Looking for a simple Malaysia Budget 2019, here is a summary of the Malaysia Budget 2019. So what are the goodies and tax in store for the Malaysian citizen?
1. 2019 Deficit of 3.4% of GDP.
2. Education to get 19% of the 2019 budget. 📕
3. To launch airport REIT ✈
4. Airport Departure tax RM20 to ASEAN country, RM 40 to other countries from July 2019. 🤨
3. RPGT for houses. Tax on citizens 5% after 5-year holding period, for foreigners, increase from 5% to 10%. 🏠
4. Property Stamp duty from 3% to 4%.
5. Casino duty 35%. Jackpot duty 20% 🎰
6. RM5b grant for low-income households & children 👶
7. RM2b petrol subsidy for cars <1500cc 🚗
8. All luxury items, Cars and Handbags will see higher tax 👜
9. Inland Revenue Board IRB to be given more power to investigate ostentatious lifestyle which is not in line with income. 💰
10. Amnesty of previously undeclared income:
- From Now until Mar 2019 10% tax
- Apr to Jun 2019 15% tax
- After Jun 2019 80% to 300% tax
12. 40 sen/ litre - Sugar tax on drinks. 🍹
13. No smoking in restaurants from 1-1-19 🚬
14. No toll hike for 2019. 🚗
15. Min wage set at RM1100.
16. P2P lending/ crowdfunding. A buyer can purchase a home worth RM250,000.00 by paying only RM50,000 while the balance is financed by investors through the peer-to-peer scheme. 🏡
17. Tax exemption for the money market wholesale fund to end 31-12-18. 💸
18. A tax cut on bond and Sukuk issues.
19. Establish special taskforce for developing Islamic banking. 💰
20. Foreign worker levy for agriculture reduced from RM10k to RM3.5k pa. 🚜
21. Pangkor and Penang port cruise centre to be duty-free. 🛳
22. 7 days leave for religious trips. For both Muslims and non-Muslims.
23. Malaysia to issue a 10 year ¥200b Samurai Bond at 0.65%.
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