Thursday , July 7 2022

2019 Live Nation Budget


JAYA PETALING: Lim Guan Eng Finance Minister presents Parliament's 2019 Budget, which is the first federal budget of the Pakatan Harapan Government.

The 2019 Supply Act (Budget) will be submitted to Dewan Rakyat President Datuk Mohamad Ariff Md Yusof, and from November 12 to 15, political MPs will discuss MEPs.

Subsequently, the Minister's replies will be held at committee level from 26 November to 6 December.

The theme of the 2019 budget is "Authentic Malaysia, a dynamic economy, prosperous raky".

It focuses on institutional reforms, people's well-being and the promotion of entrepreneurial culture to regain Malaysia's "economic tiger" status.

These are the culmination of the 2019 budget and we continue to update this story:

* In his opening remarks, Lim said that the government's real debt and debt was RM1,065 in June 2018, RM350bil higher than the previous government.

* The government expects GDP will rise by 4.9% in 2019 despite the uncertainty in the global economy.

* The government noticed that the former agency secretly paid RM7bil 1MDB debt on April 30, 2018.

* The government has to pay as much as RM43.9bil to settle 1MDB's debts.

* By 2021, the government should extend the fiscal responsibility law to avoid uncontrolled expenditure.

* On October 15, international reserves amounted to USD 102.8 billion or RM426bil, sufficient to cover 7.4 months of retained imports. The inflation rate remained low at 1.2% in January and September 2018.

* The budget deficit in 2018, reaching 3.7%. Growth is due to the spending commitment of previous administration.

* The Pakatan administration is committed to implementing fiscal consolidation steps aimed at reducing the deficit to 3.4% of GDP in 2019, 3% by 2020 and 2.8% in 2021.

* The government establishes the debt management office (Pejabat Pengurusan Hutang) to check and control government debts and responsibilities.

* By 2019, the federal government's official debt as a percentage of GDP reached 51.8%, while the total debt is expected to fall to 73.5%.

* Government continues the LRT3 project with 47% savings from RM31.6bil to RM16.6bil initial cost estimate.

* The government can save RM15bilet on the basis of the announcement.

* MRT2 continues to save 22.4% from RM39.3bil to RM30.5bil initial cost estimate.

* RM5.2bil Klang Valley Double Tracking Project has been offered through an open tender and is expected to result in significant cost savings.

* According to GST, 545 commodities were under zero SST, almost ten times that the batteries were discharged from SST.

* Based on preliminary studies by the Ministry of Commerce and Consumers, 70% of the 417 products and services examined or 291 in September, 2018 decreased the observed prices.

* Government to create a Real Estate Investment Trust (REIT) airport. With this initiative, the government is expected to hold RM4bil and hold 30% of REIT's shares.

* The Government will introduce the deduction of turnover tax by January next year. The lending system avoids double taxation and lower business costs.

* Effective from 1 January 2019, the government will grant SST exemptions for services provided by registered companies to other registered companies.

* According to the finance minister, the government introduces a tax-reducing credit rating system for small-scale manufacturers who buy raw materials from importers and registered factories.

* The Inland Revenue Board (LHDN) to investigate and investigate "extraordinary wealth," such as luxury goods such as jewelery, watches, handbags, luxury cars, or real estate.

* As from 1 January 2019, the government taxes imported services to make local service providers, such as architects, graphic designers and software developers more competitive.

* Online services imported by users should also be required to sign in at the Customs Office, ie 1 January 2020. This includes software, music, videos, or any digital advertisement.

* The government launches a separate voluntary publicity program that gives taxpayers the opportunity to report voluntarily unannounced income.

* Following the successful re-launch of SST, the Ministry of Customs confirms the implementation of cigarette smuggling.

* Government to allow all passengers on board overseas travel from 1 June 2019 to passengers traveling to the Asean country and RM40 countries.

* In the case of companies, non-nationals and non-PR owners, real estate tax increases from 5% to 10%. For citizens and PRs, income tax on real estate will increase from 0% to 5%.

* The government hopes to return at least RM1bil efforts to prevent smuggling and counterfeiting.

* Stamps of real estate transfers of more than RM1mil increase by 1 percentage point from 3% to 4%.

* Casino license increases RM120mil to RM150m; the casino duty will rise to 35% after gross income.

* In 2019, the federal government is expected to collect RM261.8bill revenue, which includes RM30bil's separate dividends from Petronas.

* The government supports 95 gasoline petrol for those whose motorcycle has a motor capacity of 1500 kPa, a motorcycle and a 125 kt.

* The subsidy is 0.30 liters / liter, 100 liters per month and 40 liters per motorcycle per month.

* The price of RON 95 shall be deducted after granting the aid.

* The government will allocate RM10mil to assist disadvantaged communities in cooperation with civil society organizations and social enterprises.

* The minimum wage rises to RM1,100 from 1 January 2019.

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