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#Belanjawan2019 (Malaysia Budget 2019) is being announced in Malaysian Parliament today at 1600 hours by Minister of Finance, Lim Guan Eng.
Here’s a link to the live stream that will be available once the announcement starts.
Human Resources is sharing live updates on HR and manpower issues arising from the speech, so do refresh this page regularly.
- The Government will introduce a credit system for deduction of sales tax from January 1, 2019. The credit system will also avoid double taxation and lowering business costs.
- The Government will propose the imposition of a levy release for all passengers to other countries via air routes starting June 1, 2019. RM20 levied on passengers to ASEAN countries and second, as much as the RM40 levied on passengers to other countries.
- For the company, individual non-citizens and non-permanent residents, the rate of (Real Property Gains Tax) RPGT increased from 5% to 10%; for individual citizens and permanent residents, the rate of RPGT increased from 0% to 5%.
- The government will continue and improve the Living Assistance (BSH) to the B40 by providing more targeted assistance.
- The Employees Provident Fund (EPF) i-SURI. Through this scheme, the Government will provide a matching grant of RM40 each month as an incentive to the husband who contributes with minimum RM5 per month to the wife’s retirement savings.
- The Government will identify and work with non-governmental organisations (NGOs) and social enterprise to support their efforts in assisting disadvantaged and marginalised.
- The government will implement two programmes funded through the Human Resources Development Fund (HRDF) fund namely Apprenticeship and Graduate Enhancement Programme For Employability (GENERATE).
- To encourage employment opportunities for Malaysians over the age of 60, the government proposes that EPF’s mandatory contribution to employers be reduced from 6% to 4%.
- To ensure that former prisoners are not left behind in the development as well as to contribute to economic growth, additional tax cuts given to the company which employs staff in this category.
- A rule for listed companies will be implemented for them to display information in the annual report of the ratio of the highest salary and salary median and highest salary ratio and the lowest salary.
- The Government will review the labour law to empower the labour market, for the welfare of workers and prohibit discriminatory practices by the employers.
- The government wants to help people who lose their jobs with the full system implementation of Employee Insurance Scheme beginning January 1, 2019.
- The Government, through a joint venture with a private insurance company, will introduce National Health Protection Fund for B40 category.
- Free coverage over 4 major critical illness up to RM8,000 and a maximum of 14 days of income replacement during hospital treatment at the rate of 50 ringgit a day or the equivalent of RM700 a year.
- Continue free screening programmes to detect breast cancer (mammogram), vaccination programmes and HPV screening pap smear testing in hospitals and government clinics with an allocation of RM20 million.
- To ensure the well-being of civil servants, especially police, army and teachers, RM400 million for maintenance and repairing government quarters which are identified.
- Real Estate and Housing Developers Association Malayisa (REHDA) has agreed to reduce by 10% the price of houses not subject to price control for new projects.
- Public transportation fund of up to RM500 million in terms of offering incentives interest rate subsidies of 2% to the taxi and bus companies and public transport operators.
- Allocate RM206 million to develop and provide training in polytechnics and community colleges.
- TVET (Technical and Vocational Education and Training) for polytechnics to offer competitive exercises and programmes to meet the needs of the industry. Allocation of RM30 million is provided for these funds. In addition, the allocation of RM20 million for improving the competence of youths through bootcamps pertaining to TVET.
- Advancing research activities in institutions of higher learning (IHL) with a provision of RM400 million.
- The Government has allocated RM 17.5 million to Malaysia Professional Accountancy Centre (MyPAC) to produce 600 native accountants within a span of five years.
- A refund amounting to 2-15% by way of salary of the borrower’s monthly income available for those earning more than RM1,000 per month.
- School programme called the Future Leadership of Malaysia (MFLS) involving 70,000 youths aged 15 to 30 years with a provision of RM70 million.
Introduction to the Budget and key data:
- Debt and the actual liability of the Government until the end of June 2018 is RM1,065 billion, representing an amount higher than what has been previously disclosed.
- 3 key focus areas have been confirmed:
- First: Implementing Institutional Reform;
- Second: Ensuring People’s Prosperity;
- Third: Nurturing the Culture of Entrepreneurship.
Photo / Malaysia Budget live stream