Budget 2021 by wee kee https://padlet.com/weekeeeee/djlcz3dmgjqj078x ACC4218 Group 2 en-us 2021-03-09 06:30:23 UTC 2024-10-14 18:17:28 UTC hello@padlet.com https://padlet.net/icons/png/1f425.png Hiring Incentive https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1338986491
  • Hiring disabled and long term unemployed employees
    • Employers will be given an additional incentive equivalent to 20% of the employee’s monthly income.
    ]]>     2021-03-22 16:45:12 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1338986491     Stamp Duty Exemption for First Residential Home weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339213626
  • Full stamp duty exemption on both instrument of transfer and loan agreement for the purchase of the first residential property worth not more than RM500,000. 
  • Sales and purchase Agreement executed from 1 January 2021 to 31 December 2025.
    • ]]>     2021-03-22 17:23:47 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339213626     EMPLOYMENT https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339300609 2021-03-22 17:38:17 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339300609 PROPERTY INDUSTRY weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339309195 2021-03-22 17:39:45 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339309195 Extension of Stamp Duty exemption for Abandoned Housing Projects weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339319252
  • Stamp duty exemption on loan agreements and instruments of transfer given to the recuing contractor or developer and original buyers be extended for a period of five.
  • The abandoned housing project must be certified by Ministry of Housing (MOH) and Local Government (KPKT).
  • Loan agreement and instrusment of transfer excuted from 1 Januanry 2021 until 31 December 2025.
    • ]]>     2021-03-22 17:41:21 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339319252     Income tax exemption limit for compensation for loss of employment https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339345566 Increased from RM 10000 to RM 20000 for each full year of service.]]> 2021-03-22 17:45:44 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339345566 Reduce unemployment rate https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339357966
  • Encourage employers to provide more job opportunities to the new graduate, and also disabled and retrenched workers. 
    • ]]>     2021-03-22 17:47:55 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339357966     Increase home ownership weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339369668
  • Encourage people to purchase their first house as well as increase home ownership.
  • Further alleviate the financial burden borne by the original house purchase. 
    • ]]>     2021-03-22 17:49:56 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339369668     More training and workshop can be conduct https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339382084
  • Incentive received can be used to provide training and develop employee’s skills, thus business can maximize their productivity
    • ]]>     2021-03-22 17:52:07 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339382084     Stimulate property industry weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339395376
  • Encourage the involvement of recusing contractors or developers to revive the abandoned housing project.
  • Spurred to take on unfinished properties and speed the completion of abandoned projects.
    • ]]>     2021-03-22 17:54:25 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339395376     Reduce financial burden https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339396027
  • People who lose their job during covid-19 can still afford the basic living expenses even though losing their job.
    • ]]>     2021-03-22 17:54:31 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339396027     Recommendation weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339401342 30% tax exemption of stamp duty on second house purchase
    • Must be mentioned that only one of the tax exemptions of stamp duty can be applied in the same year. 
    • Encourage people who had purchased property in prior years to purchase a second house to do investment.
    ]]>     2021-03-22 17:55:29 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339401342     Recommendation https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339415190 Provide income tax rate deduction of 1% for the business which had employed 10% to 15% of OKU,  internship, disabled and retrenched workers out of total employees.
    • Living standards of these categories of workers will be improved
    • Intern will be given more opportunity to explore their skills and gain knowledge
    ]]>     2021-03-22 17:57:56 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339415190     TOURISM INDUSTRY https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339528425 2021-03-22 18:17:57 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339528425 Expansion of the scope of imposition of tourism tax on online reservation https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339532922
  • Malaysian tourists and permanents residents are exempted from imposition of tourism tax
  • Tourism tax of RM10/ room/ night are imposed to the non-Malaysian and non-permanent resident in registered accommodation.
