The 2011 Budget is due to be delivered on 15 October 2010 (Friday, as usual) by Prime Minister Datuk Seri Najib Tun Razak, who is also the Finance Minister.
What we can expect from the Government that may be benefit the private sector and individuals like us, while the Government is in need of finding new sources of tax revenue in cutting the budget deficit and tackle the soaring operating expenditure. The prospect of announcement on the implementation of Goods and Services Tax (GST) is not totally eliminated, given which GST was widely anticipated to be a source of revenue boost for the government.
Let’s recall what were the good news announced in last year’s 2010 Budget. Among others, the maximum tax rate for individuals reduced to 26%, personal relief increased from RM8,000 to RM9,000 from 2010 onwards, tax relief on broadband subscription fees up to RM500 per year from 2010 to 2012 and reinstatement of Real Property Gain Tax (RPGT) at a fixed rate of 5% in respect of disposal of real property within 5 years from the date of acquisition (previously was exempted from 1 April 2007 until 31 December 2009). Sorry, the last one on RPGT is a bad news instead.
More to come on 2011 Budget…