2da6s

Malaysia Budget 2010 was announced on 23rd October 2009 at 5.30 pm, have listened or read what the Prime Minister of Malaysia has mention? If not, you can download the text of of the 2010 Budget speech at Malaysia treasury website: http://www2.treasury.gov.my/index_bi.html

Below are the highlights of Malaysia 2010 Budget (extracted from the speech’s appendices):

• Tax Incentives for Small and Medium Enterprise to Register Patterns and Trademarks – This is good because it will encourage small or medium enterprise to protect their own intellectual property.
• Enhance Tax Incentives for Health Tourism
• Individual Tax Relief on Broadband Subscription Fees – The relief is up to RM500. Good we can pay less personal income tax.
• Tax Incentives for Building Obtaining Green Building Index Certificate – Towards green-er country.
• Extension of Stamp Duty on Instruments of Islamic Financing
• Extension and Expansion of Tax Incentives for Export of Financial Services – Banking stock counters could benefit from this?
• Extension of Tax Incentive to Promote Malaysia as an International Financial Center
• Extending Tax Incentive on Expenditure to Establish Islamic Stock Broking Companies
• Extension and Expansion of Tax Incentives on Issuance of Islamic Securities
• Standardizing Tax Treatment for Special Purpose Vehicle
• Extending Tax Exemption on Profits from Non-Ringgit Sukuk
• Standardization of Tax Assessment System for Upstream Petroleum Companies
• Expediting Investment For Selected Activities
• Review of Individual and Co-Operative Income Tax – Personal relief is increased 1000 to 9000 and EPF+life insurance premium relief is increased RM1000 to RM7000. Thus, pay less tax. Maximum tax rate is decreased 1% to 26% but this does not benefit most people most people are earning at average income level.
• Tax on the Disposal of Real Property – 5% on gains for no matter how many years you own the property??? What if the property value is depreciated? Who pay the loss?
• Service Tax on Credit Cards and Charge Cards – RM50/year for principal and RM25/year for supplementary card. I think many people will cancel their card.
• Tax Incentive for Knowledge Workers In Iskandar Malaysia