#Budget2015 Live from the Parliament: GST-exempted: Childrens colouring books, exercise/reference books, dictionaries, religious books, newspapers Electricity consumption not subject to GST: Increase from first 200 units to 300 units Retail sale of RON95 petrol, diesel, LPG relieved from GST payment for consumers, targeted groups GST: Price increase for 354 goods and services but less than 5.8% Individual income tax rates reduced by 1 to 3 percentage points. 300,000 individuals exempted from paying income tax Tax payers with family and monthly income of RM4,000 will not have tax liability Restructuring of individual income tax: maximum tax rate of 26% to be reduced to 24%, 24.5% and 25% Cooperative income tax rate reduced by 1 to 2% points; secretarial and tax filing fees allowed as deduction For year of assessment 2016: corporate income tax rate to be reduced from 25% to 24% For year of assessment 2016: income tax for SMEs will be reduced from 20% to 19% GST: RM100 million training grant for employees to attend GST courses GST: RM150 million to SMEs to purchase accounting software GST: Accelerated capital allowance for ICT equipment and software purchase GST: Additional tax deduction for accounting and training expenses National Blue Ocean Strategy: RM356 million to 1) establish UTCs in Tganu, Kelantan, NS, Perlis & Kedah 2) 1Malaysia Skills & Employability Scheme for public sector, 1Malaysia Training Centre for private Human Capital: RM56 billion to Education Ministry for teaching,learning programmes Human Capital: RM10 million for 20 more Trust Schools in Johor, Sarawak, Selangor, Perak, Negri Sembilan and KL RM1.2 billion to increase student intake in vocational/community colleges RM100 million to Education Ministry for additional 10,000 placements in technical/vocational private colleges RM50 million to MARA to implement Technical & Vocational Training (TEVT) programmes Education - RM800 million for: 1) national schools (RM450m) 2) SJKC (RM50m) 3) SJKT (RM50m) 4) religious schools (RM50m) 5) Fully residential schools (RM50m) 6) Govt-aided religious schools (RM50m) 7) MRSM (RM50m) 8) Sekolah pondok (RM25m) 9) SMJKC (RM25m) Education sponsorship: RM3 billion total - JPA (RM1.9b), Education Ministry (RM759m), Health Ministry (RM258m) PTPTN: 10% rebate to those who continuously pay for 12 months until Dec 31, 2015 PTPTN: 20% discount to borrowers making lump sum repayments from Oct 10, 2014 until March 31, 2015.
Posted on: Fri, 10 Oct 2014 10:15:00 +0000
Trending Topics
Recently Viewed Topics
© 2015