KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak tabled the 2015 Budget in the Dewan Rakyat at 4.07pm, the last budget under the 10th Malaysia Plan (10MP).
Like other financial blueprints, Najib who is also Finance Minister, hinted yesterday that the 2015 Budget would be "pro-rakyat" and would include measures to ease concerns over the cost of living.
Among others, the budget would help enhance job opportunities, improve education and create more affordable housing, he said in a statement on Thursday.
The prime minister has also underlined the importance of the 1Malaysia People's Aid (BR1M) programme.
"BR1M will continue as it is part of our manifesto. It is part of our subsidy rationalisation.
"By switching from blanket subsidies to more targeted support, we are getting better value for money," he added.
The premier also stressed the importance of continuing the government’s deficit reduction measures to ensure the country achieved a balanced budget by 2020.
Najib added the government was on track to meet its fiscal deficit targets which included reducing the deficit to 3.5 per cent by year-end and three per cent by end-2015.
In the effort to help the people, the government proposed to reduce the individual income tax rate by one to three percentage points, thus exempting 300,000 people from having to pay income tax for year of assessment 2015.
Furthermore, households earning RM4,000 a month are no longer required to pay income tax.
From April next year, the government is to implement the Goods and Services Tax (GST), but people who use RON95 petrol, diesel and LPG can heave a sigh of relief as these fuels are exempted from the tax.
Contrary to the assumption that GST will trigger an increase in the prices of all goods, Budget 2015 proposed to have a reduction of up to 4.1 per cent in the prices of 532 items or 56 per cent of the 944 goods and services in the basket of goods of the CPI.
Among these goods are medicines, electrical appliances such as refrigerators and washing machines, textile products, plastic products such as pails and plates, shoes and slippers, household furniture, baby diapers, soap, meat, chicken eggs, cooking oil, seafood, rice and vegetables.
In addition, the government had also agreed that electricity consumption that is not subject to GST be increased from the first 200 units to 300 units. This will benefit 70 per cent of households.
Like other financial blueprints, Najib who is also Finance Minister, hinted yesterday that the 2015 Budget would be "pro-rakyat" and would include measures to ease concerns over the cost of living.
Among others, the budget would help enhance job opportunities, improve education and create more affordable housing, he said in a statement on Thursday.
The prime minister has also underlined the importance of the 1Malaysia People's Aid (BR1M) programme.
"BR1M will continue as it is part of our manifesto. It is part of our subsidy rationalisation.
"By switching from blanket subsidies to more targeted support, we are getting better value for money," he added.
The premier also stressed the importance of continuing the government’s deficit reduction measures to ensure the country achieved a balanced budget by 2020.
Najib added the government was on track to meet its fiscal deficit targets which included reducing the deficit to 3.5 per cent by year-end and three per cent by end-2015.
In the effort to help the people, the government proposed to reduce the individual income tax rate by one to three percentage points, thus exempting 300,000 people from having to pay income tax for year of assessment 2015.
Furthermore, households earning RM4,000 a month are no longer required to pay income tax.
From April next year, the government is to implement the Goods and Services Tax (GST), but people who use RON95 petrol, diesel and LPG can heave a sigh of relief as these fuels are exempted from the tax.
Contrary to the assumption that GST will trigger an increase in the prices of all goods, Budget 2015 proposed to have a reduction of up to 4.1 per cent in the prices of 532 items or 56 per cent of the 944 goods and services in the basket of goods of the CPI.
Among these goods are medicines, electrical appliances such as refrigerators and washing machines, textile products, plastic products such as pails and plates, shoes and slippers, household furniture, baby diapers, soap, meat, chicken eggs, cooking oil, seafood, rice and vegetables.
In addition, the government had also agreed that electricity consumption that is not subject to GST be increased from the first 200 units to 300 units. This will benefit 70 per cent of households.
Source:http://english.astroawani.com/news/show/pm-najib-tables-2015-budget-45744
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