[INFOGRAPHICS] COMPLETE Budget 2014 Highlights And How You Fit In

For single individuals aged 21 and above and with a monthly income not exceeding RM2,000, BR1M will be increased from RM250 to RM300.

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BR1M 3.0: Households earning RM3k or less gets RM650, up by 30%. Individuals earning RM2k or less gets RM300, up by 17%

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BR1M assistance of RM450 will be extended to households with a monthly income of between RM3,000 and RM4,000.

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RM331 million allocated to standardise prices of essential goods in West vs East Malaysia

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Prices of goods will be constantly monitored. We will publish prices of goods and services as a guide for consumers to compare price. With the various special packages, no parties should take opportunity to increase prices of goods & services unscrupulously.

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For civil servants, a half-month bonus for 2013 with a minimum payment of RM500 to be paid in early January 2014.

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PR1MA will provide 80,000 housing units with an allocation of RM1 billion. The sales price of PR1MA houses are 20% lower than market prices.

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Affordable housing:

1) Revising the RPGT: 30% for properties held for 3 years or less. 20% (4 years) 15% (5 years and beyond)

2) RPGT for non citizens: 30% (1-5 years), 5% (>5 years)

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Min price of property that can be purchased by foreigners increased from RM500,000 to RM1,000,000.

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MyHome Scheme: subsidies for private developers in order to encourage construction of low and medium cost housing units

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RM578 allocated to the National Housing Department to develop an additional 16,473 residential units

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Govt will allocate RM100mil for enhancing education performance and skills training, including RM28mil involving 176 Tamil pre-schools.

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Allocations for the disabled: RM441 to develop amenities and provide help to the disabled

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Bumiputera empowerment on multiple fronts: increasing equity stake in Corporate Malaysia, increasing entrepreneurial calibre, access to finances to enable wealth creation

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One-off cash assistance of RM300 to households who are BR1M recipients.

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Allocations to develop entrepreneurial skills, education levels of women.

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RM22.1 billion allocated to improving public healthcare system. 50 new 1Malaysia Clinics in 2014, 6000 new nurses to be trained and RM3.3 billion allocated to providing the best medical supplies to public healthcare institutions.

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Government will allocate RM150 mil to the Sports Trust Fund for the development of elite sports, medical treatment and research.

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Govt is proposing a free breast prostheses and special bras for breast cancer patients.Allocation set aside for this is RM9 mil.

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Government will appoint 6,800 more nurses with an allocation of RM150 million.

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Sugar Subsidies Cancelled in 2014. Sugar subsidy of 34 sen to be abolished tomorrow.

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Sustainable Development: Allocations for green technology development, and other environmentally friendly initiatives

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Taxis: RM15.3 billion allocated to centralise taxi industry administration & improve services industry-wide

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RM4.1 billion allocated for rural community development, especially in rural Sabah and Sarawak. Subsidies for rural train commutes: For communities in rural Pahang and Kelantan

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RM2.4 bil for agricultural subsidies and incentives for paddy and fish farming. RM265 mil to resolve electricity cuts in Sabah.

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We took the allegations in AG’s Report seriously, those guilty will face stern action under a special committee chaired by the KSN.

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Government to conduct audit on projects valued at more than RM100 million

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Government encouraging companies to provide flexi-working hours.

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To encourage graduates to do business, RM50 million is allocated under Tabung Usahawan Siswazah.

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Education: holistic allocations for all levels of study. RM530 million allocated to develop pre-school and primary school education. RM209 million to be invested in improving the quality of teaching in Malaysian schools

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RM450 million to maintaining and improving old schools - SK, SJK(C), SJK(T), MARA, Sekolah Agama included. Universities: RM6 million for research grants for public universities. RM168 million to building new schools. RM209 million to be invested in improving the quality of teaching in Malaysian schools.

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MyBrain15: Allocation to encourage post graduate studies among working profressionals (RM110 million)

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Baucer Buku 1Malaysia for pre-U studentss of RM250 to continue. RM325 mil to be allocated and it is estimated that this will help 1.3 million students nationwide.

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Government to continue giving RM100 cash to all primary and secondary school students.

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RM209M to enhance teaching profession, emphasis on teaching, improving teaching methods, and Bahasa Malaysia and English proficiency

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GST: New tax to be implemented from April 1, 2015, rate: 6%. GST exempt items: Sugar, salt, rice, other essential food items, Government services, purchase and rental of homes, electricity (partial exemption), public transportation

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PM: A fair tax system needs to be in place. The sales tax and sales and services tax will be abolished. GST consolidates the amount of tax paid per customer because it replaces two taxes. No more double taxation.

