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National Budget 2017

YAB Dato' Sri Mohd Najib Tun Haji Abdul Razak, Prime Minister and Minister of Finance tabled the National Budget 2017 on Friday, the 21 October 2016 in Parliament.

The 2017 Budget’s theme of “Ensuring Unity and Economic Growth, Inclusive Prudent Spending, Wellbeing of the Rakyat (people)”

2017 Budget was anchored on five principles and philosophies of the government including giving priority to national integration in forming a nation state, preserving sovereignty, upholding the Constitution and laws as well as national security.

The budget proposed an allocation of RM 260.8 billion (an increase of 3.4% from the 2016 Budget Recalibration), of which RM214.8 billion would be for operating expenditure, and RM 46 billion for development expenditure. The total did not include contingencies amounting to RM 2 billion.

The revenue collection in 2017 is expected to expand at around 3% to RM219.7 billion.

The Government is expected to achieve the fiscal deficit target of 40.3 billion ringgit or 3% of GDP in 2017, compared with 3.1% this year.

Among the segments which will benefit greatly from the 2017 Budget are civil servants who now number 1.6 million people, 1Malaysia People’s Aid (BR1M) recipients, people in rural areas, fishermen, youths, taxi drivers, entrepreneurs and the second generation of settlers of the Federal Land Development Authority (FELDA); the Federal Land Consolidation and Rehabilitation Authority (FELCRA) & the Rubber Industry Smallholders Development Authority (RISDA).

To promote the development of SMEs, the Government will allocate a total of RM75 million to implement programmes under SME Master Plan. For export promotion programmes to local SMEs by MATRADE, MIDA and SME Corp, a sum of RM130 million will provided through National Export Promotion Funds. In addition, to boost export-oriented SMEs, the Government will provide 2% rebate on interest rates charged to SME borrowers under Syarikat Jaminan Pembiayaan Perniagaan (SJPP) scheme.

YAB Dato' Sri Mohd Najib said that “Through measures and initiatives implemented by the government, our economy records sustainable growth. According to the Purchasing Power Parity (PPP), Malaysia is now an upper middle-income country, surpassing many countries not only in Asia but also throughout the world”.

According to him, Malaysia PPP per capita had increased from US$23,100 in 2012 to US$26,891 in 2015.

Highlights of National Budget 2017:

(1) Review of Corporate Income Tax for Small and Medium Enterprises (SME).

(2) Reduction of Corporate Income Tax based on the Increase in Chargeable Income.

(3) Tax Relief for Lifestyle.

(4) Tax Relief for Fees Paid to Child Care Centres and Kindergartens.

(5) Tax Relief for the Purchase of Breastfeeding Equipment.

(6) Extension of Income Tax and Stamp Duty Exemption for Islamic Banking and Takaful Businesses.

(7) Extension of Stamp Duty Exemption for the Purchase of First Residential Home.

(8) Extension of Income Tax Incentives for New 4 and 5 Star Hotels.

(9) Expansion of the Scope of Halal Products Eligible for Incentives for Halal Industry Players.

(10) Increase in the Limit of Tax Deduction for Sponsoring Arts, Cultural and Heritage Activities.

(11) Extension of Tax Incentive for Anchor Companies under the Vendor Development Programme.

(12) Extension of the Period and Expansion of the Scope of Double Deduction Incentive for the Structured Internship Programme (SIP).

(13) Review of GST Relief for Disabled Persons.

(14) Review of GST Treatment in Free Zones.

(15) Review of GST Treatment under the Warehousing Scheme.

Please click HERE for List of Appendices.

Please click HERE for Touchpoints of National Budget2017.

Please click HERE for further information on National Budget 2017.

Posted Date: 26 Dec 2016

Issues List

Enforcement of Sarawak Labour Ordinance Section 60A
SIRIM-Fraunhofer Programme
National Graphene Action Plan 2020
Cabinet & Assistant Ministers of Sarawak
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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