Which one affect you?
Written by Joseph Chin
Friday, 23 October 2009 17:00
Highlights of Budget 2010
* Government to reduce maximum individual income tax rate from 27% to 26% for chargeable income group exceeding RM100,00. Personal relief increase from RM8,000 to RM9,000 in 2010. This means that each individual taxpayer will enjoy an increase of RM1,000 in disposable income.
This one is good for me.
* Govt to allocate RM899m for tourism industry in 2010, attract more participants from UK, Japan, Korea under Malaysia, My Second Home.
* Govt to speed up implementation of high speed broadband at total cost of RM11.3b,of which RM2.4 billion is from government and RM8.9 billion from Telekom Malaysia.
* Govt proposes individual taxpayers be given tax relief on broadband subscription fee up to RM500 a year from 2010 to 2012.
This one is good for me, but hor I am now using subline. SO have to go and cancel or upgrade to combo set liao. Hopefully they will just transfer and (not cut + reconnect), maybe I have to live 1 week without broadband.
* Govt to allocate RM9b for infrastructure, of which RM4.7b for road, bridge, water, sewerage projects and RM900m for rail.
* Govt to look into micro insurance, takaful coverage. Premiums from as low as RM20 per month for small traders, coverage from RM10k to RM20k.
* Flexible brokerage sharing between stockbrokers, remisers. Flexible brokerage at 40% for remisers. To be fully liberalised in second stage by Jan 1, 2011.
* Allow 100pct foreign equity stake in corporate finance, financial, planning companies from at least 30pct local stake now.
* For upstream petroleum companies, income tax for yr assessment 2010 based on 2009 income can be paid over 5 years.
* Govt to impose 5pct tax imposed on gains from disposal of real property from Jan 1, 2010. However,it will be retained for gifts between parent and child, husband and wife, grandparent and grandchild. This tax exemption will also be given on disposal of residential property once in a lifetime.
* Govt proposes RM50 service tax on each principal credit card, charge cards, including free cards. RM25 for supplementary cards by January.
I totally agree with goverment on this move. Some of my friend have 10 credit card. I am now considering what credit card to cut. Currently I have citibank, alliance bank and direct access.
Citibank - use long time already, very convenient to pay bill ( astro, tenaga, syabas) and free when redeem gift. I will email them see whether they absorb or not.
Alliance bank - free with my house loan, now link with all my insurance, not very user friendly in term of online pay bill.
Direct Access - use to pump petrol cos have 2 % rebate with any petrol station. All the rebate is enough to give to gomen. About RM 250 petrol per month, rebate RM 60 per year, Shit.
In the end, maybe I will reduce to two or one. Dilemma lah which one to cut.
* Govt to impose RM10,000 for each approved permit to open AP holders, for distribution of AP in 2010.
* Govt to implement fuel subsidy management system in early 2010, using MyKad, to ensure targeted groups will benefit.
* Govt to reduce maximum individual income tax rate from 27pct to 26pct, personal relief increase from RM8,000 to RM9,000 in 2010.
* Govt to launch scheme for EPF contributors to use current, future savings in account 2 to get higher financing to buy higher value house or additional houses.
* Govt to issue 1Malaysia sukuk totaling RM3b, for Malaysian aged 21 and above. 3yr maturity, with 5pct annual rate of return
* 1Malaysia retirement scheme for self-employed, run by EPF. For every RM100 contribution, govt to contribute 5pct, maximum RM60.
* Personal tax relief raised to RM7,000 from RM6,000 now for EPF contribution and life insurance premiums.
This one is good for me.
1 comments:
I don't agree on tax being imposed on credit cards... yes it may curb the publoic from over-spending and getting into debt but in actual fact it's just the government's excuse to suck more money from the rakyat.....