Saturday, October 06, 2012

3 Thankful Things of Malaysia Budget 2013

There are only 3 things that I really feel thankful about the recent budget 2013 announcement for Malaysian that I would like to share with you. I will only share with the things that is matter to me especially for personal finance perspective. For more comprehensive of Malaysian Budget 2013, you can refer to the official 1 Malaysia website for detail.

Firstly, thanks for making me proud to be middle income group. Every year I contribute to the people who really need the benefits than I do and it is in increasing trend. I'm glad that I can help others.

Secondly, thanks for giving me 1% tax reduction for the first RM50K income that I made. At least you do this for everyone and not limit to income that less than RM50K only. Thank you so much!

Lastly, you help to cool down the hot property market by increasing the Real Property Gain Tax (RGPT) to 15% from 10% for the first 2 years and to 10% from 5% between 2 to 5 years and finally after 5 years, there will be no tax which is same as previous years.

I hope you will find thankful too as I am and there must be other stuff (other then the 3 thankful things that I mentioned above) that you feel thankful about. Let's share that with me...
P/S: Malaysia Budget for previous years:


Alvin Lim said...

mmm if i'm a handphone seller, i'm thankful also. :P

by the way, the 50k, is the first total income of 50k? say if you have 5k per month'll be the first 10 months' salary? the amount of tax for that 50k is reduced by 1%?

a bit blur on that.

by the that "sarcasm" on purpose? :P

ChampDog said...

I heard only for specific hand phone seller. This means if you want to get the RM200 rebate, you need to buy from a specific seller. I"m not sure how true this is.

I"m not sure exactly the detail. The way I understand it is it should be always based on 12 months and it depends which tax bracket that you fall into.

Example, for 35K to 50K income bracket, the tax rate is 12%. I'm expecting the tax rate will become 11% after 1% deduction. However, for 20K to 35K income bracket, the tax rate is 7%. Does that mean now it become 6%? This one I"m not so sure. I hope it applies to all tax bracket that below RM50K. Let's check it out.

Not really sarcasm btw, just try to be positive. We should always view thing positively!!! :)

ChampDog said...

Btw, our tax scheme is "progressive tax scheme" which means, if you earn RM50K, it doesn't mean you will get taxed at 12% for all RM50K but only RM20K. For the rest of the RM30K it gets taxed at lower tax rate than 12% based on the tax income bracket scheme.

Kris said...

I am helping alot of people too :D Point number 1.

ChampDog said...

Great, great! You know people who contribute to taxes are also very minority and especially if you're at top income bracket, then your contribution to the society is really even very crucial! :)

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