Budget 2014 Malaysia: GST, RPGT and other highlights [Infographic]

The much hyped Budget 2014 was tabled by the Prime Minister and Finance Minister, Datuk Seri Najib Tun Razak with various new changes. Some of the highlights include the Goods and Services Tax (GST), abolition of sugar subsidy, 1Malaysia People’s Aid (BR1M) 3.0 and higher property taxes – mostly predicted by budget watchers days before the announcement.

With the theme “Strengthening Economic Resilience, Accelerating Transformation and Fulfilling Promises”, the Budget focuses on enhancing the country’s economy, strengthening fiscal management, reinforcing human capital excellence, intensifying urban and rural development and ensuring the well-being of Malaysians.

Who benefits the most in this Budget and what are some of the key points brought up? Understand how Budget 2014 can affect you with this infographic.

Below is a very useful infographic provided by iMoney.my. Please take a look

 

Budget 2014 Malaysia

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Comments

  1. W.H.Saw says

    Hi, thanks for the summary information. i wanna ask the Senior Citizen RM30 allowance, is that for all or Gov servant only? if is for all, what is the requirement for the allowance.
    Thanks =)

  2. Seowwt says

    RM30 Per DAY for senior citizen is too good to be true if it is implemented continously. Compare this to RM250 for pensioners its a big difference

    • says

      1) Reviewed RPGT

      30% for 1st-3rd years,
      20% for 4th year,
      15% for 5th year and

      No RPGT beyond 5th year onward on citizens, whereas
      companies are taxed at 5%.

      2) For non-citizens, RPGT is imposed at 30% within the
      holding period of up to 5 years and subsequent years at 5%.

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