Here are the updates of the Budget 2019 tabled by Minister of Finance, Lim Guan Eng themed Credible Malaysia, Dynamic Economy, Prosperous Rakyat:
– New government has inherited worrisome financial position
– Previous government secretly paid 1MDB debts of nearly RM7 billion as of April 30, 2018
– Govt may have to pay a further RM43.9 billion to settle 1MDB debts
– 2019 Budget carries theme of “Credible Malaysia, Dynamic Economy, Prosperous Rakyat”
– Focus on institutional reforms, people’s wellbeing and promotion of entrepreneurial culture to recapture Malaysia’s ‘Economic Tiger’ status
– Govt now has ownership of superyacht Equanimity, to start accepting international bids from Nov 5
– Govt to do everything possible to get back money missing or stolen from 1MDB
– Initial survey shows lower prices detected in Sept 2018 involving 70 pct or 291 of 417 goods and services checked
– Govt to introduce special voluntary disclosure programme for taxpayers to declare unreported income
– Govt hopes to recoup at least RM1 billion from anti-smuggling and anti-fraud efforts
– Departure levy proposed for all international outbound air passengers from June 1, 2019
– Federal govt expects to collect revenues of RM261.8 billion, including special Petronas dividend of RM30 billion
– Govt to continue & improve cost of living aid for B40 group, to be given in a more targeted manner
– Households with monthly income of RM2,000 or lower to get RM1,000
– Households with monthly income between RM2,001 and RM3,000 to get RM750 aid
– Households with monthly income of between RM3,001 and RM4,000 to get RM500 aid
– Labour laws to be reviewed to improve labour market, ensure workers’ well-being and prevent discrimination by employers
– Nearly RM29 billion proposed for healthcare, up 7.8 pct over previous budget
– RM50 million set aside to treat patients with rare diseases, Hepatitis C & other initiatives
– RM5.9 billion allocation earmarked for Defence Ministry & Home Ministry
– RM400 million allocated to maintain, improve government quarters
– Education Ministry to get biggest allocation of RM60.2 billion.
– RM2.9 bln education aid proposed for disadvantaged students in the form of food supplies, text books, cash aid.
– RM652 million allocation to upgrade, maintain all schools.
– RM3.8 billion set aside for scholarships, education loans including RM2 billion for Bumiputera students under MARA sponsorship.
– RM100 million earmarked to prepare Malaysian athletes for 2020 Tokyo Olympics.
– RM1.2 billion allocated for development of Islamic faith.
– National Fiberisation and Connectivity Plan (NFCP) to be implemented with RM1 billion allocation.
– Govt to enforce Mandatory Standard Access Pricing (MSAP) with expected reduction of fixed broadband prices of at least 25 pct by end-2018.
– RM210 million allocated for 2019-2021 to encourage shift towards Industry 4.0.
-Govt to make available Industry Digitilisation Transformation Fund of RM3 billion.
– Pangkor to be made a duty-free island to realise its true potential.
– RM2.46 bln to be spent on railway track upgrading.
– RM100 million proposed for TEKUN programme to assist small entrepreneurs.
– Status of Langkawi as duty-free island will be expanded.
– RM926 million allocated to build & upgrade roads including in rural areas & bridges.
– Access to power and water supplies in rural areas to be improved with allocations of RM694 mln & RM738 mln respectively.
– 2019 Budget has an allocation of RM314.5 billion for expenditure compared to RM290.4 billion in 2018.
– Govt proposes RM500 special payment for civil servants up to Grade 54 & RM250 for government pensioners.
– RM100 mln set aside to support Indian community including in technical training.
– Pan Borneo Highway project in Sabah & Sarawak to continue, subject to cost rationalisation study.
– RM2 billion proposed to encourage investment in green technology industries.
– RM259.8 billion allocated for operating expenditure & RM54.7 billion for development expenditure.
– RM286.8 mln proposed for MACC operating expenditure.