    • ]]>     2021-03-22 18:18:47 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339532922     Stimulate tourism industry business https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339561774
  • Attracting Malaysian and foreigner to travel in Malaysia which will boost the revenue of travel agency and hotel industry
    • ]]>     2021-03-22 18:24:11 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339561774     Encourage investment in tourism industry https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339562797
  • Reduce the expenses of the tourism business which would like to purchase the new vehicles for business purpose
    • ]]>     2021-03-22 18:24:23 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339562797     Increase the sustainability of the tourism industry https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339563852
  • Reduce the operational expenditure to maximize the business’s cash flow
    • ]]>     2021-03-22 18:24:34 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339563852     INVESTMENT SECTOR https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339588863 2021-03-22 18:29:30 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1339588863 Relaxation of tax incentive for Principal Hub at the tax rate of 0% - 10% till 31 Dec 2022 https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1341243643 New Company
    • 0% income tax for 5 years + 5 years with at least RM10M annual operating expenditure, 5 key posts personnel and 50 high valued workers
    • 5% income tax for 5 years + 5 years with at least RM5M annual operating expenditure, 4 key personnel and 30 high valued workers
    Existing Company
    • 10% of income tax for 5 years with at least RM10M annual operating expenditure, 5 key personnel and 30 high valued workers
    ]]>     2021-03-23 05:07:22 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1341243643     Increase Job opportunities https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1341250620
  • As there is minimum requirement of recruitment seat.
  • Decrease the unemployment rate and poverty
    • ]]>     2021-03-23 05:10:18 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1341250620     Increase Business Cash flow https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1341253677
  • Release the Financial Burden of the Companies
    • ]]>     2021-03-23 05:11:38 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1341253677     Boost Economy Growth https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1341253959
  • Increase competition among each industries which encourage business to grow and innovate for greatest profitability
    • ]]>     2021-03-23 05:11:45 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1341253959     Enhance Business Development https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1341262402
  • Access to the latest technologies and resources which will enhance effectiveness and efficiency of the business and achieve profit margin
    • ]]>     2021-03-23 05:15:24 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1341262402     Recommendation https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1341268584 Government should impose more tax incentives on the tourism industries such as:
    • Extension on the electricity bill discount till December of 2021
    • Income  tax exemption for 80% on statutory income of  the tourism related business such as airline, hotel and travel agencies til December 2021
    ]]>     2021-03-23 05:18:17 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1341268584     Recommendation https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1341270386 Government should propose a tax allowance of 10% on the capital expenditure of foreign investment in 5 years 
    • To encourage more foreign investment in order to enhance more job opportunities. 
    • Enhance business cash flow and invest in other sector in order to boost profitability
    ]]>     2021-03-23 05:19:07 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1341270386     PHARMACEUTICAL INDUSTRY https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1344637824 2021-03-23 18:39:45 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1344637824 Tax incentive for Companies Manufacturing Pharmaceutical Products Including Vaccines weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1346700673 In order to encourage the companies manufacturing pharmaceutical products which including the vaccines, in particular COVID-19 vaccine, to invest in Malaysia, the following tax incentives are proposed:

    • Income tax rates range from 0% to a maximum of 10% for the initial of 10 years.
    • The income tax rate for subsequent periods is 10% for 10 years.
    ]]>     2021-03-24 07:45:02 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1346700673     People can afford medical expenses weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1346701901
  • People can afford to buy medical products at lower prices.
  • People will be encouraged to do body check-ups and get medicine.
    • ]]>     2021-03-24 07:45:26 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1346701901     Patients can get a higher quality of healthcare weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1346704869
  • Patients can get a higher quality of healthcare.
    • ]]>     2021-03-24 07:46:21 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1346704869     Encourage the pharmaceutical business to invest more in R&D weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1346706863
  • Encourage the pharmaceutical business to invest more in R&D of medical products including vaccines
    • ]]>     2021-03-24 07:47:01 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1346706863     Increase productivity of business weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1346710981
  • More people able to go back to their workplace to work instead of work from home, thus helping increase productivity of business.
    • ]]>     2021-03-24 07:48:25 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1346710981     Recommendation weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1346712769 Give a tax allowance of 40%
    • Encouraged to import more high tech pharmaceutical products in order to improve the quality of healthcare in Malaysia. 
    ]]>     2021-03-24 07:49:04 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1346712769     Incentive for employment of new graduate and conducting apprentice training program https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1349377358 An incentive of RM1,000 per month for up to 3 months be given to private sector employers for each new graduate participating in an apprenticeship program.]]> 2021-03-24 18:02:12 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1349377358 weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1352280268 2021-03-25 11:36:04 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1352280268 Stamp duty exemption of 50% on the purchase of new locally assembled vehicles used as tourism vehicles weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1357966069 2021-03-26 16:29:35 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1357966069 10% discount on the electricity bill of hotel, theme park, convention centres, shopping mall, local airline and travel agencies til June 2021 weekeeeee https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1357967595 2021-03-26 16:29:57 UTC https://padlet.com/weekeeeee/djlcz3dmgjqj078x/wish/1357967595