01/11/2019
๐๐ฒ๐ ๐ต๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ ๐ผ๐ณ ๐๐๐ฑ๐ด๐ฒ๐ ๐ฎ๐ฌ๐ฎ๐ฌ
๐๐ซ๐จ๐ฉ๐๐ซ๐ญ๐ฒ
- Govt to lower threshold on high rise property prices in urban areas for foreign ownership from RM1m to RM600,000 in 2020, this is to reduce supply overhang of condominiums and apartments amounting to RM8.3 billion in the second quarter of 2019
- As for RPGT, the disposal of properties more than five years, the base year of assets acquisition has been revised from Jan 1 2000 to Jan 2003.
- Government and financial institution to introduce Rent-To-Own (RTO) financing scheme. Up to RM10bil will be provided by the financial institutions. This RTO scheme is for purchase of first home up to RM500,000 property price.
- Govt to extend Youth Housing Scheme administered by Bank Simpanan Nasional from Jan 1, 2020 until Dec 31, 2021. The scheme also offers a 10% loan guarantee via Cagamas to enable borrowers to get full financing and RM200 monthly instalment assistance for the first two years, limited to 10,000 home units.
๐๐๐ง๐ฎ๐๐๐๐ญ๐ฎ๐ซ๐ข๐ง๐
- Govt proposes to raise minimum wage in urban areas to RM1,200/month in 2020.
- E&E industry to transition into 5G digital economy and Industry 4.0: a) income tax exemption up to 10 years to companies investing in selected knowledge-based services; and ii) special ITA to encourage companies in E&E sector that exhausted Reinvestment Allowance to further reinvest in Malaysia.
๐๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ข๐จ๐ง
- Govt to proceed with Bandar Malaysia Project. The project will now include a Peopleโs Park, with an additional 5,000 units of affordable homes and greater Bumiputera participation. The proceeds from the project will be valued and announced in due course, and will be utilised to reduce debts of 1MDB.
- Govt committed to complete Pan-Borneo Highway. The savings from on-going cost rationalisation to date is RM1.2b, reducing project cost to RM29b.
- Cabinet has approved offer to acquire 4 Klang Valley highways โ KESAS, LDP, SPRINT and SMART to be funded via govt-guaranteed borrowings.
- Govt to proceed with Rapid Transit System (RTS) between Johor Bahru and Singapore.
- RM587m will be allocated for rural water projects, out of which RM470m for Sabah and Sarawak.
๐๐๐ฆ๐ข๐ง๐
- From 2020, total number of special draws for NFO to reduce from 11 to 8 times/year.
- More severe punishment to curb illegal gambling and illegal operators.
๐-๐ ๐จ๐ฏ๐ญ ๐ฉ๐ฅ๐๐ฒ๐๐ซ
- E-visa applications are available for 10 countries, inc. China and India. Licensed travel agents under Ministry of Tourism, Arts and Culture are allowed to submit group application for up to 100 people per transaction through eNTRI and eVISA system.
๐๐ข๐ฌ๐๐๐ฅ๐ฅ๐๐ง๐๐จ๐ฎ๐ฌ
- Govt revises Employment Act, inc. increasing maternity leave from 60 days to 90 days from 2021.
Read more at
Highlights of Budget 2020
