Intipati Budget 2019

  • Govt may need to pay another RM43.9b to settle 1MDB debt
  • Govt real debt and liabilities as at end-June 2018 stood at RM1.065 trillion
  • Budget 2019 will have 3 focus areas, and 12 main strategies to return Malaysia’s economic position as an Asian Tiger
  • 1st focus: Implement institutional reforms; 2nd: Ensure people’s well-being; 3rd: Nurture a culture of entrepreneurship
  • Govt forecasts 2019 GDP growth at 4.9% despite global economic landscape uncertainty
  • Govt discovered that the previous administration had secretly paid nearly RM7 billion to settle IMDB’s debts as of April 20, 2018
  • Govt will take action to recover funds lost or stolen from 1MDB
    1MDB, Malaysian govt won’t pay the balance US$4.32b to IPIC and Aabar but will seek return of US$1.46b paid
  • Govt to start receiving international bids for super yacht Equanimity within one month from Nov 5, 2018
    RM60b MRT3 project deferred till MRT2 is completed
  • Klang Valley Double Track Project worth RM5.2b will be re-tendered via open tender, which is expected to bring bigger cost savings
  • Govt will table the Fiscal Responsibility Act in 2021 to prevent uncontrolled spending that causes super huge debts
  • Putrajaya’s 2019 debt expected to reach 51.8% of GDP, while total liability declines to 73.5%
  • Govt guarantees rose from RM69.2b in 2008 to RM238 bil in 2017, a drastic jump of 244%
  • Govt will pursue PPP model for land transactions via open tender
  • Govt will sell lands on scheduled and staggered basis to the highest bidder to maximise govt revenue
  • Govt to renegotiate direct or limited tender contracts worth RM19 bil, with a minimum cost-cutting target of 10% or RM1.9b
  • Govt to set up Airport Real Estate Investment Trust to obtain up to RM4b funding via 30% equity sale
  • Govt to introduce Government Procurement Act in 2019 to ensure transparency and open competition, accompanied by open tender practices and punitive action for any abuse of power in relation to contract issuance
  • Govt will introduce a credit system for sales tax deductions from Jan 1 to avoid double-taxing and lower business costs
  • Services tax will be imposed on imported services
  • Govt plans to implement scheduled land sales to the highest bidders subject to land conditions to maximise government revenue
  • Govt to propose departure levy be imposed on air travellers leaving the country from June 1
  • Govt plans to impose an departure levy of RM20 on travellers flying to Asean; RM40 on those going to other countries
  • Rate of stamp duty on property transfer worth more than RM1m will be raised by 1% from 3% to 4%
  • Only 545 items were zero-rated under GST, while under SST, almost 10 times more items are exempted from sales tax
  • Govt will launch a Special Voluntary Disclosure Programme to allow taxpayers to voluntarily declare any unreported income
  • For locals and PRs, a 5% real property gains tax will be imposed
  • For companies and foreigners, real property gains tax to be doubled to 10%
  • Annual gaming licence fee for casinos to be raised from RM120m to RM150m; gaming tax on casinos to be raised to 35% of GGR
  • Putrajaya to collect RM261.8b revenue in 2019, including RM30b special dividend from Petronas
  • Govt to give RON95 petrol subsidy amounting to 30 sen/litre, limited to 100 litres/month for cars
  • Govt to give RON95 petrol subsidy amounting to 30 sen/litre, limited to 40 litres/month for motorcycles
  • Single vehicle or motorbike owners with engine capacity 1500cc and below to get targeted fuel subsidy
  • Measures to bump up govt revenue by RM1.43b
  • Households with monthly income of RM2,000 and below to receive RM1,000 financial assistance

Thanks

Note: Saya cuba translate inti pati budget 2019 ni ye.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.