2019 Budget Here are the updates of the Budget 2019 tabled by Minister of Finance, Lim Guan Eng themed Credible Malaysia, Dynamic Economy, Prosperous Rakyat

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.

-BERNAMA

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