Basically on individual level, monthly expenses as expected to be increase due to GST implementation which affect most part of our life. Income tax rate reduction and BR1M is just a soften measure to help out the medium to lower income group. So medium income group actually will hit the most next year. Whats your thought? Budget 2015 (Individual level): * Income tax rates to be cut by one to three percentage points. * Families with monthly income of less than RM4,000 will not have to pay tax * Government revenue estimated at RM23.2bil with implementation of GST * Government to exempt goods from GST amounting to a total of RM3.8bil * With GST implementation, Sales and Services Tax (SST) abolished, resulting in revenue foregone of RM13.8bil * RM690mill net revenue collection from GST * RM4.9bil to be channelled back to the people through assistance programmes such as the increase in Bantuan Rakyat 1Malaysia (BR1M) * BR1M for those earning RM3,000 and below will be increased to RM950 from RM650. * For those earning RM3,000 to RM4,000, BR1M increased to RM750 (from RM450)
Posted on: Fri, 10 Oct 2014 11:59:46 +0000
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