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National Budget 2016

YAB Dato' Sri Mohd Najib Tun Haji Abdul Razak, Prime Minister and Minister of Finance tabled the National Budget 2016 on Friday, the 23 October 2015 in Parliament.

The 2016 Budget’s theme of “Prospering the people (Rakyat)” and its 5 priorities reflect the Government’s aspiration to achieve its goals of safeguarding the rights and interests of the Rakyat, achieving inclusive and sustainable growth and transforming Malaysia into a high-income and advanced economy. 2016 Budget Priorities:

1. Strengthening Economic Resilience
2. Increasing Productivity, Innovation and Green Technology
3. Empowering Human Capital
4. Advancing Bumiputera Agenda
5. Easing the Cost of Living of the Rakyat

The Malaysian economy impressively grew by 5.3% in the first half of 2015, despite the slowdown in global economic growth and declining commodity prices. Other promising performance indicators for 2015 include a reduction in the fiscal deficit to 3.2% of Gross Domestic Product (GDP) and an unemployment rate of 2.9%. Against this background, the Government’s predictions for 2016 include a 4% – 5% increase in GDP and a manageable inflation rate of 2% – 3% with private investment and consumption being touted as the key drivers of growth.

With national revenue and expenditure forecasted at RM225.7 billion and RM267.2 billion respectively, Malaysia’s fiscal deficit for 2016 is expected to decline to 3.1% of GDP. National revenue is still expected to register some growth in 2016 despite the weak oil prices due to strong Goods and Services Tax (GST) collection, which will be a key contributor to Government revenue.

The following are 2016 Budget Highlights:

(1) Increase in personal income tax rate from 25% to 26% for individuals with chargeable income ranging from RM600,001 to RM1,000,000 and 28% for chargeable income exceeding RM1,000,000.

(2) Review of personal tax reliefs for spouse, parents, children, tertiary education and employee SOCSO contributions. Relief of up to RM250 for voluntary employee SOCSO contribution.

(3) Special reinvestment allowance incentive from YA 2016 to YA 2018 for companies which have exhausted their eligibility for Reinvestment Allowance incentive.

(4) Value-added conditions for SMEs to qualify for allowance for increased exports have been lowered by 10% from YA 2016 to YA 2018.

(5) Automatic double deduction for R&D project expenditure of up to RM50,000 incurred by SMEs.

(6) Extension of existing tax incentives for food production, tour operators, Islamic fund management services and Real Estate Investment Trusts (REITs).

(7) Extension of zero rated goods and exempt services & special GST rebates. Domestic air transportation services for rural air services between Sabah, Sarawak and Labuan to be regarded as exempt supply. Rebates on GST paid for prepaid mobile phone users.

(8) Effective from 1 July 2016, minimum wage will be increased from RM900 to RM1,000 per month for peninsula Malaysia and from RM800 to RM920 for Sarawak, Sabah and Labuan.

For more information on National Budget 2016, please Click Here, then click BUDGET

