It seems to me nothing much from a personal finance perspective. Anyway, let's go through it which I think maybe useful to you personally...
(1) Exemption of Import Duty For Hybrid & Electric Cars
This is from the previous year and will be continue until 2013. I'm not sure if this is a good thing because the net spending in not decreasing if you buy hybrid & electric cars. So, think twice if you really want to go for Hybrid & Electric cars.
(2) Free Primary & Secondary Education Fees
I do not aware that we need to pay for primary & secondary education fees. All the while, I thought that is free! :) Perhaps I'm wrong now. How much exactly is being save here? Anyone knows?
(3) RM500 for Households Monthly Income Less Than RM3K
It is one time payment. So monthly, you will have RM 41.67. Alright, this is still better than nothing especially if you have low income household. Besides that, there will be one-off RM100 schooling assistance for primary and secondary schools(up to form 5) and also one-off RM200 book voucher for private & public tertiary institution and form 6 as well.
(4) Additional Bonus for Civil Servants and Pensioners.
There will be 1/2 month bonus for all civil servants and RM500 bonus for all pensioners. Bonus to be paid by December 2012. This sounds good for civil servants.
(5) Increase to 10% for Real Property Gains Tax.
Real Property Gains Tax (RPGT) will be increased to 10% from 5% if the property is sold within 2 years. The 5% remains as previously - if the property is sold between 2 to 5 years, there will be 5% RPGT and nil for 5 years and above. This may not be good for speculator but if you really want to sell, just wait for 2 years. Property investment is meant for long term anyway, in my opinion.
Sharing: Do you know the RPGT used to be 30% before 2010? Then later it was then revised to 5%. It seems to me the forming of property bubble is somehow indirectly caused by the government. Don't you think so? Now, they're fixing it?
(6) Some other stuff...
- Retirement ages increases to 60 from 58 for civil servants.
- Free Papilloma Virus immunization for cervical cancer prevention.
- EPF increases to 13% for Employer Contribution but that is only for those earning below RM5K.
Well, what? As usual, there is no beneficial to me at all. It is worst than last year! That's why I think this round for Malaysia 2012 budget is really nothing much at least to myself. Is that the reason why many of us are migrating to other countries?
If you are civil servants and have low income household, this budget will be beneficial to you. Hope you can enjoy this benefits. If you wonder what are the previous years Malaysia budget, you can visit the following links: