Malaysia Budget 2011 @ 15.10.10

Interesting highlight during the budget presentation on last Friday, 15.10.10 :

1. Income per capita will increase 6.1% to RM28,000 while income in terms of purchasing power parity to USD16,000 (RM49,440).
2. Will emphasise on efforts to transform the nation into a developed plus high-income economy plus sustainable development.
3. Greater KL MRT to be implemented from 2011. When completed, public transport utilisation rate is expected to rise to at least 40%
4. To revitalise capital market activities, the Govt will launch a Private Pension Fund in 2011
5. Existing income tax relief of up to RM6,000 for employees contributions to EPF will extend to Private Pension Fund contributions
6. To further encourage ownership of hybrid cars, import duty and excise duty exemption will be extended until 31 December 2011
7. Tax exemption on income from trading of Certified Emission Reductions certificate to extend until year of assessment 2012.
8. The Govt proposes that import duty on approximately 300 goods preferred by tourists and locals, at 5% to 30%, be abolished.
9. Import duty and sales tax exemption on broadband equipment are also extended for two years until 2012
10. The Government proposes that sales tax be exempted on all types of mobile phones
11. The Government proposes that the rate of service tax be increased from 5% to 6%
12. RM576mil is allocated in the form of scholarships for those wishing to further their studies
13. RM213mil is allocated to enhance proficiency in Bahasa Malaysia, strengthen the English Language
14. RM20mil is allocated to increase PhD qualified academic staff to 75% in research unis plus to 60% in other higher learning institutions
15. RM60mil is allocated to further intensify the Industrial Skill Enhancement Programme in State Skills Development Training Centres
16. The Govt will also allocate RM50mil to the Multimedia Development Corporation to train graduates in ICT
17. RM474mil is provided to enhance productivity and skills of non-graduates
18. RM200mil is allocated to conduct part-time training in the evenings and weekends in selected training centres nationwide
19. The Govt will enforce basic minimum wages for security guards, to between RM500 and RM700 a month depending on location <-- how about basic minimum wages for professional???
20. The Govt will provide 40 1Malaysia TASKA to assist women to obtain quality childcare and early education for their children
21. The Govt will allow flexibility to self-determine fully-paid maternity leave, not exceeding 90 days from the current 60 days
22. Government will extend tax relief of up to RM5,000 to help parents with expenses such as daycare, caretakers & other daily needs
23. First-time house buyers will be given stamp duty exemption of 50% on instruments of transfer on a house price not exceeding RM350,000
24. Govt to establish a 1Malaysia Smart Consumer portal to help the rakyat keep abreast with price movements of retail goods.
25. Toll rates in four highways owned by PLUS Expressway Berhad will not be raised for the next five years, effective immediately