#Budget2015 as at 5.45pm Another 20 Kedai Rakyat 1Malaysia (KR1M) will be set up in the Peninsular. A price watch team comprising consumer associations will be set up. 5.40pm Starting January 2015, RM100 each will be given to all primary and secondary school students with an allocation of RM540 million which will benefit 5.4 million students. Government will continue to implement the 1Malaysia Book Voucher Programme with the assistance of RM250 per student. A sum of RM325 million will be allocated for this programme and is expected to benefit about 1.3 million students. 5.38pm RM103 million allocated towards efforts to transform Malaysian into a sporting nation which also involves the implementation of a Sporting Nation blueprint. Among the measures to empower sports in Malaysia: 1. screen for talents among students through the Malaysian Talent Identification programme beginning from primary school. 2. improve quality of high-performance sports; soccer, cycling, badminton, sepak takraw, swimming and athletics. 3. foster FitMalaysia Programme with focus on physical fitness. 4. Celebrate National Sports Day on the first saturday in November every year. 5.35pm With regards to home ownership for youths, the Government announces the Youth Housing Scheme which is a smart partnership between the Government, Bank Simpanan Nasional, Employees Provident Fund and Cagamas. The scheme offers a funding limit for a first home not exceeding RM500,000 for married youth aged between 25 and 40 years with household income not exceeding RM10,000. The maximum loan period is 35 years. Under the scheme, the Government will provide monthly financial assistance of RM200 to borrowers for the first two years to reduce the burden of monthly installments. The Government will also give a 50% stamp duty exemption on the instrument of transfer agreements and loan agreements. The Government will also provide a 10% loan guarantee to enable borrowers to obtain full financing including cost of insurance. Borrowers can also withdraw from EPF Account 2 to top up their monthly installment and other related costs. This opportunity is on a ‘first come first served basis’ for 20,000 units only. 5.32pm A sum of RM30 million will be allocated through Amanah Ikhtiar Malaysia (AIM) to inculcate the spirit of entrepreneurship among Indian women. Furthermore, for civil servants, the Government will improve the Child Care Leave eligibility by revising the conditions so that the eligibility is not tied to the duration of maternity leave, effective from 1 January 2015. The leave is limited to children until they reach one year and is extended to female personnel with step children, legally adopted children, foster children and children with disabilities. 5.30pm The Ministry of Women, Family and Community Development is allocated RM2.26 billion for development and operating expenditure to enhance the contribution of women in national development. In 2015, the Government plans to train 125 potential women directors to fill the position as members of the board of Government-linked companies and the private sector. Improving opportunities for women to return to the job market through the 1Malaysia Support for Housewife programme which emphasises skills training and incentives for housewives. Talent Corp will set up the Women Career Comeback Programme for professional women returning to the job market based on professional qualifications. 5.23pm RM660 million to enhance security along Sabah’s coastline under Esszone and Esscom. Two battalions comprising a battalion PGA PDRM and an Army battalion with 1,280 new personnel have been approved. Two new camps will also be built in Esszone, namely Kem Batalion 20 PGA in Beluran and Kem ATM in Felda Sahabat, Lahad Datu, Sabah. Military and security operation equipment will be further improved, such as procurement of high-capability monitoring radar. The Government will also use a modified oil rig and an auxillary vessel as Sea Basing in the Esszone waters, with an allocation of RM230 million through Petronas CSR programme. To introduce the hill paddy subsidy, with an allocation of RM70 million in order to strengthen the food supply chain in Sabah and Sarawak. 5.22pm Government plans to begin construction of the 1,663km Pan-Borneo Highway comprising 936km in Sarawak and 727km in Sabah at a total construction cost of RM27 billion. 