Date of publication: Oct 26, 2013
Section heading: Main Section
Page number: 001
As far as budgets go, this one has it all. Prime Minister Datuk Seri Najib Razak unveiled the 2014 budget in parliament yesterday and no group was left out. from civil servants to pensioners, women, students, the young and the elderly, low-and middle-income groups and the corporate sector, everyone had something to cheer about. Najib's approach was prudent and had to be tempered against the harsh global economic realities of today. "It is a responsible budget..." one economist noted.
6% - Goods and Services Tax (GST) fixed at 6 per cent, effective from April 1, 2015. GST replaces sales and service tax
1-3% - Individual income tax rates cut by 1 to 3 per cent for all taxpayers, effective 2015
30% - Real Property Gains Tax (RPGT) rate raised to 30 per cent for gains on properties disposed of within 3 years
7.9m - BR1M to households with monthly income of below RM3,000 raised to RM650. Some 7.9 million people will benefit