Budget 2018 Malaysia

The total allocation forMalaysia’s Budget 2018 is RM280.25 billion (Budget 2017 was RM260.8 billion.)

No More Toll Collection from 1 Jan 2018 at:

Toll plaza Batu 3, Shah Alam, Selangor

Toll plaza Sg.Rasau, Selangor

Toll plaza Bukit Kayu Hitam, Kedah

Toll Plaza Eastern Dispersal Link Expressway (EDL), Johor

On GST

No GST on all reading materials. This will include all types of magazines, comics, journals and periodicals, beginning 1 January 2018.

For Housing

RM1.5 billion allocated to provide 210,000 homes under Pthe erumahan Rakyat 1 Malaysia  (PR1MA) scheme that are valued below RM250,000.

50% tax exemption on rental income amounting up to RM2,000  for residential properties to encourage property investments.

For PTPTN Borrowers

Repayment incentives will be extended until December 2018.

Increase to 20% discount on full settlement made in a single payment (from 15% last year.

10% discount when at least 50% payment of outstanding amount made in a single payment.

10% discount for monthly payments that are made through salary deductions or direct debit.

Tax Exemptions

2% tax income reduction for taxable income bracket between:

Income range RM20k – RM70k will get tax reduction from 5% reduced to 3%.

 Income range of RM35k – RM50k will get tax reduction from 10% to 8%.

Income range of RM50k – RM70k  will get tax reduction from 16% to 14%

For Civil Servants

RM 1,500 special payment to all civil servants. This payment will be given twice, RM1,000 in early January 2018, and another RM500 by next year’s Aidil Fitri.

Government pensioners will receive a RM750 special one-off payment.

Pregnant civil servants (5 months above) allowed to go home 1 hour earlier.

Armed Forces Housing blueprint will see 40k housing units built in phases.

10K Housing 1Malaysia Civil Servant-PDRM will be built for the police force, prices will be in line with their salary.

BR1M

RM6.8 billion allocated to benefit the current 7 million BR1M recipients who will continue to receive aid in 2018. Amount of BR1M handout remains the same as the current amount.

For Healthcare

Malaysians pay RM10 for haemodialysis. RM50 million allocated for haemodialysis assistance with a RM100 subsidy from the total cost of RM110 per treatment session.

For Women

90 days mandatory period of maternity leave proposal for private sector, an increase from the current 60 days

For Parents with Children

The Local Authority must ensure all new office buildings will have childcare facilities, beginning at KL.

Malaysian children born between Jan 1, 2018-2022 will be given RM200 to begin their initial savings through the Amanah Saham unit.

For Students

RM2.4 billion allocated to UiTM, with student enrollment target of 250k by 2020

PTPTN borrowers who wishes to continue their studies to the next level can combine their diploma and degree, or degree and master’s loan and start repayment after graduating.

RM100 schooling aid per pupil for school students from low-income families which will benefit 3.2 million students.

RM250 Book Voucher Assistance for students at IPT and in Form Six will continue to be given, which will benefit 1.2 million students.

For entrepreneurs & agriculture

Convenient loan of RM120 million for 1k FoodTracker 1Msia entrepreneurs, 1Msia Mobile Food Kiosk through Bank Rakyat & BSN, government to subsidized 4% from interest rate of the loan.

RM50 million will be allocated via TEKUN for the Indian community to provide loan schemes, to benefit 35k Indians.

SME corp allocated RM200 million to provide Malaysian’s with training programs, grants and soft loans.

RM6.5 billion allocation for farmers, fishermen, paddy farmers, breeders and rubber tappers.

RM200 monthly allowancefor paddy farmers (3 months) while waiting for harvesting season with an allocation of almost RM150 million.

On the Overall Economy [Budget 2018]

Pulau Pangkor declared free tax zone, but excludes alcohol, tobacco and vehicles.

The government will accelerate the construction of the MRT3 also known as Circle Line, expected to be completed by 2025, ahead of the initial plan in 2027.

Income per capita of Malaysians was RM27,819 in 2010 and is estimated to increase to RM42,777 in 2018.