“Don't cry because it's over, smile because it happened."


This is a personal blog about a woman - as a daughter, a wife, a career woman, a homemaker, a mommy - and her thoughts and feelings through out her personal/work lives, as a citizen of her beloved country, her previous journey to motherhood and her journey as a mommy. This blog has no intention to offend or to have an influence on anyone. Read at your cost. Erti kata lain, if x suka, u r welcome to click the "X" on the top right hand corner. Erti kata lain lagi, tak payah ler baca...

Saturday, 29 September 2012

Highlights of 2013 Budget

The yearly budget announcement has always been part of my career lives since the 1st year I worked. So tahun ni, walaupun daku bergelar surirumah (sementara ye!), it is not an excuse for me to look away from the announcement.  As a matter of fact, lagi la penting kena tahu sekarang as I am actively attending interviews now so definitely interviewers akan jadikan ini soalan2 cepumas mereka.  So I have to be ready.  I have to know la kan.  So here, I summarise some of the 2013 Budget Announcement that took place last Friday.  Summarise yg mana  berkenaan je la kot.  And u can also see my comments kaler purple yg ada initial CBW tu.

Personal tax and tax relief

Individual income tax rate to be reduced by 1 percentage point for the first RM50,000 of chargeable income.  [CBW: Will write on more detailed comparison of the above soon.]

Child tax relief to be increased from RM4,000 to RM6,000 per child (6x of basic child relief of RM1,000) for children aged 18 and above and receiving receiving full-time tertiary education, effective from year of assessment 2013.

Tax relief of RM3,000 for savings in the National Education Savings Scheme (SSPN) will be increased to RM6,000 for YA 2012 – YA 2017.

Bantuan Rakyat 1Malaysia (BR1M 2.0)

RM500 assistance money for a household earning less than RM3,000.  [CBW: This is the 2nd cash assistance be given since its first last year. The criteria remains the same per last year’s. Existing BR1M recipients are not required to register for the 2nd time. New applicant may register commencing Nov 2012 online or IRB offices, State Development Offices and District Offices.]

In addition, RM250 BR1M assistance money is extended for single unmarried individuals aged 21 and above with monthly income not more than RM2,000. 
[CBW: So maknanya adik2 ku yg tiga org tu layak la kan for this?  If yes, so happy for them ;p ]

BR1M 2.0 will be paid effective Jan 2013.

Real Property Gain Tax (RPGT)

RPGT will be increased to 15% for disposal of property within 2 years, 10% for disposal within 2 to 5 years, effective from 1 Jan 2013. After 5 years, it is not subject to RPGT. Currently, 10% RPGT for disposal within 2 years, 5% within 5 years, 0% after 5 years. [CBW: My Condo dah almost 5 years dah ni.. market price goes up like no one's business.. terfikir juga untuk jual and reinvest in a new property. Hmm... ]
RM200 rebate for 3G smartphone purchaseRM200 one-off rebate for purchase of one unit 3G smartphone from authorised dealers, for youths aged between 21 to 30 years with monthly income of RM3,000 or below. 
[CBW: Don't really agree with this, but looking at a bright side, perhaps I can get my darling sister to claim the rebate since she qualifies for it?]

Other goodies

Students in institutions of higher learning to get RM250 1Malaysia Book Voucher, an increase of RM50.

Passport fees for senior citizens and children aged 12 and below be reduced by 50% from RM300 to RM150 (5 years) and RM100 to RM80 (2 years). Effective from January 2013. [CBW: Age threshold for senior citizens is not made known yet. Could it be citizen aged 55 and above? or 60 and above]

All Malaysians with a monthly income of RM3,000 and below and who travel by KTM Komuter, will get 50% fare discount. Currently, only the disabled, retirees and students enjoy a 50% fare discount.

Minimum pension increased from RM720 to RM820 monthly for those who have served the govt for at least 25 years.

Passport processing charges is reduced to 50% i.e. from RM300 to RM150 for passport with 5 years validity and for 2 years validity is reduced to RM80. This also applies to children below the age of 12 years old. The new charges will effective January 2013.

Reduce sugar subsidy by 20 sen per kg from 29 Sept 2012. - [CBW: Which means we are paying 20 sen more on sugar. Thank god, our household intake for sugar is reduced as I stop consuming sugar since diagnosed with GDM]

PTPTN loan discount

Repayment of full loan from 1 October 2012 until 30 September 2013, a discount of 20% will be given on their loan. [CBW: It is still unclear whether 20% discount is on the outstanding loan or entire loan amount. It is likely that 20% discount will be given on the outstanding loan amount]

For those consistent repayment of PTPTN loan in accordance to their repayment schedule, a 10% discount per annum on their repayment will be given effective from 1 Oct 2012.

My First Home Scheme and 50% stamp duty exemption

My First Home Scheme income limit for individual loans raised from RM3,000 to RM5,000 per month, or in the case of joint loans of husband and wife of up to RM10,000 per month.

50% stamp duty exemption on sale and purchase agreements and loan agreements for purchase of the first residential property of up to RM400,000 (increased from RM350,000), be extended to 31 Dec 2014.

1.5x month bonus for public servants

Bonus of 1.5x month for public servants for year 2012. Half month paid during 2012 Hari Raya, remaining one month will be paid 50% in end Dec 2012 (50%) and in Jan 2013 (50%).

[CBW: This I am happy for my parents, families and friends yang bekerja dalam public sector ni. Walaupun hubby and myself mmg tak tergolong dalam kumpulan ni tapi kitaorg akur. Memang la ramai yg selalu compare that goverment banyak sided to govt sector employees. Tiap2 tahun ada je imbuhan for them. Kita yg di private sector ni, gigit jari je. In my opinion, x payah la nak compare2. rezeki and bahagian masing2. bersyukur je la dengan apa yg ada/dapat ok kawan2.]

Alrights ya all.. enough for now.  Actually banyak lagi incentives yg ada but takde sgt kaitan ngan saya.  Ada lagi insentif2 untuk pegawai2 tentera, polis etc.  also on pembinaan rumah mesra rakyat and so on.  Tapi tu sume kalau u all nak tau google je la yek.  I am currently Deciphering the Finance Bill 2/2012, will write about it soon, insyaAllah. 

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