OK, I am not political analysis but I am too a Malaysian and a responsible tax payer if I may add. So when our PM announced announced the Budget 2010 last week, I was quite eager to know how does it affect me and you all next year. I am not gonna go into each and every one in details but just some which is related to us.
- TNB to spend RM5 billion to implement electricity generation, transmission and distribution projects in 2010. So can we say that our electricity bill will INCREASE again next year?
- Individual tax relief on broadband subscription fee up to RM500 a year from 2010 to 2012. This should be good as I think most of us are using broadband nowadays. But does they have a clause that says only applies to Streamyx?
- The Government will implement fuel subsidy management system in early 2010. I heard that the new system will differentiate who got more subsidy and whose not and we require to use our MyKad for fueling in the future. Huh????!!!
- Government to launch a scheme in January 2010 that enables EPF contributors to utilize current and future savings in Account 2 to promote house ownership. This I am not too sure what are they talking about as currently we had been able to withdraw from our Account 2 for first time buyer up to 100%.
- Employees EPF contributions will be raised again to 11% on a voluntary basis with immediate effect. However, from Jan 1, 2011 employees' EPF contribution will revert to 11%. This is like a chicken and egg story. And now it's back to 11%. Wasting time~
- The Government proposes existing personal tax relief of RM6,000 for EPF contributions and life insurance premiums be raised to RM7,000. I think this is good as I think our contribution for this is always more than what they stipulated for us.