5.20pm EKUINAS will be allocated RM600 million to increase bumiputera ownership in private companies and GLCs. To date, EKUINAS has cumulative investments of RM2.3 billion in various sectors. Lembaga Tabung Haji will allocate RM200 million for the establishment of the shariah-compliant Restricted Investment Account (RIA) under Bank Islam. The purpose of this account is to provide financing and credit between RM50,000 and RM1 million from January 2015. Amanah Ikhtiar Malaysia (AIM) will use internal sources of RM1.8 billion for financing to benefit 346,000 Sahabat AIM. RM2 billion is allocated to MARA for sponsoring education to eligible Bumiputera students. RM72 million will be used by Yayasan Peneraju Pendidikan Bumiputera to implement three programmes in the form of scholarship, training and financial assistance to benefit 5,000 people. Establishing a Professional Accounting Centre in Universiti Teknologi MARA in collaboration with Malaysian Institute of Accountants. 5.17pm RM570 million allocated to increase skills training programmes in institutes under the Department of Labour, for students with Malaysia Skills Certificate (SKM), university, college graduates, industrial workers particularly semi-skilled workers. 5.15pm The Employment Act 1955 and related labour acts will be reviewed, including better terms and conditions of employment, appointment and dismissal, flexible working arrangements and termination benefits. The JobsMalaysia portal will be improved to meet the needs of an increasingly dynamic labour market. Introduction of the Employment Insurance System aimed at assisting retrenched workers by giving temporary financial assistance as well as providing opportunities for reskilling and upskilling. Providing technical training and education assistance to Indian youth, particularly those from low-income families with an allocation of RM30 million. 5.10pm As of Aug 31, 2014, only RM5.36 billion of PTPTN loan given out to students, or 46% of RM11.76 billion has been collected. 10% rebate for PTPTN borrowers who opt for 12 month installment repayment until Dec 31, 2015. An additional 20% discount will be offered to borrowers who make lump sum repayments from today until March 31, 2015. 5.05pm RM56 billion will be allocated to the Ministry of Education for various teaching and learning programmes. RM10 million for the setting up of 20 more Trust Schools in Johor, Sarawak, Selangor, Perak, Negeri Sembilan and the Federal Terrritory of Kuala Lumpur next year. The Government will also build 12 new schools comprising seven primary schools, three secondary schools and two boarding schools nationwide. 5.02pm RM356 million will be provided in 2015 for the following programmes: 1. Establishing four more UTCs in Terengganu, Kelantan, Negeri Sembilan and Perlis and one mini UTC in Kedah. 2. Accelerating skills to 5,000 trainees through the 1Malaysia Skills and Employability Scheme for the public sector and 1Malaysia Training Centre for the private sector. 5.01pm “To ensure a more targeted subsidy and taking into account the rakyat’s awareness and readiness to subsidy rationalisation, the Government will develop a new mechanism for providing petroleum subsidy. I will announce the new mechanism soon,” Najib said. 5.00pm The Government had allocated RM588 million for various subsidies in 1994. This amount has increased to RM40.5 billion in 2014. 4.55pm Individual income tax rates will be reduced by 1 to 3 percentage points. With this measure, 300,000 individual taxpayers will no longer pay income tax. Tax payers with family and income of RM4,000 per month will not have tax liability. Individual income tax will be restructured whereby the chargeable income subject to the maximum rate will be increased from exceeding RM100,000 to exceeding RM400,000. The current maximum tax rate at 26% will be reduced to 24%, 24.5% and 25%. This will result in the existing taxpayer enjoying a tax saving of at least 5.3%. 4.50pm Diesel, LPG, RON95 exempted from GST. 4.45pm Scope of items that will not be subjected to GST has been widened: 1. All types of fruits whether local or imported 2. White bread and wholemeal bread 3. Coffee powder, tea dust and cocoa powder 4. Yellow mee, kuey teow, laksa and meehoon 5. The National Essential Medicine covering almost 2,900 medicine brands. These medicines are used to treat 30 types of diseases including heart failure, diabetes, hypertension, cancer and fertility treatment 6. Reading materials such as children’s coloring books, exercise and reference books, text books, dictionaries and religious books 7. Newspapers 4.44pm RM500 million additional funding for Tabung Ekonomi Kumpulan Usaha Niaga (Tekun Nasional) to increase its loans for entrepreneurs. 4.43pm With the government targeting 29.4 million tourist arrivals next year, an income of RM89 billion is expected. RM316 million is allocated for tourism-related programmes under the Ministry of Tourism and Culture. 4.42pm RM2.7 billion will be spent over the next three years to build 1,000 new telecommunication towers and laying of under sea cables. 