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Some of Budget 2015 Highlights which RAKYAT concerned:

Goods and Services Tax (GST)

* RON95 petrol, LPG and diesel exempted from GST.

* All types of local and imported fruit, white and whole meal bread, coffee powder, cocoa powder and tea dust and yellow mee, kuey teow, laksa and mee hoon are exempted from GST.

* National Essential Medicine covering almost 2,900 medicine brands are exempted from GST.

* Reading materials - including children's colouring books, exercise and reference books, text books, dictionaries and religious books and newspapers would be GST-free.

* Electricity consumption not subject to GST increased from the first 200 units to 300 units, move to benefit 70% of households.

Bantuan Rakyat 1Malaysia (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.

For the above two categories, payment will be made in three instalments - January, May and September.

* For those aged 21 and above, with income not exceeding RM2,000, BR1M increased to RM350 (from RM300) in one-off payment early next year.

Income tax

* Income tax rates to be cut by 1% to 3%. Families with monthly income of less than RM4,000 will not have to pay tax.

* From 2016, the corporate tax rate will be reduced by one percentage point from 25% to 24%, and for small and medium sized enterprises to 19% from 20%.

Infrastructure

* LRT3 linking Bandar Utama, Shah Alam and Klang.

* 45-km second MRT line from Selayang to Putrajaya.

* Upgrade of East Cost railway.

* 36-km East Klang Valley Expressway (EKVE).

* 47-km Damansara-Shah Alam Elevated Expressway.

Property

* Budget 2015 extends 50% stamp duty exemption for first time home buyers and increases the purchase limit from RM400,000 to RM500,000. The exemption will be given until the end of 2016.

* 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 guarantee is offered on a "first come, first served basis’ for 20,000 units only.

* Ceiling of household income for PR1MA homes increased to RM10,000, RM1.3 billion to be allocated to build 80,000 units PR1MA homes.

Education

* RM325 million to be allocated for the RM250 1Malaysia Book Voucher Programme, benefiting about 1.3 million students.

* RM100 schooling assistance to all 5.4 million primary and secondary students to continue.

Health

* Tax relief for medical expenses and treatment for serious illnesses such as cancer, kidney failure and heart attack increased to RM6,000 per year.
 

 

 

 

 

 

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