NEWS
Here Are All The Highlights We Gathered From Budget 2020
.jpg?ext=.jpg "Here Are All The Highlights We Gathered From Budget 2020")
The much anticipated Budget 2020 was tabled at the parliament earlier today (Oct 11) and to save you time and energy, we looked through the Finance Ministry, RinggitPlus, Astro Awani and other local publication's tweets to look at the highlight of the second budget under the rule of Pakatan Harapan.
The government has allocated a total of RM297 billion, 81.1% of which will go towards operating expenditure while the remaining RM56 billion will go towards development expenditure.
The education ministry will be receiving the highest allocation of RM64.1 billion, followed by finance ministry with 37.8 billion and health ministry with RM30.6 billion.
Some of the highlights from the budget are as follows:
* The government has no plans to reintroduce Goods and Services Tax (GST).
* You may have to start paying more for services such as Netflix, Spotify, digital software and games beginning Jan 1 with the introduction of Digital Service Tax.
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* The rich i.e those earning more than RM2 million will have to pay extra 2% in tax, making the total income tax paid to 30%.
* The rich i.e those earning more than RM2 million will have to pay extra 2% in tax, making the total income tax paid to 30%. *An average of 18% discount on tolls on PLUS highway.
*Congestion charges during peak hours on highways will be reduced by up to 30% and free charges during non-peak hours to save highway users RM180 million a year.
* Toll charges for private cars using the Penang bridge to be reduced from RM8.50 to RM7 beginning 1 Jan 2020.
* Malaysians above the age of 18 and earning less than RM100,000 a year will be entitled to a one-off RM30 top up of e-wallet. Can be redeemed via e-wallet and used between 1 Jan 2020 and 29 Feb 2020.
*Good news for gamers: the government has increased allocation for e-Sports to RM20 million.
.jpg "Fredrick Tendong on Unsplash")
*RM500 million for female enterprenuers under the Skim Jaminan Penjaman Perniagaan (SJPP). The government will also be increasing government guarantee to 80% and reduce guarantee fee to 0.75%.
*RM500 million for female enterprenuers under the Skim Jaminan Penjaman Perniagaan (SJPP). The government will also be increasing government guarantee to 80% and reduce guarantee fee to 0.75%.* SME bank will introduce two new fundings: RM 200 million for female entrepreneur and RM300 million to PKS with the potential of becoming regional players.
* RM445 million to support the development of Bumiputra businesses.
* Proposal to increase minimum wage from RM1100 to RM1200 in major cities.
* Proposal to increase maternity leave from 60 days to 90 days.
.jpg "Andrew Neel via Unsplash")
* Sabah and Sarawak is planning on increasing 'Pemberian Khas' to the states to RM53.4 million and RM32 million respectively, for the first time since 1969. The amount is expected to be increased gradually to RM106.8 million for Sabah and RM64 million for Sarawak in the next 5 years.
* Sabah and Sarawak is planning on increasing 'Pemberian Khas' to the states to RM53.4 million and RM32 million respectively, for the first time since 1969. The amount is expected to be increased gradually to RM106.8 million for Sabah and RM64 million for Sarawak in the next 5 years. *Malaysians replacing foreign workers will receive an allowance between RM350 and RM500 per month, depending on sector, for two years. Companies hiring Malaysians to replace foreign workers will receive RM250 for the same amount of time.
*Technical and Vocational Education and Training (TVET) students will receive additional allowance of RM100.
*Graduates who've been unemployed for a year or more will receive an additional RM500 per month incentive for two years, while companies that hire them will receive RM300 for the same amount of time.
*Women returning to the workforce after a year or more will receive RM500 per month, and companies hiring them RM300 per month for two years. Tax exemption for women returning to work will also be applicable for the next four years.
* RM1.6 billion allocation for building and upgrade of hospitals.
* RM227 million to upgrade medical equipment and RM95 million for infrastructure renovations in selected hospitals.
* RM5 million for 'moving clinics' to benefit people in rural areas especially the Orang Asli communities.
* Special assistance of RM500 for civil servant who are under Grade 56 and below.
*Special financial assistance of RM250 government retirees including veterance who don't receive pension.
Phew! That's a lot to take in and it's not even all of it. For a full and comprehensive list, check out the Finance Ministry's Twitter and follow the news on Astro Awani channel 501.
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