Malaysia Budget 2013

My First Home Scheme – Skim Rumah Pertamaku

Skim Rumah Pertamaku (SRP) – My First Home Scheme was first announced in the 2011 Budget by the Malaysian Government to assist young adults who have just joined the workforce, earning RM5,000 per month or less to own  their first home.

The Scheme allows young adults to obtain 100% financing from financial institutions, enabling them to own their 1st home without the need to pay a 10% downpayment. This is in line with the Government’s aspirations of increasing home ownership amongst the “rakyat”.

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Budget 2014: Full speech, highlights and details

We will update all highlights and interesting points of Budget 2014 Malaysia on timely basis and you can download the full speech of Budget 2014 here right after the announcement by Prime and Finance Minister, YAB Dato’ Sri Mohd Najib Bin Tun Haji Abdul Razak today (25 October 2013).

What do you expect from this Budget 2014 Malaysia? Follow us and give your comment and share your thoughts to us to make our nation better.


CLICK HERE: ALL HIGHLIGHTS & INFORMATION ABOUT TAX BUDGET 2014 nbc-hot6


BUDGET MALAYSIA 2014: FULL SPEECH nbc-hot6

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Budget 2014 Malaysia will be tabled in Parliament on 25 October 2013

Budget 2014 Malaysia will be tabled on 25 October 2013The 2014 Budget will be tabled in Parliament on Oct 25, Prime Minister Datuk Seri Najib Razak, announced here today.

Najib also announced the setting up of a Fiscal Policy Committee aimed at reducing fiscal deficit, strengthening public finances and ensuring nation’s long-term fiscal sustainability.

Najib, who is also Finance Minister, said he would chair the committee which would include selected Cabinet ministers and heads of departments.


CLICK HERE: ALL HIGHLIGHTS & INFORMATION ABOUT TAX BUDGET 2014 nbc-hot6


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MALAYSIA BUDGET 2013 TAX SUMMARY AND PROPOSALS

Tax Budget 2013 MalaysiaBudget 2013: Driving Transformation Towards A Developed Nation

Budget 2013 Malaysia was tabled by Prime Minister Datuk Seri Najib Razak in Parliament on 28 September 2012 from 4:00pm to 6:00pm. and this budget is considered people and business friendly, based on the fact that this year will be high likely the Election Year!

Budget 2013 Highlights

Bantuan Rakyat 1Malaysia (BR1M2.0)

RM500 (instead of RM250, correction after much clarification in the news) assistance money for a household earning less than RM3,000.

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FAQ: 20% discount on PTPTN loan settlement

PTPTNIn Budget 2013, in order to encourage the students to early repay the PTPTN loan, Prime Minister announced a discount of 20% will be given to the outstanding amount of education loan borrowed from Perbadanan Tabung Pendidikan Tinggi Nasional loan, if the PTPTN loan is fully from 1 October 2012 until 30 September 2013.

Comment: The government has been very generous in allowing a period of 12 months for the borrowers to repay the PTPTN loan or give them more time to save money to repay the loan during the 12 months.

If someone has sufficient savings now to fully repay the loan, would you choose to pay now or by 30 September 2013 (nearly a year later)? Read More

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FAQ: 10% discount for PTPTN loan payment on time

PTPTNIn Budget 2013, in order to encourage the students to repay the Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) education loans in accordance with their repayment schedules, it is proposed a 10% discount per annum on their repayment will be given effective from 1 Oct 2012.


For those PTPTN loan borrowers who may not have the financial ability to fully repay the education loans before 30 September 2013 in order to reap the 20% discount on the outstanding loan balance, they are still entitled to a 10% discount per annum on their repayment, with effect from 1 Oct 2012.

In relation to the above Budget 2013 proposal, PTPTN issued the following Frequent Asked Questions (FAQ) on their website:

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Budget 2013: Tax status of a limited liability partnership

limited_liability_partnershipBudget 2013 proposes amendments to income tax law to treat tax status of a limited liability partnership (LLP) similar to that of a company under Companies Act, 1965. LLP is referred to a partnership set up under Limited Liability Partnerships Act, 2012.

Tax status of a LLP:

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Budget 2013: Personal tax rate reduced by 1%

The new individual income tax rates effective from year of assessment 2013 is tabulated below and tax rate reduction gives a maximum tax saving up to RM475 for a person with chargeable income of more than RM50,000.

tax_saving_reduced_personal_tax_rate

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Budget 2013: Higher Real Property Gains Tax (RPGT) Rates

Budget 2013: Higher Real Property Gains Tax (RPGT) RatesThe limited supply of real property especially in urban areas has provided opportunities for speculative activities.

Therefore, the Government proposes the real property gains tax (RPGT) from the disposal of properties made within a period not exceeding 2 years from the date of purchase will be taxed at the rate of between 15% and 10% of disposal of property within a period of 2 to 5 years.

For property disposed after 5 years from the date of acquisition, RPGT is not applicable.

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Budget 2013: BR1M v2.0 RM500 for Households RM250 for Singles

The 1Malaysia People’s Aid (BR1M) will be distributed for the second time and this has been announced that a payment of RM500 (instead of RM250 after much clarification in the news) will be given to households earning less than RM3,000 per month.

In addition to the above,  those who are single unmarried and aged 21 and above but earning not more than RM2,000 a month will also be entitled for the BR1M RM250 Aids.

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