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Budget 2014

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by

Shau Yong Ang

on 8 December 2013

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Transcript of Budget 2014

Budget 2014
Cash and Voucher handouts
Schooling assistance - RM100 for primary and secondary school students.
BB1M - RM 250 vouchers to University Student for books and study materials.
BR1M 3.0 - Cash handouts for RM4000 per month income earners and below
Comparison of Budget 2013 and 2014
Goods and service tax
Goods and service tax (GST) set at 6% start from April 1st, 2015.
Sales tax and service tax abolished.
Items to be exempted from GST: rice, sugar, salt, flour, cooking oil, dhal, chilli, herbs, salted fish, cincalok, budu, belacan, piped water, electricity (for first 200 domestic use), government services, public transport sales, purchase/rental of property.
A one-off cash payment of RM300 to be made to those now receiving BR1M help after GST
Tax incentives
Decrease in personal income tax rates by 1%-3% across bands.
Additional of 2 personal income tax bands : (1) RM100,001 - RM250,000 (2) RM250,001 - RM400,000
Current maximum tax rate at 26% to be reduced to 24%, 24.5% and 25%.
No need tax filling for employees who contribute monthly via PCB/MTD system.
Tax rebate of RM2,000 for those earning less than RM8,000.
Decrease in corporate income tax rates by 1% across bands from year 2016.
Education
RM450 mil funds for school maintenance. Breakdown:
(1) RM100 mil for SK
(2) RM50 mil each for SJK(C), SJK(T), Sekolah Mubaligh, Sekolah Asrama Penuh, MRSM, government-aided religious school, sekolah agama rakyat.
RM100 mil to improve education and training for Indians.

Healthcare and welfare benefits
Removal of sugar subsidy of 34 sen, increasing of sugar price to RM2.85/kg.
Addition of 50 Clinics 1Malaysia throughout the country.
Additional 6,400 nurses in goverment hospitals.
RM3.3bil for medication and medical equipment.
Full transcript