Friday, 25 October 2013

Middle Income Package for 2013 Budget

Reporting from nikakihijau

Hi friends. Basically our PM has delivered the 2014 budget presentation in the Dewan Negara. I am not going to explain the details or the salient features of the presentation, just that I would like to highlight what is available for the middle income group (Perhaps my definition for the middle income is individual who earns less than RM8K/month)

2014 middle income package is summarized as the following:

Less income tax:

  • Income tax cut 1-3%.
  • Households earning with less than RM4000 won't have to pay tax. 
  • Tax exemption of RM2000 for those earning less than less than RM8000.
Housing Price Controls:

  • Affordable homes: Government to subsidies RM15000-RM20000 for private and public developers for low and medium cost homes as well as for sale to first home buyers.
  • Real Property Gain Tax (RPGT): 
  • Sale within 3 years of ownership: 30% 
  • Sale within 4 years of ownership: 20%
  • Sale within 5 years of ownership: 15% 
 Cash Aids

  • BR1M of RM450 to be given for those earns between RM3000-RM4000.
  • RM250 book voucher for tertiary education
  • RM100 for primary and secondary students.

That's all the Gov of Malaysia has in stores for the Middle Income group.


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