36. SME Bank is also setting up a new fund where the government will provide an annual interest subsidy of 2% specifically for women entrepreneurs, offering loans of up to RM1 million per SME. There will be a minimum reduction of average toll charges by 18% discount across all PLUS highways. We are expanding opportunities for many more Bumiputera contractors to participate in government procurement. The Government will expand the MySalam Takaful and PeKa B40 programmes to cover more Malaysians in their time of need. 56. Approved foreign direct investment has inreased to RM80.1 billion in 2018 from RM54.1 billion in 2017. 117.
Social Enterprise and Community Development. Previously, the base year was set at 1 January 2000 – it will now be set at 1 January 2013.
The 2020 Budget will allocate a total expenditure of RM297 billion, excluding contingency reserve of RM2 billion, which is an increase of RM19.5 billion compared to RM277.5 billion in 2019, after excluding the one-off allocation for outstanding GST and income tax refunds. As a result, we remain trapped as a middle-income nation that has been hindered from becoming a truly developed economy based on productivity, innovation and shared prosperity.
Buy Made in Malaysia product campaigns will be intensified. 143. Introduce new provisions to ban discrimination based on religion, ethnicity, and gender. Growth is necessary, but not sufficient to ensure Shared Prosperity. To improve efficiency of management of taxpayer appeals, the Government will merge the Special Commissioner of Income Tax and Customs Appeal Tribunal into the Tax Appeal Tribunal.
This will reduce the time and cost for cross border trade significantly. Strategy 13: Promoting Environmental Sustainability. To support the growth of social enterprises, which help to improve the socio-economy of local communities, the Government will provide RM10 million to Malaysian Global Innovation & Creativity Centre (MaGIC) to support such enterprises.
The theme for Budget 2020 will be "Shared Prosperity: Sustainability and Inclusive Growth Towards High Income Economy.".
A total of RM4.85 billion is also provided under the MARRIS fund from the Federal to all state governments to maintain roads.
This means that anyone earning under RM8,333.33 per month will be eligible, thus including the middle-income group in this scheme’s benefits. To ensure gains arising from successful Digital Companies are shared with the Rakyat, the Government will introduce the concept of Digital Social Responsibility (DSR). In the defence of our nation's sovereignty, the Government will increase the allocation to the Ministry of Defence from RM13.9 billion in 2019 to RM15.6 billion in 2020. 41.
4. Programmes such as the Coach and Grow Programme (CGP) by Cradle Fund for high impact technology entrepreneurs involving 469 companies to date have generated RM2.3 billion in revenues, including RM300 million in exports. KUALA LUMPUR: The Government has increased the allocation for the Agriculture and Agro-based Industry Ministry from RM4.4 billion in 2019 to RM4.9 billion in … To assist the Youth in purchasing their first home, the Government will extend the Youth Housing Scheme administered by Bank Simpanan Nasional from 1 January 2020 until 31 December 2021.
3. 66. We have also allocated RM4.6 million to the Senior Citizens Activity Centre (PAWE) to cover the expenditure of 129 centres across Malaysia benefiting 37,000 senior citizens;Second: An allocation of RM80 million towards upgrading, repair and maintenance of 67 various institutions under the Department of Social Welfare (JKM) including child care, disabled and elderly centres;Third: An allocation of RM25 million for the management, administration and expansion of the Food Bank program throughout Malaysia, an initiative to redistribute an estimated 3,000 metric tonne of excess food that is donated daily to the needy target groups, especially B40;Fourth: An allocation of RM20 million for 5 new Independent Learning Centres, Down Syndrome training and a disabled TASKA. 31.
During YAB Tun Dr Mahathir’s first stint as the Prime Minister, he led Malaysia to its fastest decade of economic growth from 1988 to 1997 at an average annual GDP growth rate of 9.3%, marking the country’s ascent to be an Asian Economic Tiger. To overcome delays in approving foreign and domestic investments, we have established the National Committee on Investment (NCI), jointly chaired by the Minister of Finance and the Minister of International Trade and Industry. The government estimates the new budget, combined with $73 billion of stimulus announced earlier this year, will drive the economy -- currently mired in recession -- to 6.5%-7.5% growth next year. 115.
156. Next year’s fiscal deficit is projected at 5.4% of gross domestic product, down from 6% expected this year, the finance ministry said in a report released alongside the budget. 192.
The qualifying criteria for the vehicle are: All luxury vehicles will not be qualified to receive the targeted subsidies. Clearly, this Government rejects the previous Government's policy of privatising profits and socialising losses. In Budget 2019, the government introduced a Fund for Affordable Homes and an extended Home Ownership Campaign, with both efforts aimed at providing financial support and incentives to home buyers looking to purchase property. 128. 184.
This is expected to generate revenue of more than RM3 billion in 2020.
