KUALA LUMPUR: There will be no GST (Goods and Service Tax) imposed on RON95 petrol, diesel, and LPG, while individual income tax payers will enjoy lower rates in Budget 2015 as announced by Prime Minister Datuk Seri Najib Tun Razak.
The other highlights of Budget 2015 include:
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 - See more at: http://www.themalaysianinsider.com/malaysia/article/budget-2015-live-updates#sthash.jIvWgnab.dpuf
* 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
* Government revenue estimated at RM23.2bil with implementation of GST
* Government to exempt goods from GST amounting to a total of RM3.8bil
* 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
* With GST implementation, Sales and Services Tax (SST) abolished, resulting in revenue foregone of RM13.8bil
* RM690mill net revenue collection from GST
* RM4.9bil to be channelled back to the people through assistance programmes such as the increase in Bantuan Rakyat 1Malaysia (BR1M)
* BR1M for those earning RM3,000 and below will be increased to RM950 from RM650
* For those earning RM3,000 to RM4,000, BR1M increased to RM750 (from RM450)
* Allowance of MPs of Dewan Rakyat will be increased from the equivalent grade 54 to equivalent grade Jusa C, consistent with their responsibility
* Allowance of MPs of Dewan Negara will be increased from equivalent grade 48 to equivalent between grade 54 and Jusa C
* 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
* Government will review the salary scheme of members of the administration. This includes the Prime Minister, the Deputy Prime Minister, Ministers and Deputy Ministers
* A half-month bonus with a minimum payment of RM500 to be paid in January 2015 for civil servants
* Government pensioners will also receive special financial assistance of RM250
* Several infrastructure projects will be implemented - 59km Sungai Besi-Ulu Klang Expressway (SUKE) with total construction cost of RM5.3bil; 276km West Coast Expressway from Taiping to Banting (RM5bil); 47km Damansara-Shah Alam Highway (DASH)(RM4.2bil); 36km Eastern Klang Valley Expressway (EKVE)(RM1.6bil); 56km Second MRT Line from Selayang to Putrajaya (estimated RM23bil); LRT 3 Project linking Bandar Utama to Shah Alam and Klang (about RM9bil); and RM150mil upgrading of East Coast railway line
* RM223.4bil for operating expenditure, RM50.5bil for development expenditure
* RM65.6bil for emoluments, RM38.1bil for supplies and services
* RM29.3bil allocated to the economic sector
* RM12.6bil allocated to the social sector for education, training, health, housing and well-being of society
* RM4.9bil earmarked for the security sector, RM1.7bil for general administration and RM2bil for contingencies
* For 2015, economic growth expected to remain strong between 5% and 6%, fiscal deficit projected to further decline to 3% of GDP
* Pengerang Integrated Petroleum Complex project with total investment of RM69bil, which is expected to create over 10,000 jobs
* RM70mil Sustainable Mobility Fund to be established under SME Bank - 50 electric buses will be introduced initially
* RM100mil Digital Content Industry Fund to be set up under the Communications and Multimedia Commission to further promote creative industries like animation, filming, designing and cultural heritage
By MAYCHAM China
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