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MALAYSIA

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by

Leon Gan

on 28 October 2013

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Transcript of MALAYSIA

MALAYSIA: BUDGET 2014
an overview

MALAYSIA
BUDGET 2014

1st Thrust - Invigorating Economic Activity
2nd Thrust - Strengthening Fiscal Management
3rd Thrust - Inculcating Excellence in Human Capital
4th Thrust - Intensifying Urban and Rural Development
5th Thrust - Ensuring Well-Being of the Rakyat
2nd Thrust: Strengthening Fiscal Management
5th Thrust: Ensuring Well-being of RAKYAT
1st Thrust: Invigorating Economic Activity
Tax relief for middle income group
tax relief of RM2000 to individuals with monthly income of RM8000 and below. (2013)
Aviation
RM700m for KLIA's upgrade
improvement from 68-108 movements per hour on 3 runways to become among the highest in the world.
Finance
Bank Negara to formulate "Netting Act" to protect enforcement rights of "close-out netting" under financial contracts (similar to Singapore and Australia's development of netting legislation)
"netting": to allow a positive value and a negative value to set-off and partially or entirely cancel each other out.
Pension
To encourage youth participation in Private Retirement Scheme (PRS) - one off incentive of RM500 with minimum investment of RM1000 p.a. for those between 20-30 years old.

(Effective 1st Jan 2014-2019)
Civil Service
Special committee chaired by Chief Secretary to Government established in response to Attorney General's Report 2012 to investigate and take action.

Integrity Management Unit with involvement of MACC to be set up in each Ministry.
Income Tax
Employees with total income tax equivalent to MTD, no longer need to submit tax returns. Amount of MTD is the final tax paid.

Only applicable to:
i. employees who receive employment income prescribed under Section 13 of the Income Tax Act 1967;
ii. employees whose MTD are made under the Income Tax (Deduction from Remuneration) Rules 1994; and
iii. employees serving under the same employer for a period of 12 months in a calendar year.

Effective Date: Year assessment 2014.

Goods & Services Tax
Present Sales & services tax to be abolished and be replaced with GST. 6% from 1st April 2015.

Exemption given on basic food items, piped water supply, first 200 units of electricity, Government services, transportation services and sale/purchase/rental of residential properties.
Implementation measures:
Review of Individual Income Tax, Corporate Income Tax
Secretarial fee & tax filing fee allowed as tax deductions from 2015
Training costs in accounting and ICT related to GST given further tax deductions for 2014 & 2015.
Purchase of ICT equipments and softwares given Accelerated Capital Allowance util 2016

Price monitoring by authority and strict enforcement of Price Control and Anti-Profiteering Act 2011.

GST Monitoring Committee established to ensure smooth implementation.
3rd Thrust: Inculcating Excellence in Human Capital
Flexible Work Arrangement

training and consultancy fees given tax reductions.
4th Thrust: Intensifying Urban & Rural Development
various budget allocations for urban and rural infrastructures development.
Home Ownership
Real Property Gain Tax
Min purchase price by foreigners raised from RM500k to RM1,000,000
Developers to display detailed sales price including all benefits and incentives offered to buyers (e.g. free legal fees, stamp duty, sales agreements, cash rebates, free gifts, etc.)
Prohibition of Developers from implementing projects that have features of DIBS to prevent Developers from incorporating interest rates on loan into purchase price during the construction period.

Q: Features of DIBS? Does this cover Developer's reimbursement/Developer's subsidy on the interest?
BR1M
Households <RM3000/month = RM650

Households RM3000-RM4000 = RM450

Individuals aged 21 above <RM2000/month = RM300


Contribution of RM50 to Group Takaful Rakyat 1Malaysia (i-BR1M). All BR1M recipients will get protection up to RM30,000 in event of death / permanent disability
Abolishment of sugar subsidy
RM0.34 sugar subsidy abolished effective 26th October 2013
Full transcript