Malaysia Budget 2011

Prime Minister Najib’s Budget 2011 full speech

Mr. Speaker Sir,

I beg to move the Bill intituled “An Act to apply a sum from the Consolidated Fund for the service of the year 2011 and to appropriate that sum for the service of that year” be read a second time. Read More

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Malaysia Individual Personal Tax Relief for YA 2010 & YA2011 (both years are same)

Individual personal tax relief is only available for individuals who are considered tax resident in Malaysia. No tax relief is available for non-tax residents. Generally rule is, a person is a Malaysia tax resident if he/she stays more than 180 days in Malaysia. There are some other rules a person can be qualified as tax resident in Malaysia.

Below is a glance of individual tax relief available for year of assessment (YA) 2010. Take a look below and see which of the relief you may able to spend before 31 Dec 2010 and claim tax relief in your tax return by 30 April 2011.

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Budget 2011: Sales Tax Exemptions on Mobile Phones

Ordinary mobile phones are subject to sales tax of 10% whereas Personal Digital Assistant (PDA) with Global System Mobile (eg. smart phones) which may function as a mobile phone is given sales exemption.

In order to streamline the discrepancy in sales tax treatment between ordinary phones and smart phones, the Malaysia government is now proposed that all mobile phones including smart phones be exempted from sales tax, with immediate effect from Oct 15, 2010.

PDA or smart phones are gaining popularity nowadays and potential buyers to these products may not feel the price differential as PDA or smart phones are already exempted from sales tax. As such, the price packages for iPhone 4 offered by Maxis and DiGi may remain the same and no change.

Visit our Malaysia Budget 2011 – Summary and Highlights

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Budget 2011: 100% loan for first house buyers

The Malaysian government is aware of the difficulties faced by low income group and fresh graduates who just joined workforce in buying a house.

To assist this group of people, the government will introduce Skim Rumah Pertamaku through Cagamas Berhad which will provide a guarantee on down payment of 10% for houses below RM220,000. This scheme is available for first time house buyers with household income less than RM3,000 per month. In other words, these house buyers will obtain a 100% loan without having to pay the 10% down payment.

One thing need to be clarified is the determination of household income less than RM3,000 per month. If only the husband is buying the house and register his name alone, would the wife’s income be included in the household income threshold?

Besides, first time house buyers can enjoy a 50% stamp duty exemptions on sale and purchase agreements and loan agreements for buying a house not more than RM350,000.

Visit our  Malaysia Budget 2011: Summary and Highlights – Tax Changes and Proposals

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Budget 2011: Electricity Rebate RM20 Continues

Since 2008, the Government will bear your electricity bill if the bill amount is less than RM20 and Tenaga Nasional will collect the rebate RM20 from the Government instead of from you. Do you remember when was your last bill paid by the Government? When you were on a month outstation?

The Government said this rebate has benefited more than 1 million consumers nationwide. The Government will continue this rebate programme with an allocation of RM150 million to ease the burden of the low-income group.

Visit our  Malaysia Budget 2011: Summary and Highlights – Tax Changes and Proposals

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Budget 2011: Reform Insolvency Law in Malaysia

During the recent economic crisis, a number of businessmen and individuals who faced financial problems and some of them were declared bankrupt. They were also blacklisted and not able to conduct businesses or apply for loans. Read More

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Budget 2011: Cheaper imported clothes, handbags, footwear, jewellery, perfumes, toys and 300 goods more

In order to boost the local tourism industry and to make Malaysia as a shopping haven for branded goods at competitive prices, the government proposes to abolish import duty range from 5% to 30% on about 300 goods favoured by tourists and locals, with immediate effect from Oct 15, 2010.

Visit luxury shops like Louis Vuitton (LV), PRADA or Gucci to check out their prices. However, the prices may not immediately effected for such import duty abolishment as there will need a lead time from import to selling on the shelves to you. It also depends how much the retailers want to keep the profits to themselves and reduce the prices to you as the buyers.  Read More

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Post Budget 2011: Government to take over PLUS Expressway business

Following the Malaysian government announced in Budget 2011 that the PLUS toll rate would not be increased for the next five years from today onwards.

Yesterday, UEM Group Berhad and Employees Provident Fund Board have jointly offer to acquire and take over the entire business of PLUS Expressway Berhad for a total consideration of RM23 billion, representing an offer price of RM4.60 per share of PLUS.  Read More

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Malaysia Budget 2011 Summary and Highlights

1Malaysia, Generating Transformation

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Summary & Highlights – Tax Changes & Proposals

EPF relief scope extended but limit not increased

Existing EPF relief of maximum RM6,000 is extended to include employees’ contributions to Private Pension Fund (PPF) to be set up by the government in 2011. Employers are allowed for tax deductions for contributions made to the Private Pension Fund. In other word, apart from mandatory contribution to EPF, employees and employers (including self-employed) can now opt to make additional contributions to Private Pension Fund to be set up by the government.  Read More

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Malaysia Budget 2011 Summary and Highlights

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“ 1Malaysia, Generating Transformation ” 

Summary & Highlights – Tax Changes & Proposals

Existing EPF relief of maximum RM6,000 is extended to include employees’ contributions to private staff retirement schemes. Employers are allowed for tax deductions for contributions made to the private staff retirement schemes. This benefits the lower income group as most of the medium income group may already claiming up to the maximum relief of RM6,000 as the relief of RM6,000 is also include the life insurance premium, apart from employees’ own EFP contributions.  Read More

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