* Government to make it easier for skilled/qualified people to get permanent residence status. Visa to be granted for family within 14 days.

* CSR Fund of RM100mil to be set to carry out social programmes.

* Tax breaks for registration of patents and copyrights.

* Big scale factory outlets to be set up to boost tourism besides having major events like KL Grand Prix Fest, National Water Festival, Malaysia International Golf Exhibition and Rain Forest Eco-Challenges

* Taxpayers will get tax relief on broadband subscription fee of up to RM500 from 2010 to 2012. Civil servants can apply for computer loans up to a maximum of RM5,000 from the govt once in every 5 years.

* RM6bil for agriculture sector for paddy fields irrigation, fish production, fruit farming, livestock farming infrastructure, training

* RM2bil subsidy for farmers and fishermen including subsidies for fertilisers, incentives for padi yields and allowances for fishermen

* RM9bil to finance infrastructure projects including road and bridges projects and rail, sea ports and airports facilities

* RM1.5bil fund to promote green technology by providing soft loans to companies that supply and use green technology

* RM200mil Creative Industry Fund to finance film, drama, music productions, animation, advertisements through Bank Simpanan Nasional

* In a bid to develop high quality human quality, RM30bil will be allocated to enhance primary and secondary education nationwide

* Rewards for students who excel in studies:

- 30 National Scholarships to the creme de la creme of students stictly based on merit

- Convert PTPTN loans to scholarships for students who graduate with 1st class honours degree, beginning from 2010,

- Offer a netbook package, including free broadband service, to university students for RM50 per month for 2 years.

* The Permata programme that emphasises early childcare and education, including the gifted child programme, will get RM100mil

* Insurance industry to be improved to meet market demand.

* Govt to clamp down on the abuses committed by Ah Longs by enforcing Anti-Money Laundering and Anti Terrorism Financing Act 2001. Moneylenders Act 1951 to be also reviewed.

* Allow 100% foreign equity participation in corporate finance and financial planning companies compared with the present requirement of at least 30% local shareholding.

* To ensure rapid development of financial services, the existing tax incentives to be extended to 2015.

* Among steps to combat corruption is to set up 14 Special Corruption Sessions Courts and 4 Special Corruption Appeal High Courts.

* Tax of 5% to be imposed on gains from the disposal of real property from Jan 1, 2010. Existing tax exemption will be retained for gifts between parent-child, husband-wife, grandparent-grandchild.

* To promote prudent spending, a service charge of RM50 a year to be imposed on each principal credit card and charge card; and RM25 a year on each supplementary card, effective from Jan 1, 2010.

* To ensure that fuel subsidies only benefit targeted groups, Govt will implement a fuel subsidy management system in early 2010, which will utilise the MyKad.

* All Ministries and govt departments are required to provide day care and education centres for children of civil servants.

* The maximum income tax rate for individuals to be reduced to 26% from assessment year 2010. Personal relief increased to RM9,000.

* Police force to get RM1bil to improve its services in govt's efforts to reduce crime. Major measures include to increase police presence, including mobile police stations in 50 crime hotspots.

* To promote house ownership, Govt will launch a scheme that enables EPF contributors to utilise current and future savings in Account 2.

* Employees' EPF contribution to be increased to 11% again, on a voluntary basis, effective immediately. However, from Jan 1, 2011 employees' EPF contribution will revert to 11%.

* Personal relief for EPF and life insurance schemes to be increased to RM7,000.

Source

Note:
This thread is really for us to discuss the Budget 2010 and not for us to vent our frustrations on what we're dissatisfied about. You may discuss it here but please do not start spamming here; I will nuke any unconstructive posts without prior warning.

This post has been edited by tinkerbel: Oct 23 2009, 08:09 PM

* To promote prudent spending, a service charge of RM50 a year to be imposed on each principal credit card and charge card; and RM25 a year on each supplementary card, effective from Jan 1, 2010.

no more free for life CC now...
will cancel mine soon, change to debit card lor

Convert PTPTN loans to scholarships for students who graduate with 1st class honours degree, beginning from 2010.
this is the best!

* To promote prudent spending, a service charge of RM50 a year to be imposed on each principal credit card and charge card; and RM25 a year on each supplementary card, effective from Jan 1, 2010.

-> Need to start canceling all my idle credit cards.. consolidate all my auto bill payment to one card.
-> in short, no more free credit card anymore. minimum service charge of RM50 applies to all cards, including no annual fee credit card.
-> poor credit card salesman will have hard time getting new people to sign up for credit cards..


