As expected, the Budget 2016 this round will concentrating on how to increase revenue of Government and spending cut due to lower oil revenue and subdued economic situation be it locally or globally.
Well, this is a "diabetes-free" budget without any "sugar" being dished out. Generally, it's not something to cheer about especially to those high income earners and businesses. In summary, please refer to below self-explained picture:
It's not so good to earn too much next year onward. High income earners are "forced" to care more about the society by paying more tax.
For those who have family and children, you are the main beneficiary of the budget this round. With higher tax relief being given, you can save more tax and hopefully this could help you to cope with rising cost of raising a child :)
BR1M is going to continue for another year (until the next election?) and with higher amount. Anyway, the quantum of Rm50 increase could really help you to counter the effect of GST ???
This will be another impact to businesses in Malaysia, especially to SME / SMI. Based on statistic, the most heavily affected industries will be manufacturing and plantation sectors. Glove makers (Top Glove, Supermax, Hartalega...) and planters (Sime Darby, Felda, IOI Corp...) would had some hard time moving forward.
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