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Salient points from 2020 Budget

KUALA LUMPUR: Finance Minister Lim Guan Eng tables the 2020 Budget today, the second under the Pakatan Harapan government since it came to power in the May 9, 2018 polls.

A total of RM314.5 billion was allocated for the 2019 Budget last year.

Here are the salient points of the budget, themed “Driving growth and equitable outcomes towards shared prosperity”.

Putrajaya has allocated a total of RM297 billion for this year’s budget, an increase of RM19.5 billion from last year.

Of this, RM241 billion is for operational expenditure and RM56 billion for development.

Budget updates (latest from top)

Civil service

  • Special payment of RM500 for civil servants Grade 56 and below.
  • Special payment of RM250 for retirees and non-pensionable veterans.
  • Cost of Living Allowance (COLA) increased by RM50 per month for support staff, with total allocation of RM350 million annually.
  • Civil servants with at least 15 years’ service allowed early redemption of Accumulated Leave (Gantian Cuti Rehat) for up to 75 days as replacement pay.
  • Free personal accident insurance (up to RM100,000 coverage) for two years to new government housing loan borrowers.
  • RM26 million to give Rela members higher allowance of RM2 per hour.
  • RM35 million to give 14,000 firemen special allowance of RM200.
  • RM35 million to give one-off RM500 payments to 70,000 armed forces personnel who hold Pingat Jasa Malaysia.

MACC and police

  • 100 additional personnel for the Malaysian Anti-Corruption Commission (MACC).
  • Independent Police Complaints and Misconduct Commission (IPCMC) to go ahead, Malaysian Ombudsman to replace Public Complaints Bureau.
  • RM50 million to enhance detention procedures and facilities, and installation of 11,500 CCTV units in police detention centres and immigration entry points.

Rationalising government expenditure

  • Government will centralise and combine the tender and procurement of RM500 million worth of medicines across health ministry, education ministry and defence ministry hospitals to generate savings from bulk purchases.

Government revenue

  • Government expects to collect RM244.5 billion in revenue in 2020.
  • Government proposes new band for taxable income in excess of RM2 million to be introduced and taxed at 30%. This is a 2% increase from the existing 28%. This is expected to affect 2,000 of the country’s top earners.
  • Government repaid GST refunds totalling RM15.9 billion as of end-September.
  • Government will merge the Special Commissioner of Income Tax and Customs Appeal Tribunal into the Tax Appeal Tribunal to improve efficiency.
  • Digital Service Tax to come into effect from Jan 1, to include services such as, but not limited to, downloaded software, music, videos and digital advertising.
  • Starting January 2021, those over 18 and corporate entities will be assigned a tax identification number (TIN).
  • RM235 million for the purchase of 20 additional cargo scanners to reduce leakage from smuggling and wrongful declaration of cargo.
  • Disposal of assets expected to generate RM3 billion in 2020.
  • Proceeds from Bandar Malaysia project to go towards reducing 1MDB debt.
 
Source From FMT news



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