Find out the highlights of Malaysia’s Budget 2018 (Bajet 2018 Malaysia), which was announced by Prime Minister Datuk Seri Najib Tun Razak today (27th October 2017).
Budget 2018 Malaysia Announcement Date:
27th October 2017
Budget 2018 Effective Date:
1st January 2018 onward
Budget 2018 Malaysia Highlights:
- Empower Women: 30% of board directors in GLC, GLIC and statutory bodies must consists of women.
- In the private sector, 60 days of maternity leave will be increased to 90 days, as a mandatory increase.
- PTPTN Discounts 2018: 20% Discount for Full Payment; 10% Discount for at least 50% payment or salary deduction/direct contribution.
- All university and Form Six students will continue to receive the 1Malaysia Book Voucher worth RM250 per student, aiding up to 1.2 million students.
- RM400 mil is allocated for R&D in public universities, including UM which recently reached top 100 unis in the world.
- School students from lower income households will continue to receive RM100 aid.
- 14 new sports complexes across the country will be established.
- 1 January 2018 to 2022, newborns in Malaysia will be awarded with a Starting Fund of RM200 via Amanah Saham. This new scheme is called Amanah Dana Anak Malaysia 2050, or ADAM50.
- Upgrading the Penang and Langkawi International Airports and will build a new domestic airport in Mukah, as well as renovate the Kota Bharu and Sandakan airports respectively.
- Toll collection to be abolished at Batu Tiga, Shah Alam and Sungai Rasau in Selangor; Bukit Kayu Hitam, Kedah and at Eastern Dispersal Link, Johor.
- Individual tax rate reduced by two percentage points (2%), for those with chargeable income from RM20,000 to RM70,000.
- BR1M 2018 to continue in 2018, with 7 million BR1M recipients to receive a maximum payout of RM1,200 each in 2018.
- Civil servants to get RM1,500 special payment: RM1,000 in early-Jan 2018 and remaining RM500 towards Hari Raya 2018.
- Government retirees to receive RM750 special payment each
- Tax exemption on 50% of home rental income up to RM2,000 per month to Malaysians residing in Malaysia. Exemption given from Year Assessment 2018 to 2020.
- Pulau Pangkor to be declared a tax-free zone (excluding liquor, cigarettes and motor vehicles).
- 9,800 village chiefs to receive a RM1,500 payment.
- Minimum pension of RM1,000 per month
- RM27bil allocation to improve healthcare, including RM1.4bil to upgrade and maintain health facilities, medical equipment and ambulances; RM100mil to upgrade hospitals and clinics electrical/wiring systems
- Affordable housing:
* 17,300 units to be built under Project Perumahan Rakyat;
* 25,000 units to be completed under the 1Malaysia Civil Servants Housing (PPA1M) scheme;
* 3,000 units under Rumah Mesra Rakyat; and
* 21,000 units under PR1MA, which will receive a RM1.5 billion allocation over two years.
Share this Budget 2018 Malaysia with your friends & family now!
Find out also Budget 2017 Malaysia.