Budget 2015 Summary

2016-08-13T17:24:10+08:00By |Government, Properties, Tax|

A summary of Malaysia’s Budget 2015 with the top 10 most pertinent bits of info for most folks.

Or also known as Bajet

Or also known as Bajet

  1. Budget Overviews
    Education Sponsorship: RM3b
    Education Facilities Upgrades: RM1b
    Broadband Internet: RM2.7b (over next 3 years)
    LRT3 (Bandar Utama – Shah Alam – Klang): RM9b
    MRT (Selayang – Putrajaya): RM23b
    East Klang Valley Expressway: RM1.6b
    Damansara-Shah Alam Elevated Expressway: RM4.2b
    Sporting National Blueprint: RM103m
    Tourism: RM316m
    Angkatan Tentera Malaysia: RM17.7b
    PDRM: RM9.1b
    Maritime Enforcement Agency Malaysia: RM804m
    RELA: RM117m
  2. Personal income tax rates for YA2015 down up to 3%
  3. GST
    Petrol & other newly announced GST exempted items
    GST-exempted-list (Source: e-Federal Gazette official portal)
  4. Fuel subsidies reduction & new subsidy mechanism introduced
    This is expected to be using the Malaysian new NRIC (MyKad) with the ‘ghost image’.
    If you have not renewed your NRIC, you may want to head over to the nearest JPN office OR renew via MyEG (you will still need to pickup from JPN when ready)
  5. Property
    1st time buyers 50% stamp duty discount (up to RM500,000 property)
    PR1MA qualification monthly household income increased to RM10,000
  6. 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
  7. BR1M/Government Assistance
    Students: RM100
    Books (BB1M): RM250
    BR1M (Household income <3000): RM950 (Jan 300 + May 300 + Sep 350)
    BR1M (Household income 3000-4000): RM750 (Jan 200 + May 200 + Sep 350)
    BR1M (Single individual income <2000): RM350
    Family Bereavement Scheme (for next of kin of BR1M recipients): RM1,000
  8. Transportation
    New bus service outside KL to KL
    Electronic Train Service (ETS) linking Penang – Ipoh targeted 2015 April
    Bus services upgrade in Kuching, Ipoh, Seremban, Kuala  Terengganu & Kangar
  9. PTPTN Education Loan Repayment Discounts
    20% for single payment (By Mar 31, 2015)
    10% for uninterrupted payments (Jan – Dec 2015)
  10. Civil Service
    1/2mth bonus (Min RM500) payable Jan 2015 (RM250 for pensioners)
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