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National Budget 2012

The Prime Minister, YAB Dato’ Sri Mohd. Najib Tun Abdul Razak, who is also the Minister of Finance, tabled the 2012 Budget on Friday, 7 October 2011.

The theme of the 2012 Budget “National Transformation Policy: Welfare for the Rakyat, Well-Being of the Nation”, reflects the Government’s focus on enhancing the welfare of the people and the journey to become a developed and high-income nation.

A total of RM 232.8 billion is allocated in 2012 Budget. 78% (RM181.6 billion) of it is for operating expenditure and 22% (RM51.2 billion) is for development. This is the largest budget in the history of Malaysia, with an increase of 9.4% compared to 2011. A total of RM 212 billion has been allocated for 2011Budget.

To further support economic growth, the Government will implement a Special Stimulus Package through Private Financing Initiatives. In 2012, total projects amounting to RM6 billion will be implemented through the Special Stimulus Package and several public projects will be implemented to stimulate the economy and enhance the well-being of the rakyat.

The five main focus areas of the Budget are:
1. Accelerating investment;
2. Generating human capital excellence, creativity and innovation;
3. Rural transformation programme;
4. Strengthening the civil service;
5. Easing inflation and enhancing the well-being of the people.

The following are 2012 Budget Highlights:

1. Double deduction is given on expenses incurred in implementing structured internship programmes, in participating in approved overseas career fairs and in awarding scholarships to Malaysian students.

2. Tax deduction is given on franchise fees paid for local franchise brands.

3. Late tax refunds by the Inland Revenue Board are subject to compensation of 2%.

4. Tax audit time bar is reduced from 6 years to 5 years from the date of assessment except for cases of false declaration, wilful late payment and negligence. Records shall continue to be kept for 7 years.

5. Tax deduction is given for expenses incurred on the issuance of Islamic securities based on the Wakalah principle approved by Securities Commission (SC) or Labuan Financial Services Authority (LFSA). The incentive is given from the years of assessment 2012 until 2015.

6. Existing tax exemptions for the issuance and trading of non-Ringgit Malaysia sukuks originating from Malaysia are extended to Year of Assessment (YA) 2014.

7. 70% tax exemption on statutory income for 5 years is given to an approved Treasury Management Centre (TMC) providing qualifying treasury services to its related companies within or outside the country.

8. 100% income tax exemption for 10 years for Kuala Lumpur International Financial District status companies.

9. Pioneer status or investment tax allowance is accorded to investors undertaking new investments in 4 and 5 star hotels in Peninsular Malaysia, providers of industrial design services and private schools and international schools registered with the Ministry of Education.

10. Extension of 100% import duty and excise duty exemption for new completely-built-up hybrid and electric cars to 31 December 2013.

11. Tax exemption under Section 54A of the Income Tax Act, 1967 (the Act) (Exemption of shipping profits) for shipping companies is reduced from 100% to 70% of statutory income.

12. Tax relief of up to RM3,000 for contributions by individuals to SC approved Private Retirement Schemes (PRS).

13. Real Property Gains Tax (RPGT) at the revised rate of 10% is imposed on disposals within 2 years of acquisition, after 2years & up to 5 years, RPGT is 5%.

14. 100% stamp duty exemption is given on loan agreements for the purchase of residential properties priced up to RM300,000 under the Skim Perumahan Rakyat 1Malaysia (PR1MA).

15. Increase in Employers' Contribution from 12% to 13% for contributors who earn RM5,000 and below.

For more information on 2012 Budget please log on to:

2012 Budget

2012 Budget Appendices

Posted Date: 3 Mar 2012

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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