The following are the areas where the Malaysian government intends to spend on for national growth and development:
- Felda GVH will be listed on Bursa Malaysia by mid-2012 for the company to become a global conglomerate. Felda settlers will benefit from the financial liberation. Felda settlers are expected to receive a windfall, and the amount will be announced before listing
- Hybrid and electric cars will continue to enjoy import duty and excise exemption until 2013.
- RM978 million will be spent to encourage growth in five regional sectors.
- Properties purchased and then sold after 5 years will not be subjected to real property gains tax (http://www.agc.gov.my/Akta/Vol.%204/Act%20169.pdf.)
- Residential property price limit for first-time buyers earning less than RM3,000 per month is raised from RM220,000 to RM400,000.
- PR1MA will be the sole agency to develop affordable quality housing for the middle-income group.
- Government will identify areas around MRT, LRT and other public transport systems that will be have housing projects developed by PR1MA.
- Government pensioners will receive an additional 0.5 month salary bonus subject to a minimum of RM500 and assistance sum of RM500, both of which will commence in December 2011.
- Civil servants’ compulsory retirement age will be raised from 58 years old to 60.
- Last year our FDI growth was the strongest in Asia and in the first 6 months of this year have already reached RM21.2bil
- In 2012, private investment is forecast to climb 15.9%, supported by foreign and domestic investment
- GDP in the first 6 months of 2011 was 4.4%, driven by strong domestic consumption
- In 2011, the economy is forecast to grow by 5-5.5%
- Private and public investment are forecast to increase by 15.9% and 7%, supported by foreign investment, the ETP and 10MP
- In 2012, the service sector is expected to grow 6.5%, the construction sector 7% and GDP is forecast to be between 5 and 6%
- Budget 2012 allocates RM232.8bil for Government plans, including RM181.6bil for management and RM51.2bil for development
- RM29.8bil has been allocated for investment in infrastructure, industrial and rural development.
- RM13.6bil has been allocated for the social sector, including education and training, welfare, housing and community development.
- Total revenue for 2012 is forecast to increase 1.9% to RM186.9bil and the deficit to decrease to 4.7% of GDP from 5.4% in 2011.
- The theme for Budget 2012 is “National Transformation Policy: Welfare for the Rakyat, Well-Being of the Nation”
- We will focus on accelerating investment and further liberalise 17 services sub-sectors, in places enabling 100% foreign equity.
- RP2 will be implemented in 2012, and it will be allocated RM98.4bil, to be split evenly between 2012 & 2013
- RP2 main projects will include the East Coast Highway from Jabor to Terengganu and road upgrades from Kota Marudu to Ranau, Sarawak.
- RM18bil of the RM20bil PPP Facilitation Fund will be used for high impact projects, with RM2 billion for Bumiputra entrepreneurs
- In 2012, the Government will allocate RM978mil to accelerate the development in five regional corridors.
- The Treasury Management Centre will be established and offer incentives to develop M’sia as a competitive financial centre
- We will develop the Kuala Lumpur International Financial District, with incentives including income tax exemptions for firms
- Income tax exemptions for non-ringgit sukuk issuance and transactions will be extended for another 3 years.
- To promote the development of Exchange Traded Funds products I-VCAP will provide RM200mil for Shariah-compliant ETFs
- A RM2bil shariah-compliant SME Financing Fund managed by selected Islamic banks will be established in 2012
- A RM100mil SME Revitalisation Fund offering loans up to a maximum of RM1mil for entrepreneurs will be available from Jan 2012
- Full exemption of import duty.
Full Text can be downloaded at Speech / Ucapan
Attachement / Lampiran – http://www.treasury.gov.my/data/ucapan/lampiran12.pdf
Tag: Malaysia, Budget 2012, highlight, Najib Razak, government, announcement