2009 BUDGET HIGHLIGHTS: What's in it for you


These are the highlights of the 2009 Budget being announced by the Prime Minister Datuk Seri Abdullah Ahmad Badawi

Some 100,000 tax payers to be out of the tax net as rebate for taxable income of RM35,000 and below will be increased to RM400 from RM350

Tax exemption for all interest income for individuals

Reduction of import duties for consumer durables (examples: blender, rice cooker, microwave oven and electric kettle) to between 5 percent and 30 percent from 10 percent and 60 percent

Import duty exemption on several food items including vermicelli, biscuits, fruit juices and canned sweet corn

Road tax for passenger vehicles with diesel engines to be similar with petrol engines effective Sept 1, 2008

Tax exemption for employees on staff benefits such as subsidised interest on housing, motor vehicles and education loans

Bills of mobile and fixed line phones as well as internet paid by employers to be tax-exempted

Government to provide RM3 billion soft loan facility under public transportation to finance acquisition of buses and rail assets to be administered by bank pembangunan malaysia bhd

50 percent reduction in toll charges for all buses, except at border entry points, for two years effective Sept 15, 2008

Efficiency of public transportation to be improved via rm35 billion expenditure from 2009 to 2014

Farmers to benefit from proposal to abolish import duty on fertilizers and pesticides

Home ownership among civil servants to be boosted by extension of housing loans tenure to 30 years from 25 years

Government housing loan insurance panel to be expanded to all eligible insurance companies from only five insurance companies now

Excise duties on cigarattes up three sen to 18 sen per stick. Duty for 20-stick pack now up 60 sen

Highest marginal tax rate for individuals to be cut to 27 percent from 28 percent effective year of assessment 2009

Middle income group to benefit from cut in marginal tax rate to 12 percent from 13 percent

Accelerated capital allowance for purchase of ICT equipment can be claimed over one year instead of two years (86).

Import prohibition on cranes used at ports to be removed. Import duty for the cranes cut to 5 percent from 20 percent (88)

New investments by operators of four-star & five-star hotels in sabah and Sarawak to enjoy pioneer status with 100 percent income tax exemption or investment tax allowance of 100 percent for five years.

Venture capital companies to enjoy five-year tax exemption for investing at least 30 percent of their funds in start-up, early stage financing or seed capital

Local shipping industry to be promoted via a new rm2 billion fund to finance the purchase of ships and upgrading of shipyards.

Plants and machinery acquired by SMEs in the years of assessment 2009 and 2010 to be accorded accelarated capital allowance to be claimed within one year.

Local shipping industry to be promoted via a new RM2 billion fund to finance the purchase of ships and upgrading of shipyards

Plants and machinery acquired by smes in the years of assessment 2009 and 2010 to be accorded accelerated capital allowance to be claimed within one year.

Removed - import duty and sales tax on solar photovoltaic system equipment

Removed - import duty and sales tax on intermediate goods such as high efficiency motors and insulation materials

Removed - sales tax on locally manufactured solar heating system equipment

Removed - sales tax on locally manufactured energy efficient consumer goods such as refrigerators, air conditioners, lightings, fans and tvs

Exemption of 100 percent import duty & 50 percent excise duty on new hybrid CBU cars, with engine capacity below two 2,000 cc litre to be given to franchise importers. The exemption is for two years

One month bonus for civil servants, subject to a minimum of RM1,000. Payment in two instalments - September and December 2008

NST ONline
29/08/08

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