* To ensure that fuel subsidies only benefit targeted groups, Govt will implement a fuel subsidy management system in early 2010, which will utilise the MyKad.

--> this sounds bad..


Well, I don't see any thing much that benefit the low to middle income group.

This post has been edited by Sitting Duck: Oct 23 2009, 07:56 PM

Amex and Diners is not consider as credit card but a charge card.
next week straight go cancel those unused credit card.

the debit card will kena charge also ka?? and no new car price reduce ka?

* Taxpayers will get tax relief on broadband subscription fee of up to RM500 from 2010 to 2012. Civil servants can apply for computer loans up to a maximum of RM5,000 from the govt once in every 5 years.

* Allow 100% foreign equity participation in corporate finance and financial planning companies compared with the present requirement of at least 30% local shareholding.

* Tax of 5% to be imposed on gains from the disposal of real property from Jan 1, 2010. Existing tax exemption will be retained for gifts between parent-child, husband-wife, grandparent-grandchild.

* To promote prudent spending, a service charge of RM50 a year to be imposed on each principal credit card and charge card; and RM25 a year on each supplementary card, effective from Jan 1, 2010.

* The maximum income tax rate for individuals to be reduced to 26% from assessment year 2010. Personal relief increased to RM9,000.

* To promote house ownership, Govt will launch a scheme that enables EPF contributors to utilise current and future savings in Account 2.

* Employees' EPF contribution to be increased to 11% again, on a voluntary basis, effective immediately. However, from Jan 1, 2011 employees' EPF contribution will revert to 11%.

* Personal relief for EPF and life insurance schemes to be increased to RM7,000

Act, if U look at it on an overall basis, it's quite fair lah. Admittedly, I do not like having to pay the RM50 Service Fees for my CC but really we haf to look at things from a macro perspective. I however find the maximum income tax rate of 27% being reduced to 26% a bit odd cause that's really not going to do much; just makes the rich richer

And at the v least, no GST was introduced *phew*

The CC issuer will definitely counter this by offering some kind of rebate/discount when using their card.

The fee is levied on both charge and credit cards

The RM50 thingy looks like annual fee to me.
Unless the banks don't want to take it as annual fee and introduce that as another "fee" imposed by the government.

But looks to me most banks would be taking that as annual fee thus no more waiver of annual fees. Now just need BNM to circulate it out and see how they term it.

If they do that tho they might be on the losing end because some of them already charge annual fees. Hope they absorb it.

Yeah, I would think so too,... if we have frequent usage of our cards, I would think the FI would absorb the RM50, rather than let us cancel the card/s,....

I am happy with the relief increase for personal & EPF/Insurance and new relief for Broadband. As for the personal tax I would be happier if the personal tax rate was 25%.

As for credit card taxes, I ok with it. It may actually benefit card holders as issuers have to improve and offer more benefits to the card holders to keep their customers. But I think the government made a wrong move here, a lot of CC sales people are going to be affected and it will definitely not reduce CC debt.

What worries me is the subsidy for petrol where we need to use MyCard. Wonder if I will need to pay more for petrol next year?

WTF. people in Iskandar are only tax 15%? Looks like PM is talking bull about 1Malaysia when people in Iskandar are getting special privileges.

RM 500 for broadband.huh. RM 500/12month = RM 41.67 . got broadband this cheap hah?

I just receive my new credit card, it says free for 2 years if I use 6 times within the first 3 months.

This post has been edited by klang-valley: Oct 23 2009, 09:53 PM

P1's lowest is Rm49.

Uh the RM50 thing on credit card is stated as a government service tax. I think that means it's taxed by government? Sounds like a government's idea to tax the moderate to higher income rakyat. Can't they at least limit it to the second card and so on. Having at least one credit card is useful and beneficial.

make it 2 will be better.. first 2 CC no need GOVERNMENT service tax

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Added on October 23, 2009, 10:09 pmcome on, 1Malaysia, apply to all lar.. include those graduate in 2006, 2007,2008 & 2009...

This post has been edited by clsia1001: Oct 23 2009, 10:09 PM

Based on data, the current cards in circulations are 11 million, let say if 50% is main card and the other 50% is supplement, the govt will get service charges of RM412.5 million.

sharinginfoz
http://sharinginfoz.blogspot.com/

i agree. at least should have a minimum requirement...

The free for 2 years is Annual Fee, the one announce by NAJIB is service charge.. U got annual fee waived, but still need to pay MYR50..