Summary Belanjawan 2012

This the summary of the recent budget, which I summarise for my husband that chose to watch sports than the Budget announcement. The following table is the summary of budget allocation in big sectors.

Tema: Dasar Transformasi Nasional: Bajet membela rakyat, mensejahtera Negara

Focus on five points

First Point: Meligat Pelaburan

1. Rolling Plan Kedua for Rnacangan Malaysia ke-10 focusing on high impact development projects. Any projects worth over RM50 mill will be ensured to benefit the people from every sen spent (Highways and railways)

2. Dana Mudahcara perkongsian awam-swasta to help private sector in developing strategic projects for the country (10% allocation to Bumiputera businesses)

3. Active development on five federal corridors (Iskandar Johor, Koridor Utara, Koridor Pantai Timur, Koridor Sabah, Koridor Sarawak) mainly on highways and industrial projects


4. Forming Central Treasury Management and to attract multinationals to choose Malaysia for this service, there will be income tax and duty stamp waiver

5. Pusat Kewangan Antarabangsa Kuala Lumpur (KLIFD) with tax incentives, allowances and duty sramp waiver for companies with KLFD status

6. Put Felda Global Ventures Holdings listed in KLSE to attract foreign investors, maintaining majority equity holding by Koperasi Permodalan Felda

7. Prolong the tax concession at 10% on  dividends for non corporate and individuals in Amanah Pelaburan Hartanah

8. Fund support for Perusahaan Kecil Sederhana (PKS) from Islamic bankers

9. SME Revitalisation Fund to grants loans max RM 1mill to entrepreneurs for business recovery purposes handled by SME Bank.

10. Emergency Fund for PKS that encounters natural disasters through SME Bank and MIDF

11. Franchise fees will be allowable for tax deduction on franchisee. Full waiver on import duty and excise duty for franchisors to import more hybrid and electric cars.

12. Pelan Induk Lima Tahun Pembangunan Pelancongan Langkawi

13. Invetors in four and five stars hotel will have tax incentives for 5 years

14. Properties disposed within 2 years of owning, will be subject to RPGT at 10% (5% if held the asset more than 2 years.

Second point: Menungguli modal insane, mencerna kreativiti dan mencetus inovasi

1. Gerakan Inovasi Nasional in schools and IPTAs. Introducing Anugerah Cipta 1Malaysia to recognise students and youngsters innovations. Reality programmes, articles and documentaries on students' innovations

2. Dana Inovasi Pengkomersilan to fund PKS companies

3. Invention and design industry will be qualified for Taraf Perintis with tax incentives up to 70% for 5 years

4. Allocation in development and refurbishments of schools

5. Ensure access high quality education that is affordable by abolishing school fees for primary and secondary schools. There will also be tax incentives to private schools that plan for reduction in school fees

6. Donations by individuals to schools, mosques, temples and churches will be tax deductible  

7. Tax allowable with double deductions  to companies with expenses on internship programmes, scholarships and career exhibition in overseas

Third point: Program Transformasi Luar Bandar

1. To form Pusat Transformasi Luar Bandar (RPT) as centre to integrate services, banking and insurance, business consultancy, training, clinics and business centres. For starters, focus will be on Terminal Agrobines Negara, Wakaf Che Yeh and Gopeng.

2. Profesional Services Funds for professionals such as lawyers, doctors and accountants to open up firm in small towns through BSN granting loans with 4% interest

3.  Program Lonjakan Mega Luar Bandar in 11 Agropolitant Project areas for agriculture

4. Strengthen the development of infrastructure for Program Jalan Luar Bandar dan Projek Perhubungan Desa especially in Sabah and Sarawak

5. Banking services, transportation, utilities improvements.

Fourth point: Memperkejap Perkhidmatan Awam

1. Exit policy for civil servants with low performance and those who leaves the service

2. Increase the salary structure for civil servants

3. Better career path and promotions for teachers based on time-based method, not based on vacancies

4. Better increment up to 7 to 13 %. Increase pension rate to 2% a year

5. Retirement age change from 55 to 60 years old

6. Offer help on education fees for civil servants to further studies part time

7. Allocation to development and social needs of PDRM and army forces.

8. One off contribution amounting to RM3,000 given to people who had served the country in defense unit

Fifth point: Meredakan inflasi dan mengimarah kehidupan rakyat

1. Allocation to develop agriculture sector through Projek Pertanian Bersepadu Terengganu Utara, Projek Pengairan Sabah dan Sarawak, Tabung Ekonomi Kumpulan Usaha Niaga

2. Allocation for welfare including poor old folks RM300 per month, poor children RM100 per month and OKU up to Rm 300 per month.

3. To add more Kedai Rakyat 1Malaysia that offers products with 40% price lower than market.

4. Opening Agro Bazaar Kedai Rakyat that offers agriculture products

5. Encourage cafeterias to include Menu Rakyat 1Malaysia

6. Skim Rumah Pertamaku for income earner less than RM3,000, house price max of RM400,000 developed by PR1MA in Sungai Besi and Sungai Buloh area

7. Program Perumahan Rakyat affordable houses under RM10k

8. Program Rumah Mesra Rakyat, each house will have subsidy of RM20,000

9. Program Pemulihan Rumah Terbengkalai

10. Expats are now allowed to take out EPF for housing loan

11. Tabung Khas Perumahan nelayan

12. Develop and refurbish hospitals, add 81 more clinics and 50 klinik 1 Malaysia

13. Improve and refurbish HKL

14. Flexi timetable medical officers in average 60 hours a week. Allowance on waktu bekerja fleksi amounting to RM600 per month. On-call allowance up to RM80 per night

15. Skim Amanah Rakyat 1Malaysia for combine income of lower than RM3,000 wher einvestors in this scheme may apply for loan up to RM5,000 with 5 years repayment term period through PNB

16. Peneraju Agenda Bumiputera to help Bumiputera in business. Guidance will be given to Bumi corporates to be listed in KLSE

17. Tax incentives given to taxi owners including road tax and subsidies

18. Additional RM 10 mill to Yayasan Bantuan Guaman Kebangsaan

19. Additional allocation to Kebajikan Masyarakat

20. Training programmes for women professionals to return to working world

21. Amanah Ikhtiar Malaysia will help to fund micro loans to entrepreneurs especially women

22. To build a hospital especially for women and children in KL

23. Allocation to Majlis Belia Malaysia to offer trainings, courses and leadership activities

24. To form MyCreative Venture Capital

25. Improvements on football fields and futsal courts

26. Allocation to find new talents for high profile sports like football, badminton, cycling

27. Citizen above 60 years old will not have to pay for registration fees as outpatient in hospitals and clinics including dental clinics owned by government

28. 50% discount given to citizens above 60 years old for LRT and monorel

29. New tax waiver for annual EPF and insurance amounting to RM3,000

30. Employer’s contronution on EPF increase from 12% to 13% for employee earning lower than RM5,000 per month

31. One off cash of RM500 to household with combined income of less than RM3,000

32. One-off contribution to school students amounting to RM100

33. One off book voucher to IPTA and IPTS students amounting to RM200

34. KWSP contributors can register for Haj through ring-fencing method from Account 2 amounting to RM1,300 without taking out the money from the account

35. Additional half month bonus to civil servants and RM500 contributions to pensioners

I guess nothing of the above benefits me,

UNLESS, i want start a business

UNLESS, i want to venture into agriculture

UNLESS, i have children going to schools

And those one-off one-off contribution, does it REALLY HELP? i don't know. 

Whatever. That makes us, the middle class people at the same position as before.