I considered myself middle class in Malaysian society, which usually contribute the bulk of income tax to government. As salaried man,the taxes were cut in advance from our salary. Mind you, middle class is not something that most people will proud of. To say it is a burden, one will call me aggravating it, but the truth is, it doesn’t sound as nice as to be!
The Times latest edition stated in the US that people who earn between 100k to 500k pay 26% in tax, 500k to 1million lesser than that, but the most insane of all is that, the 400 riches is paying merely 16% tax. ‘Great’ isn’t it?? I don’t have that figure in Malaysia, but I sense that situation is not much different.
Speaking of which, the Malaysian’s budget 2012 had just be announced this evening. And as I usual, I scrambling the online newspaper trying to figure out if there is any goodies for us. But the outcome is not that surprising. Almost none. And to me personally.. zero. Serious!
I’ve no intention to write longer, I’m still quite frustrated, courtesy of TheStar Online, I pick the point that sound relevant to me, but I quite missed it or it is too broad
- My First Home Scheme will be expanded to increase the limit of house prices from a maximum of RM220,000 to RM400,000 – If you have already own residential property forget it!
- The theme for Budget 2012 is “National Transformation Policy: Welfare for the Rakyat, Well-Being of the Nation” – I see, ok.. pass
- In the spirit of “People First,” all subsidies, incentives and assistance totalling RM33.2bil will be continued – All folks enjoy regardless of their nationalities, even imigrant enjoy it what, eg fuel, gas and sugar
- We will abolish payments for primary and secondary education, making these free for the first time in our history – Good news, but my eldest son is just 3 years old!
- Full exemption of import duty and excise duty on hybrid cars and electric cars will continue to be given until 2013 – I’m still serving national cal installment that I bought 5 years ago.
- Budget focuses on developing human capital, creativity and innovation and 2012 will be the National Innovation Movement year – Probably if Mdec still willing to contribute to MNC in cyberjaya
- RM29.8bil has been allocated for investment in infrastructure, industrial and rural development - Too broad.
- Govt will identify areas in the vicinity of MRT, LRT and other public transport to be developed by PR1MA - I live in Seri Kembangan, there is elevetead highway passing the town, but not even entrance built to it. MRT?? Out of picture la
- The Govt will give tax exemption for contributions to educational institutions and all places of worship – No sincerity, but all doing it for the sake of tax exemption
- The real property gains tax will be reviewed so it doesn’t jeopardise the ability of low- and middle-income groups to buy homes – Oh man, don’t increase this please
As comparison, this is what goverment servant receive. Well, I’m not againts them first of all.
- Civil servants will be given an additional bonus of half-month salary and pensioners RM500
- 600,000 Govt pensioners will benefit from an additional annual pension increment of 2%
Other point worth noted:
- One-off assistance of RM500 to households with a monthly income of RM3,000 and below will be provided
- For those in private sector earning RM5000 and below, employers’ EPF contribution will increase from 12% to 13%