Posted Date: 12 Jan 2016

Issues List

Salary Guide, Starting Salaries for 160 Selected Skill-Based Jobs
National Budget 2017
Scheme Micro Financing
Workshop on Sarawak Rural Economic Transformation
Industrial Innovation Program and STTF
Update on Immigration Guideline & Procedure
Minister of Industrial and Entrepreneur Dev
Malaysian Global Innovation and Creativity Centre (MaGIC)
Malaysian Chinese Women Entrepreneurs Foundation
Soft Loan Scheme for Automation and Modernisation
ASEAN Economic Community (AEC) Open Day
Investment Opportunities in the Resource Based Industries
OSH CLASS Regulations
2015 Bank Negara Malaysia Annual Report
Eleventh Malaysia Plan (11MP)
National Budget 2016
Briefing on Labour Chapter, TPPA
Trans-Pacific Partnership Agreement (TPPA)
Go-Ex Programme
KOJADI SME Loan Scheme
Amendments to Regulation 32(1) of the Employees’ Social Security (General) Regulations 1971
Bank Negara Malaysia Annual Report 2014
Green Technology Financing Scheme (GTFS)
The Factories & Machinery (Person-In-Charge) (Amendment) Regulations 2014
Income Tax (Deduction From Remuneration) Amended
Prime Minister's Hibiscus Award
GST Exempt, Zero-Rated and Relief Lists Gazetted
National Budget 2015
Application for GST e-Voucher
Registration for GST before 31 December 2014
Opening of EXIM Bank Kuching
National Budget 2014
Official Opening of Bank of China & Visa Center
MIDA e-Application
Termination of the GSP from 2014
Certificate of Responsibility on Food Safety
Imposition of Customs (Prohibition of Imports) Order on Construction Materials
Updated Import Mechanism for Iron and Steel Products
Minimum Retirement Age Act 2012
Programme on Training Scheme 1Malaysia
New Requirement for Food Exports to China
New Guidelines for Market Development Grant
National Budget 2013
Domestic Investment Strategic Fund
The Investment Coordinating Board of Indonesia (BKPM)
Master Plan for the Acceleration and Expansion of Indonesia's Economic Development (MP3EI)
Operator of Steam Boiler
Certificate of Fitness of Steam Boiler
Launching of MIDA new headquarters and logo
Pos Malaysia Shopping Portal
Get Malaysian Business Online (GMBO)
Department of Skills Development Malaysia
Customs Appeal Tribunal
The Minimum Wage Order 2012 Gazetted
Malaysian Competition Act 2010 Is Enforced
GST Implementation in the Near Future
National Budget 2012
Government Financial Assistance Programmes By Malaysian Industrial Development Finance (MIDF)
Malaysia Export Exhibition Centre
SME Development Programmes
Tebedu Inland Port
Malaysia National Budget 2011
Strategic Trade Act 2010 (STA)
IRB E-ledger
APEC Website on Tariffs and Rules of Origin (WebTR)
Highlight of Tenth Malaysia Plan (2011-2015)
New Economic Model for Malaysia
Malaysian Competition Act 2010
Malaysia National Budget 2010
Issues Raised at the Economic Council Dialogue
Employers Can Reduce Their Employees' Monthly Tax Deductions
Tax Incentives for the Manufacturing Sector in Malaysia
Halal Industry Development Corporation (HDC)
Malaysia External Trade Development Corporation (MATRADE)
National Budget 2009
Investment & Trade Dialogue and Seminar 2009
Seminar Keselamatan dan Kesihatan Pekerjaan
An Introduction Programme of GMP
Optimising Opp under Malaysia Free Trade Agreement
SMI & SME Intellectual Property Awareness Campaign
Briefing on the Malaysia Benchmarking Index (MBI)
Advertise in SMA 50th Anniversary Directory 2013
SMA Membership Directory 2003: Sample 2
SMA Membership Directory 2003: Sample 1
Contribution Rate For Employees Who Are Above 55 y
Special Taskforce to Facilitate Business (PEMUDAH)
Trade Exhibitions in Malaysia 2008 - 2009
Sarawak Corridor of Renewable Energy (SCORE)
Development Financial Institutions
Definition of SMEs:
2008 Budget Highlights
GS1 Identification System
Skill Training Programmes (Technical & Vocational) By Government
Useful Website
Third Industrial Master Plan (IMP3) 2006 ¨C 2020
International Trade Malaysia 2007
Liberalisation of Foreign Exchange Administration Policies
YB Encik Larry Sng Visited Chuan Ming Sdn Bhd
2007 New Appointed Consul-General in Kuching
Patron, Hon President, Advisors & SMA Council
2007 Budget Highlights - Tax Commentary
MIDA & MATRADE - Trade and Investment Mission
Lee Fah Mee Sdn Bhd HACCP Certificate Presentation Ceremony
Human Resources Development Berhad
Ready Built Factories for Sale and Rental
Certify Your Profession - Put Up Your Skill Badge
TOCC Accredited Kilang Ceria Alam
KKB & Sarawak Enterprise Sign MoU
Ministries of Agriculture Visited Sea Horse Co S/B
ISO 9001:2000 Recognition For Sarawak Slipways S/B
China Council for the Promotion of International Trade
Registration With MATRADE
Asia Pacific Natural Products Expo
Grant for Development and Promotion of Halal Product
Grant for Enhancing Product Packaging, Design and Labeling Capabilities of SMEs
The RosettaNet
WTO Agreement on Technical Barrier to Trade (TBT)
The SME Bank
The Amended Sarawak Labour Ordinance be enforced from 1 October 2005
Electronic Procurement System (ePerolehan)
Additional Incentives for the Manufacturing Sector for Sarawak
Conclusion of the Second National SME Development
Japanese Interested in Business Venture in Sarawak
Closer Economic Partnership Arrangement (Cepa)
The Industry R& D Grant Scheme (IGS)
Hong Kong Trade Development Council Trade Fairs
Assistance For Cleaner Production / Waste Treatment Projects Implementation
Sabah International Expo 2004
Financial Schemes Under MITI For Small And Medium Enterprises (SMEs)
Registration of SMIs with SMIDEC
Registration of Exporters with MATRADE
SESCO Connection Charge Guidelines 1/2003

 

 

 


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