Tuesday, October 27, 2009

Malaysia Budget 2010

Budget 2010: "1Malaysia, Together We Prosper
Friday October 23, 2009

Budget 2010 that would impact me directly or indirectly...

. Taxpayers will get tax relief on broadband subscription fee of up to RM500 from 2010 to 2012.

. Tax of 5% to be imposed on gains from the disposal of real property from Jan 1, 2010. Existing tax exemption will be retained for gifts between parent-child, husband-wife, grandparent-grandchild.

. To promote prudent spending, a service charge of RM50 a year to be imposed on each principal credit card and charge card; and RM25 a year on each supplementary card, effective from Jan 1, 2010.

. To ensure that fuel subsidies only benefit targeted groups, Govt will implement a fuel subsidy management system in early 2010, which will utilise the MyKad.

. The maximum income tax rate for individuals to be reduced to 26% from assessment year 2010. Personal relief increased to RM9,000.

To promote house ownership, Govt will launch a scheme that enables EPF contributors to utilise current and future savings in Account 2.

. Employees' EPF contribution to be increased to 11% again, on a voluntary basis, effective immediately. However, from Jan 1, 2011 employees' EPF contribution will revert to 11%.

. Personal relief for EPF and life insurance schemes to be increased to RM7,000.

The 2010 Budget Speech (pdf file) http://thestar.com.my/budget/budget10.pdf
List of Appendices (pdf file) http://thestar.com.my/budget/attachment10.pdf

Source http://thestar.com.my/news/story.asp?file=/2009/10/23/budget2010/20091023161104&sec=budget2010

PricewaterhouseCoopers answers some Budget 2010 related questions.

Study on impact of GST

Sunday October 25, 2009
Source http://thestar.com.my/news/story.asp?file=/2009/10/25/focus/4971006&sec=focus

Understanding tax exemptions
Monday October 26, 2009
Source http://biz.thestar.com.my/news/story.asp?file=/2009/10/26/business/4975646&sec=business.

Real property gains tax and green tech incentives
Tuesday October 27, 2009
Source http://biz.thestar.com.my/news/story.asp?file=/2009/10/27/business/4979771&sec=business.

No comments: