* 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

* 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*

@Gen-X,
Yup I too am quite satisfied with the stuff you're satisfied with. Hm.. 25% instead of 26% huh? Well look on the bright side, U've saved 1% *smiles* I definitely don't reach it so that doesn't benefit me

So.. u going to move over to Johor?! *grins*

@ak.hazwan,
The RM500 is just a tax relief; it helps and is better than nothing *smiles*

@klang-valley,
The T&C to your new CC is no longer updated; will have to wait for new direction and instruction from the bank pending today's Budget announcement.

@tgrrr,
I'm quite sure the banks will come up with something; maybe embed it as part of the annual fees and be stricter with FFL cards *shrugs* Your guess is as good as mine but we'll just haf to sit and wait to see what's going to happen.

@sharinginfoz,
I'm sure a lot of people will be cancelling cards. I know for a fact there are forummers here who hold up to 15 different credit cards. With this announcement, I'm quite sure they will no longer want to just keep those CC for keepsake.

@! Love Money,
You're absolutely right. I sort off expected some form of announcement on GST but I guess we're just not ready. This is good news for us; and really I don't think it's a good time to introduce GST lah. Imagine if we had to pay 10% extra for everything we purchase? I mean come on lah..... we're just still getting used to the increased in everything else due to the stewpid petrol issues !

@bingozero,
It only makes sense if our MY government used our own infrastructure hence I would v much think it'll be TM.

@! Love Money,
It's not a RM500 rebate, it's a RM500 tax relief.

@andrekua,
It could haf been worst if they introduced GST in 2010!

@! Love Money,
Yes except corporations been told to embrace GST by 1 Jan 2010 hence I sorta expected GST to be announced. Like i said, the later it's implemented, the better it is for all of us

@cherroy,
I haven't seen the actual breakdown but if I understand it correctly it only affects those in the 27% income bracket, or everyone's tax percentage drops by 1%? *grins*

@! Love Money,
I'm not sure if it's a reduction of 1% tax for all tax brackets because it states maximum tax lowered from 27% to 26% so I merely assumed it was only for the higher income group *shrugs* Guess we wouldn't know for sure until we the actual breakdown.

@jasonhanjk,
I'm quite sure there's corruption everywhere; it's just that we're too 'open' about it here. Having said that, I too agree the government should get their act together even before they start burdening us with more taxes

As it is, we're oredi paying a lot of tolls [at least in Klang Valley we are!] plus really, is our petrol being subsidised & are we really not paying more for petrol by introducing RON 95 at the price of RON 97?

@calibre2001,
I'm quite sure most of us will benefit from it; as it is, most of us probably pay much more than RM6k to EPF. Well, maybe for those who doesn't have those annuity insurance then cannot benefit *shrugs*

Ah well... March is usually the month I'm most broke

@jasonhanjk,
And u don't agree our G is mishandling our funds?! I mean come on... RM48k for 1 unit of computer/laptop is totally ridiculous! And, there's so much more.

@dinozilla,
As much as I agree there are quite a few people in debt due to CC, as a whole our nation is doing much better than a lot of other developed nation.

The G doesn't need excuses or reasons to tax us; if they wanna tax us they'll tax us and just come up with some form of explanation; whether or not we accept it.

I don't know what our police force is gonna do with the 1b provided to them; is it really going to curb corruption?

@dinozilla,
I don't think the extra funds should go into purchasing assets for the PDRM. I hope it'll be used wisely; maybe new structure in terms of their allowance, incentives. Honestly, I've no idea how much our policeman earn but been told, without side-income, life is not too decent *gulps*