 2020 as Visit Malaysia Year with APEC, WCIT, CHOGM being held
* Najib: Works on ECRL to start by January 2018
* Budget 2018 allocates RM2b to SME Tourism Fund to provide soft loans to tour operators with interest subsidy of 2%
* Najib: Listing Pulau Pangkor as tax free island, except for alcohol, ci******es, motor vehicles
* Najib: New airport in Tioman is being planned
* Penang International Airport and Langkawi International Airport to be upgraded
* Upgrade of international airports in Penang, Langkawi, Kota Baru, Sandakan with new airport in Mukah
* Najib: Alternative trading system will be introduced
* Feasibility study to be conducted for the building of a bridge from Labuan to mainland Sabah
* Construction of MRT3 to be expedited, with completion by 2025 instead of targeted 2027
* BNM to monitor payments of salaries to foreign workers (except maids) via accounts registered with local banks
* MRT2 project to cost about RM32b, says Najib
* Amanah Dana Anak Malaysia 2050 — Malaysian child born between Jan 1 2018 to 2022 to be awarded starting fund of RM200 via Amanah Saham PNB Units
* Tax incentives for new four- and five-star hotel investments extended until Dec 31, 2020
* Govt to build 14 sports complexes in the country at cost of RM112m
* RM61.6b allocation for education sector in 2018. Malaysia's education expenses is twice as high than that of other countries in Asean on average
* Govt aid of RM100 for students from low-income families continues in 2018, with RM328m allocation which will benefit 3.2 million students
* RM550m allocation for the maintenance and upgrading of schools in 2018
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