Saturday, September 29, 2012

Malaysia Budget 2013 : Najib Last Resort To Buying For Votes

Saturday, 29th September 2012
Kuantan Pahang

Vote Buying In Action

 After reading the Malaysia Budget 2013 Tabled by Najib, I did not see anything special about it other than concluded the budget was only meant for Vote Buying

 Highlight Of Malaysia Budget 2013

1. Bonus For Government Servants. PM announces bonus of one and a half months salary for civil servants and pensioners get RM500

2. Felda. Felda to spend RM100 million a year for education, skills training programme and scholarships for 5,000 new generation children

3. Internet Access. 100 1Malaysia Internet Centres from 2013 to 2015 in suitable areas in the city such as PPR locations with RM150 million

4. 10%  and 20% PTPTN Discount.  Repayment of full loan within a year effective from Oct 1, 2012 until Sept 30, 2013, will receive a discount of 20% on the loan. Consistent repayment of PTPTN loan in accordance to repayment schedule, will receive a 10% discount per annum on their repayment, effective Oct 1, 2012.

5. 1Malaysia Book Voucher  Increased By RM50.  1Malaysia Book Voucher programme for IPT and pre-uni students increased from RM200 to RM250.

6. RM 100 School Assistance to All Secondary and Primary School  Students. Government again to provide Schooling Assistance of RM100 to all primary and secondary students for 2013.

7. Rebate to Replace School Buses Older than 25 years. School bus operators has two years for RM10,000 cash rebate and a 2% interest rate subsidy on full BSN loans for new buses to replace those more than 25 years old with new 12 to 18-seater buses.

8. Individual Income Tax Rate Reduced by 1%. Individual income tax rate reduced by 1% point for each grouped annual income tax exceeding RM2,500 to RM50,000. The measure will remove 170,000 taxpayers from paying tax.

9.  Income Tax Saving of RM 425 For Unmarried Young Professional. An unmarried young professional with monthly income of RM5,000 will enjoy income tax savings up to RM425 per person.
10. Pilgrimage Can Withdraw Fro EPF Account 2. Potential haj pilgrims can withdraw from EPF Account 2 to meet costs, limited to a maximum withdrawal of RM3,000

10. Allocation of RM1.5 billion to stabilise the prices of cooking oil in the market.

11. Sugar Subsidy Reduced by RM0.20. Government subsidy on sugar reduced by RM0.20 per kilogramme, effective from Sept 29 to help alleviate rising diabetes cases

12. BR1M 2.0 to hand out RM250 and scheme extended to single unmarried individuals aged 21 and above and earning not more than RM2,000 a month

13. My First Home Scheme will be improved by increasing the income limit for individual loans from RM3,000 to RM5,000 per month or joint loans of husband and wife of up to RM10,000 per month. The requirement for a savings record equivalent to three months instalment and minimum employment of six months will be abolished.

14. RM738 million is provided for youth and sports development. RM15 million to prepare athletes for international sporting events, a covered velodrome in Seremban and a badminton academy in Bukit Kiara with an allocation of RM80 million.

15. A one-off rebate of RM200 will be provided for the purchase of a 3G smartphone from authorised dealers. The initiative is for youths aged between 21 and 30, earning RM3,000 and below monthly. A sum of RM300 million is allocated to benefit 1.5 million youth.

16. To assist young ICT entrepreneurs, a New Entrepreneur Foundation (NEF) will be set up with initial allocation of RM50 million .

17. Five more Anjung Kasih in Sibu, Miri, Temerloh, Seremban and Ipoh hospitals for temporary and comfortable accommodation for poor patients and accompanying family members

18. 1Malaysia Welfare Programme (KAR1SMA) gets RM1.2b for senior citizens, children, disabled workers and chronic illnesses programmes

19. Allocation of RM25,000 for free mammogram examination for women, which is estimated to benefit 100,000 women aged 40 and above

20. RM50 million to support the women’s dual roles as economy contributors and home makers

21. RM20 million for 70 more 1Malaysia clinics; RM100 million to upgrade 350 clinics nationwide and 150 more dialysis machines in government haemodialysis centres .

22. Urban Transformation Programme to develop urban areas with an allocation of RM200 million and a National Strategic Coordination Unit set up in Finance Ministry for this. .

23. RM4.5 billion will be allocated to implement various rural infrastructure development projects

24. An allocation of RM39 million to finance KRT (kawasan rukun tetangga) activities .

25. RM40 million for 4,025 ROS-registered resident associations, each association to get RM10,000 to promote neighbourhood patrols.

26. Uniforms for 300,000 active members of People’s Volunteer Corp (RELA) with an allocation of RM90 million

27. Launching grant of RM14 million to National Legal Aid Foundation for those who cannot afford legal representation – an additional allocation of RM20 million to be provided in 2013. .

28. RM6 billion under the Private Financing Initiatives for refurbishment and maintenance of schools and health clinics; housing projects; water tank projects; flood mitigation plans and provision of sports facilities.

29. Processing fee for each housing loan application by civil servants fixed at RM100 per application regardless of the loan amount .

30. Government to provide RM200 per month special incentive for 125,708 military personnel effective Jan 1, 2013 involving a total allocation of RM301 million .

31. Government will ensure that the federal government debt does not exceed 55 per cent of GDP .RM3.7 billion for technical and vocational training of students .

32. Pensioners with more than 25 years of service to get revised minimum pension of RM820 backdated from Jan 1, 2012

33. RM1 billion will be available through SME bank to help increase Bumiputera SME equity in the economy

34. Special fund of RM1 billion for the construction and maintenance of schools and RM1.2 billion for pre-school education.

35. Govt will allocate RM350 million from Tabung Ekonomi Kumpulan Usaha Niaga (TEKUN) and RM50 million to train 3,200 poor Indian students with industrial skills .

36. RM500 million to upgrade skills of teachers in core subjects including English .

37. New task force to fight unemployment by training unemployed graduates, set up with an allocation of RM200 million

38. Tax exemption for a period of 10 years for TRX status companies . Tax-free incentives and grants for setting up of new nurseries .Tun Razak Exchange (TRX) is expected to attract 250 international companies and provide 40,000 job opportunities .21% of the total allocation set for education – RM38.7 billion 

39. Securities Commission to provide the AgroSukuk framework for for agriculture-based companies which include a double tax deduction between 2012 and 2015 .

40. Securities Commission to introduce Graduate Representative Initiative with private sector to train graduates in fulfilling industry needs .

41. Visit Malaysia Year programme expected to attract 26.8 million tourists for 2013/2014

42. RM230 million in incentives for fishermen, RM2.4 billion in subsidies and incentives for paddy sectors

43. Govt to introduce incentives to encourage oil and gas private operators including 100% income tax exemption (10yrs); stamp duty exemption

44. RM30 million for SME Masterplan (2012-2020), involving 32 initiatives, including six impact programmes and RM1 billion for SME Development Scheme .

45. RM500 million for the River of Life project to rejuvenate Klang River

46. Government to reintroduce foreign company acquisition incentives & tax incentives for local service providers

47. Government to allocate RM200 million ringgit through SME Bank to promote high impact halal industry Allocation is set at RM251.6 billion. Operating expenditures set at RM201.9b and development expenditure is RM49.

48. Federal Government’s revenue expected to increase to RM208.6b for 2013 from RM207.2b (2012) and deficit reduction from 4.5% to 4% (2012). PM says Malaysian economy expected to expand 4.5% to 5.5% for 2013.

Mupok Aku

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