Malaysia's 2015 budget!

Malaysia's 2015 budget

Prime Minister Najib Razak unveiled Malaysia's 2015 budget on Friday, with an eyes on how the government plans to cut the fiscal deficit, bring down its own debt, piled up close to a self-imposed limit of 55 percent of gross domestic product.

For Malaysia's economic report click on

Following are highlights of Najib's ongoing speech to parliament
- Government aims to lower fiscal deficit to 3.0 percent in 2015 from an expected 3.5 percent this year
- 2015 budget allocates total 273.9 billion ringgit($84.12 billion), an increase of 9.8 billion ringgit compared with the 2014 initial allocation
- Operating expenditure 223.4 billion ringgit, development expenditure 50.5 billion ringgit
- Payments to civil servants of 65.6 billion ringgit is largest operating expenditure item
- Federal government revenue collection estimated at 235.2 billion ringgit in 2015, an increase of 10.2 billion ringgit from 2014

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TAXES
- Revenue from goods and services tax to be introduced in April at rate of 6 percent expected to be 23.2 billion ringgit, but after allowing for the abolition of the sales and services tax, and exemptions and funds channelled back to people through assistance programmes net revenue collection is expected to only be 690 million ringgit
- Income tax rates to be cut by one to three percentage points. Families with monthly income of less than 4,000 ringgit will not have to pay tax
- The threshold for the top rate of income tax will be raised from 100,000 ringgit to 400,000 ringgit and the top rate of income tax will also be reduced from 26 percent to between 24-25 percent. This will result in existing taxpayers receiving a saving of at least 5.3 percent
- From 2016, the corporate tax rate will be reduced by one percentage point from 25 percent to 24 percent, and for small and medium sized enterprises to 19 percent from 20 percent.

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SUBSIDIES AND HANDOUTS
- Economic report said government plans to reduce the overall bill for subsidies and cash assistance by 7 percent to 37.7 billion ringgit in 2015 from 40.6 billion in 2014
- Prime Minister Najib says he will reform the petroleum subsidy regime soon, to adopt a system that benefits less well off
- Bantuan Rakyat 1Malaysia (BR1M), a programme to hand out cash assistance to households earning less than 4,000 ringgit a month and individuals earning less than 2,000 ringgit, increased to 950 ringgit from 650 ringgit

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PROPERTY
- Budget extends 50 percent stamp duty exemption for first time home buyers and increases the purchase limit from 400,000 ringgit to 500,000 ringgit. The exemption will be given until the end of 2016.
- Malaysia to move to self assessment for real property gains tax from 2016

COMMODITIES
- Export duty exemption for crude palm oil extended until Dec. 31 2014

DEVELOPMENT
Eastern Malaysian states of Sabah and Sarawak to be allocated 4.5 billion ringgit to upgrade facilities in rural areas.
Sources from Google News