4.41pm Digital Content Industry Fund will be set up under the Communications and Multimedia Commission with an allocation of RM100 million to develop creative industries such as animation, filming, designing and cultural heritage. 4.40pm A Sustainable Mobility Fund of RM70 million will be established under SME Bank to develop the electric vehicle manufacturing industry in Malaysia. As a start, 50 electric buses will be introduced. 4.35pm Several infrastructure projects are set to be implemented next year: 1. 59km Sungai Besi – Ulu Klang Expressway (SUKE) at a total construction cost of RM5.3 billion. 2. 276km West Coast Expressway from Taiping to Banting at a total construction cost of RM5 billion. 3. 47km Damansara – Shah Alam Highway (DASH) at a total construction cost of RM4.2 billion. 4. 36km Eastern Klang Valley Expressway (EKVE) at a total construction cost of RM1.6 billion. 5. Upgrading the East Coast railway line along Gemas – Mentakab, Jerantut – Sungai Yu and Gua Musang – Tumpat with an allocation of RM150 million. 6: Construction of the 56km Second MRT Line from Selayang to Putrajaya at an estimated cost of RM23 billion. 7. LRT 3 Project, which will link Bandar Utama to Shah Alam and Klang, at an estimated cost of RM9 billion. 4.30pm Small and medium enterprises (SMEs) will be boosted by the reintroduction of the Services Export Fund (SEF) totalling RM300mil to do market studies and boost exports. 4.28pm Budget 2015 outlines seven main strategies: #1: Strengthening Economic Growth #2: Enhancing Fiscal Governance #3: Developing Human Capital and Entrepreneurship #4: Advancing Bumiputera Agenda #5: Upholding Role of Women #6: Developing National Youth Transformation Programme #7: Prioritising Well-Being of the Rakyat 4.25pm With the implementation of the Goods and Services Tax (GST), Government revenue is estimated at RM23.2 billion next year. Several goods have been exempted from GST amounting to RM3.8 billion. With SST to be abolished, this results in RM13.8 billion loss. After deducting, government gets an extra RM5.6 billion in revenue with GST implementation in 2015. RM4.9 billion is channelled back to the rakyat through assistance programmes such as the increase in Bantuan Rakyat 1Malaysia (BR1M). This means government is effectively getting only an extra RM0.7 billion with GST in 2015, says PM. 4.20pm In 2015, the Federal Government revenue collection is estimated at RM235.2 billion, an increase of RM10.2 billion from 2014. 4.15pm Budget 2015 to balance between focus on capital economy and “People economy”. “When we refer to the People’s Economy, it is an economy that is rakyat-orientated covering priorities and interests of the rakyat such as cost of living, household income, education opportunities, employment and business, quality of life, skills training, entrepreneurship as well as security and safety. In brief, it refers to an economy based on the daily lives of the rakyat which I call the People’s Economy,” Najib said. 4.10pm Malaysian National Development Strategy to drive 11th Malaysia Plan to produce high impact projects with limited resources. To remain resilient and competitive, Malaysia must move to an economy based on knowledge, high skills, expertise, creativity and innovation. National aim is to achieve High Income Status Economy by 2020. RM273.9 billion allocated under Budget 2015, which is RM9.8 billion more than the previous budget. 4.08pm The 11th Malaysia Plan (11MP) will be launched in May 2015. A new approach known as the Malaysian National Development Strategy (MyNDS) is being formulated. MyNDS will be a key basis to planning and preparation of programmes and projects under 11MP. 4.05pm Inflation expected to be at 3.4% in 2014, higher than 2.1% in 2013. Unemployment rate stays steady at 3.1% for 2014, same as last year and 2011. It was at 3% in 2012. Malaysia’s finances strong – current account has risen to RM16.6 billion – almost to same level as 2012. Current account was at RM12.7 billion in 2013 and RM17.6 billion in 2012. Datuk Seri Najib Razak tabling Budget 2015 in Parliament. — Pic credit RTM via Parliament 4.00pm The tabling of Budget 2015 begins, with Prime Minister Datuk Seri Najib Razak expressing his condolences on the passing of Tun Suhailah Mohamad Noah recently, the wife of former Prime Minister Tun Hussein Onn. 3.50pm Members of Parliament are entering the Parliament, getting ready for the Prime Minister to table Budget 2015. Live feed of the tabling is available via Datuk Seri Najib Razak’s blog at najibrazak. — Pic credit RTM via Parliament — Pic credit RTM via Parliament
Posted on: Fri, 10 Oct 2014 09:52:29 +0000