Saturday, October 01, 2005

Budget 2006 part ii

Full budget of 2006 has been presented by Pak Lah late this evening. At my office, all the upper management together with the clients has been assigned to be an observer for this upcoming budget and for us; it was a so call party since no bosses were around to spy on us. A staff told me that every year when the budget is announced, all the upper management will stay back usually until late at night to discuss and review the changes before it is circulated to all "covered person".

After the budget session, we quickly catch the managers to get the highlights on the budget session but most of them just said "no drastic changes". When I was busy checking the Income Tax Act, I received a SMS from hubby, he informed that he will affected with the changes. BONUS!!

This year, our budget theme is "Strengthening Resilience, Meeting Challenges". This Budget emphasies various measures to enhance national resilience and our ability to meet emerging external challenges, arising from escalating oil prices, higher interest rates and increasing global competition.

For me, these points have gained my interest

1.With the measures in this Budget, growth will remain strong at 5.5% in 2006.

2.A sum of RM136.8 billion to be appropriated in 2006 Budget, an increase of 5% compared to 2005. - good as it will help our people

3.Will focus on improving the facilities mainly for the school children to avoid fatal accidents.

4.Tax on liquor up by 9% and tax on cigarettes up by 13%

5.Improving further the government's delivery system - hope it will come true as I deal a lot with the Inland Revenue

6.In line with the move to enhance the delivery system, financially autonomous statutory bodies will be allowed to determine their own schemes of service. - im looking more on EPF, SOCSO and Tabung Haji

7.Recognising the importance of corporate compliance, audit fees will be allowed tax deductions - but I am not sure how it will be done

8.The Government proposes that the tax relief of RM4,000 for each child studying in local U or higher learning based would be given automatically. - good news for my parents

9.In encouraging lifelong learning, the scope of courses that qualify for tax relief of RM5,000 to individual tax payers will be broadened. - I will take ACCA or MIT into considerations then

10.Programs for unemployed graduates

11.Private diesel vehicles exceeding 1,600 cc be given a road tax reduction of 40% effective 5 October 2005.

12.Old and the needy will be increased from RM135 to RM200 per month and

13.A special payment of RM200 for pensioners in October 2005. - big smile for my inlaws

14.RM80-RM100 will be given for the orphans and poor children. - alhamdulillah

15.The Government proposes that the option for RPGT exemption be given to the owner of the residential property, irrespective whether it is the husband or the wife and each of them are allowed to claim one property for exemption of RPGT on a once in a life-time basis. - now I have more cases.. hmmphh

For my hubby and my parents, they loveee these..
16.RM150 a month for those working in Kuala Lumpur, Putrajaya, Ampang Jaya, Kajang, Klang, Selayang, Shah Alam, Subang Jaya, Petaling Jaya, Johor Bahru, Georgetown and Butterworth

17.The ITKA for all officers in Grades 41 and 42 as well as Grade 45 for lecturers will be fixed at RM300 per month

18.Those earning more than RM1,000 a month will be paid a bonus of one month salary subject to a minimum of RM1,500.

Nothing interests me on ICT hehe and face the fact, nothing on house buyers except for the developer who has been encouraged to develop the low cost houses. By the way, great work Pak Lah..

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