Budget 2016 Malaysia Highlights

budget2016malaysia

Find out the highlights of Budget 2016 Malaysia (Bajet 2016) which was tabled by Prime Minister Datuk Seri Najib Tun Razak in the Dewan Rakyat on Friday.

Below are the Budget 2016 Malaysia Highlights (Bajet 2016):

No GST for more essential goods, including controlled medicine for cancer, diabetes, high-blood pressure.

– Pre-paid telco users to get rebates to commensurate with GST paid, credited from Jan 1 to Dec 31 2016

– Income tax for those earning between RM600k-RM1 million to be raised from 25pct to 26 pct

-The government will develop the 108,000 hectare Malaysian Vision Valley, which will sprawl from Nilai to Port Dickson with an investment of RM5billion in 2016

– The government will develop the Cyber City Centre in Cyberjaya, with an investment of RM11 billion over a period of 5 years

– The 1,300 hectare Aeropolis KLIA will be developed, and is expected to attract RM7 billion in investment.

– Khazanah to invest RM6.7 billion in 9 domestic projects in health, education, tourism, software and communication infrastructure.

– Construction of MRT2 Sungai Buloh-Serdang-Putrajaya costing RM28b to begin in second quarter of 2016, and will be completed by 2022.

– The MCMC to allocate RM1.2b to increase Internet speed in rural areas from 5Mbps to 20Mbps.

RM100 school aid for households with income below RM3k to continue, benefiting 3.5 million students.

– Bumiputera empowerment a national agenda, and will encompass the development of the Bumiputera communities in Sabah & Sarawak as well.

– RM250 1Malaysia book vouchers (BB1M 2016) will be available for 1.2mil students.

– RM930mil is allocated to the Youth and Sports Ministry, with RM145mil set aside for training athletes.

– BR1M 2016 to continue for 4.7 million households. The Government will allocate a BR1M payout of RM400 to unmarried persons above 21 with incomes below RM2,000. A BR1M payout of RM1,050 is also set aside for those with incomes below RM1,000 and RM1,000 (for those with incomes below RM3,000), RM800 (for those with incomes below RM4,000).

– The toll-free Pan Borneo Highway is to be completed by 2021, and is estimated to cost RM16.6b.

– An additional RM200m will be allocated to the existing Amanah Ikhtiar Msia fund to enable micro-financing for bottom-40 households.

– Tekun will allocate a total of RM600m; RM500m for Bumi entrepreneurs, and another RM100m for 10,000 Indian business owners.

– The government will build 175,000 units of PR1MA homes, sold 20 per cent below market price with RM1.6 billion allocation.

– A total of 100,000 PPA1M houses will be built by 2018, priced between RM90,000-RM300,000.

– A total of 22,300 condominium units and 9,800 terrace houses will be built under the PPR programme with an RM863 million allocation.

– RM200 million allocated for first time affordable house owners under new scheme.

– A total of 5,000 PR1MA and PPA1M homes to be built at 10 locations near LRT and Monorail stations.

– To reduce crime rate, a total of RM155m will be allocated to build two District Police headquarters in Lawas & Kota Kinabalu, while another 10 district headquartes and another 5 police stations are under construction.

– A payment of RM500 for all civil servants and RM250 is allocated for Government retirees to help with cost of living.

– Starting pay for civil servants to be fixed at RM1,200, affecting 60,000 people.

– Minimum pension is to be fixed at RM950 monthly, involving 50,000 retirees with at least 25 years’ of service.

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