Strategy 8: Inclusive Development – RM10.9 billion Allocated for rural development. 214. For 2020, Sabah and Sarawak will receive the largest portion of Development Expenditures amounting to RM5.2 billion and RM4.4 billion respectively. The recent incidents at Sungai Kim Kim and Pasir Gudang, as well as the spread of hazardous transboundary haze are painful reminders of the importance of protecting our environment, and the cost of greed. Government revenue is expected to rise 4.2% next year to 236.9 billion ringgit.
201. As part of the liberalisation of the electricity market, the Government has decided to migrate the current power purchase system towards a wholesale market in the future. This year, the government will be extending the Youth Housing Scheme by Bank Simpanan Nasional from 1 January 2020 to 31 December 2021.
Therefore, to assist couples seeking fertility treatment, EPF will introduce a new category of withdrawals, allowing for fertility treatment such as in-vitro fertilisation (IVF) procedure.
The Government remains committed to complete the Pan-Borneo Highway project, which is an important catalyst to economic growth in Sabah and Sarawak.
14. One of the ways in which the government is seeking to tackle this problem is through the [email protected] programme. On top of the above, the current income tax exemption for women who return to work after a career break be extended for another 4 years until 2023;Third: [email protected] is a hiring cost equalisation programme, aimed at incentivising the shift away from low-skilled foreign workers dependency. The Malaysian financial system also remains sound and stable, despite a challenging global environment and high degree of volatility in the international financial markets throughout the year. This includes:First: RM150 million for overall entrepreneurship development and upskilling by Perbadanan Usahawan Nasional Berhad (PUNB);Second: RM75 million by SME Corporation (SMECorp) for capacity building and export focus for Bumiputera SMEs, which includes enhancing marketing, packaging, and financial literacy;Third: RM170 million in total for access of financing via TEKUN, SME Bank and Pelaburan Hartanah Berhad; andFourth: RM50 million for entrepreneurship under Unit Peneraju Agenda Bumiputera, Ministry of Economic Affairs. Next year’s growth forecast isn’t unachievable, but a lot hinges on how the global recovery goes, according to Winson Phoon, head of fixed-income research at Maybank Kim Eng Securities Pte in Singapore. Clearly the Goods and Services Tax (GST) implemented under the previous regime had contributed significantly to higher prices. We will increase the allowance to Al-Quran dan Fardu Ain class (KAFA) Teachers by RM100 a month to 33,200 existing KAFA teachers with an additional cost of RM46 million.
Year to date until August 2019, Bumiputera companies have successfully secured new projects via tender valued at more than RM3.6 billion worth of contracts awarded by the Government in 2019. 109.
The International Monetary Fund (IMF) has revised downwards the global economic growth forecast for the year 2019 from 3.9% in July 2018 to 3.2% in July 2019.
Commencing 2020, the total number of special draws for Numbers Forecast Operator (NFO) will be reduced from 11 to 8 times a year. 70. The replanting will be undertaken using the latest seedlings and also in compliance with Malaysian Sustainable Palm Oil (MSPO) standards to ensure better productivity and marketability;Second: An allocation of RM27 million to support Malaysian Palm Oil Board’s (MPOB) efforts to market palm oil internationally and counter anti-palm oil campaigns;Third: Enhance implementation of biodiesel, with the B20 biodiesel for the transport sector to be implemented by the end of 2020. the Government will allocate the following budget for our sports agenda:First: RM299 million to implement the Sports For All program, including rehabilitating and upgrading of overall sports facilities, Youth & Sports Complexes and Community Sports Complexes throughout the country;Second: RM179 million for our preparation in international sporting events such as the Tokyo Olympics 2020 and Hanoi Sea Games 2021 which includes the development of paralympic athletes ; andThird: RM45 million for the National Football Development Programme, compared to the RM15 million in last year's 2019 Budget.
This increase will affect approximately 2,000 top income earners in the country. The Bantuan Sara Hidup (BSH) scheme will be expanded to cover at least 1.1 million more Malaysians.
Furthermore, all disabled persons aged 18 and above who earn less than RM2,000 per month will also receive the BSH aid of RM300. The Government had increased the minimum wage to RM1,100 per month effective January 2019. For Bumiputera SMEs, export-oriented SMEs and SMEs investing in automation and digitalisation, the Government guarantee will be increased from 70% to 80% and in addition, will reduce the guarantee fee to only 0.75%. To transform Malaysia’s best and most promising businesses into the most competitive enterprises in global export markets, the Government will also make available up to RM1 billion in customised packaged investment incentives annually over 5 years. 53. 47. In addition, to help relieve the burden of dependants to civil servants who have died in service, the Government will improve the current benefits as follows:First: Introduce an Ex-Gratia Death Benefit of up to RM150,000 payable to dependants of the deceased; andSecond: The Annual Salary Movement (PGT) is brought forward for civil servants who have died in service before the Salary Movement Date (TPG).