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
PricewaterhouseCoopers answers some Budget 2010 related questions.
Study on impact of GST
Sunday October 25, 2009
Understanding tax exemptions
Monday October 26, 2009
Real property gains tax and green tech incentives
Tuesday October 27, 2009