2015 Year End Financial Tips... (Read this before 31st Dec 2015)

Hope this is not too late. With all the impending increases of various prices, we all in Malaysia already feeling the pinch of rising cost of living. The good news is there is a fresh year coming, while the bad news is the situation was expected to persist until mid-2016, at least. Hope some of the financial tips listed in this article may help you a bit.

2015 is coming to an end this Thursday and before we enter into 2016, here are few of the items that you may don't want to missed out. Either it may help you to saved some money, or give you some bargain that you may have overlooked.

• BR1M 2016
  
  
  
  
  The registration already open since 5th Dec 2015 and it will be closed on 31st Dec 2015. Although the amount is not significant enough to offset the rising cost of living, it does help a little for those who qualified. Click here for more info.
  
  
• MPSJ Compound Promotion
  
  
  
  
  For those living in this vicinity, Subang Jaya council has given yet another promotion for offenders to settle their compounds with a flat RM10 only. Wait no more. This offer will end on 31st Dec 2015. You can log on to MPSJ website to check and pay online.
  
  
• MBPJ Compound Promotion
  
  
  
  
  Likewise, Petaling Jaya city council also has its own version of promotion by giving up to 80% discount depending on the year and type of compound. This offer will end on 29th Feb 2016. Don't forget, because after the offer period, all those outstanding offenders will be blacklisted under CTOS. Check your MBPJ compound here.
  
  
• Malindo Air year end sales
  
  
  
  
  For those who are planning for a vacation during 2016 Chinese New Year festive season, you may fly with the airline with discounted prices. Flying to Ho Chi Minh city with just RM129 ???
  
  
• Popular's Purchase with Purchase promotion
  
  
  
  
  For parents whom struggling to find the best bargain for their schooling children, you may consider this deal by Popular. Act fast, because the said deal stated clearly "while stocks last".
  
  
• Nationwide Year End Car Sales
  
  
  
  
  How about car buyer? As announced by various car brands (such as Toyota, Honda, Perodua, Proton...), car prices will be raised starting 1st Jan 2016 to cope with rising production cost due to weakening of Ringgit. Furthermore, many car manufacturers already dishing out attractive perks this month.

Happy New Year !!!

[Budget 2016] The "Diabetes-Free" Budget...

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. 

Budget 2015: The People's Economy... What's in it for YOU ?

The much awaited Budget 2015 was presented by our Prime Minister at Cabinet today. Looking on are hopeful Malaysians with their never ended wish lists, which already submitted via various channels. Does your wishes being addressed in the budget?

The People's Economy...

This is the title for Budget 2015, which referring to an economy that based on the daily lives of the rakyat. Very obvious, this is to address the concerns of the rakyat towards the implementation of GST soon.

What's in it?

Here, we only highlighting a few key points which related closely with most Malaysians:

1. Several infrastructure projects will be implemented:
• Sungai Besi - Ulu Klang Expressway (SUKE)
• West Coast Expressway from Taiping to Banting
• Damansara - Shah Alam Highway (DASH)
• Eastern Klang Valley Expressway (EKVE)
• East Coast railway line along Gemas-Mentakab, Jerantut-Sungai Yu and Gua Musang-Tumpat
• 2nd MRT Line from Selayang to Putrajaya
• LRT 3 Project, linking Bandar Utama to Shah Alam and Klang
  
  
2. On GST, an additional lists of items that will not be subjected to GST as follows:
   
   
   
   
   
   
   
3. In addition, GST free for electricity consumption be increased from the first 200 units to 300 units.
   
   
4. No GST for the purchase of RON95 petrol, diesel and LPG
   
5. YA2015 for individuals and households:
• Individual income tax rates will be reduced by 1% - 3%
• Tax payers with family and income of RM4,000 monthly will not have tax liability
• The current 26% individual income tax will be reduced to 24%, 24.5% and 25%
  
  
6. Corporate Tax:
• YA2015: Cooperative income tax rate will reduced by 1% - 2%. Secretarial fee and tax filing fee are allowed as deduction
• YA2016: Corporate income tax rate will be reduced to 24%
• YA2016: Income tax for SMEs will also be reduced to 19%
  
  
7. PTPTN Loan:

• 10% rebate given to borrowers who continuously make repayments for 12 months until 31 December 2015.
• 20% discount to borrowers who make lump sum repayments from now until 31st March 2015.
  
  
8. Youth Housing Scheme... What's the terms and conditions ?
• Smart partnership between Government, Bank Simpanan Nasional, EPF and Cagamas
• For married youth aged between 25 - 40 years
• Household income not exceeding RM10,000
• Maximum funding for 1st home is RM500,000
• Maximum loan period is 35 years
• Government will provide monthly financial assistance of RM200 for first 2 years
• 50% stamp duty exemption on instrument of transfer agreements and loan agreements
• 10% loan guarantee to enable borrowers to obtain full financing including cost of insurance
• Only for 20,000 units offered on a 'first come first serve basis'
  
  
9. Goodies for students:
• Jan 2015, RM100 each be given to all primary and secondary school students
• 1Malaysia Book Voucher of RM250 per student
  
  
10. Expenses incurred for treatment of serious diseases are given tax relief up to RM6,000 per year (from RM5,000 currently). This is available to tax payer, the spouse and children.
    
    
11. Increase tax relief for each disabled child from RM5,000 to RM6,000
    
    
12. Home ownership:
• PR1MA with 80,000 units to be build
• Ceiling of household income is raised from RM8,000 to RM10,000
• Rent-To-Own scheme will be introduced specifically for individuals who are unable to obtain bank financing
• Extending the 50% stamp duty exemption until 31st December 2016
• Increase the purchase limit from RM400,000 to RM500,000
• Skim Rumah Pertamaku with ceiling price raised to RM500,000, and age of borrowers to qualify for the scheme increased to 40 years old
  
13. BR1M will be continue:

• RM950 for households with monthly income of RM3,000 and below. It will be disbursed in 3 installments in Jan (RM300), May (RM300) and Sept 2015 (RM350)
• RM750 for households with monthly income between RM3,000 and RM4,000. It will be disbursed in 3 installments in Jan (RM200), May (RM200) and Sept 2015 (RM350)
• RM350 for single individuals aged 21 and above with monthly income not exceeding RM2,000.
  
  
14. Half-month bonus for civil servants with minimum payment of RM500 to be paid in Jan 2015. Meanwhile, Government pensioners will also receive special financial assistance of RM250.