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The current sales & service tax have weaknesses: double taxation on consumers, no tax relief on exported goods, transfer pricing issue. The government has studied this thoroughly. We also sought and considered both public & professional opinions.

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6% is among the lowest in Asean countries. Indonesia, Vietnam, Cambodia the Philipines & Laos capped it 10%

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Training grant of RM100 million will be provided to businesses that send their employees for GST training in 2013 & 2014.

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Rationalisation of Subsidies: Database to consolidate various welfare handouts to ensure no double payments and ensure accountability

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Government to allocate RM47bil for subsidies in 2013 and 53% or RM24.8 bil went to petrolem products that benefitted all, even the rich, the businessmen and foreigners. Najib cites the recent petrol price subsidy cut as an example of this structural changes to come for subsidies, which make up to a fifth of the total national budget.

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No more year-end tax filing for individual who pay tax (PCB) on a monthly basis. Individual tax to be reduced between 1-3% depending on bracket. Highest income bracket increased from RM100,000 to RM400,000 (good news). Tax for this income bracket reduced from 26% to 24-25% (good news too)

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The current maximum tax rate at 26% will be reduced to 24%, 24.5% & 25%. All measures will take effect from 2015. The chargeable income subject to the maximum rate will be increased from exceeding RM100,000 to exceeding RM400,000.

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Govt proposes a special tax relief of RM2,000 be given to tax payers with a monthly income up to RM8,000 received in 2013.

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Exemption on import duty on R&D equipment for companies that invest in pilot plants for the purpose of pre-commercialisation in M’sia.

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Corporate tax: reduced from 25% - 24%

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Tax deduction for companies that invest to acquire technology platform in bio-based industry.

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Income tax rate for small & medium companies will be reduced by 1 percentage point from 20% to 19% from the year of assessment 2016

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Financial assistance of RM150 million will be provided to SMEs for the purchase of accounting software in 2014 & 2015. Secretarial fee and tax filing fee are allowed as tax deductions from the year of assessment 2015.

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To help the employer's burden of implementing of minimum wage scheme - RM900 in Peninsula Malaysia and RM800 in Sabah and Sarawak, the government will introduce extra tax incentives for whole of 2014.

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RM1.5 bil to build 1,000 new telecommunications tower over three years. RM850 mil to build new undersea cable to improve internet in East Malaysia over 3 years

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2nd phase of the High Speed Broadband Internet Project to commence: Faster broadband for all! 28 households nationwide, yes, Sabah and Sarawak included too. RM1.6 billion to be spent. Rural areas to get better broadband infrastructure.

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Kelajuan Internet akan dinaikkan kepada 10 Mbps.

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The government has implemented the High-Speed Broadband (HSBB) project under the National Broadband Initiative.

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For Sabah & Sarawak, to enhance the internet speed coverage, underwater cables will be laid over 3 years - RM850 million. To increase Internet coverage in rural areas, 1,000 telecommunication transmission towers will be built over the next 3 years. More than 2 million users will benefit from it with investment cost of RM1.6 billion.

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Balanced budget by 2020: Special task force to reduce budget deficit in stages

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The govt is committed to reducing the fiscal deficit gradually, will ensure Federal debt level remain low & not exceed 55% of GDP

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We will formulate a National Aviation Policy, to outline measures to strengthen the ecosystem & services in aviation industry.

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RM700 million to build new traffic control system at KLIA. This is to replace the one in Subang. Bajet2014 Upgrade of national airports - KK, Sandakan, Miri & Mukah in East Malaysia. Langkawi and Kuantan to get airport upgrades too.

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Jan-July 2013, passenger traffic at airports nationwide increased 43.9 million fr 38.6 million during the same period in 2012. When KLIA2 is operational, passenger traffic is expected to increase to more than 70 million.

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To allocate RM210 mil for a private retirement scheme (PRS) to encourage young to start saving. Starting Jan 1, the government will top up RM500 into the account for those aged 20-30 years old who can save RM1,000. It is estimated that 420,000 youths may join this scheme to run for five years.

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Government to double contribution to 1Malaysia Retirement Savings Scheme from RM60 to RM120, per person, a year. RM500 one-time benefit for Private Retirement Scheme investors beginning in January 2014 to encourage investment.

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Minimum pension for those who served at least 25 years up from RM720 to RM820.

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Entrepreneur Development Plan - entrepreneurs seen as a vital catalyst for economic activity. National Entrepreneur Development Office to oversee and incubate new ventures.

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Bank Simpanan Nasional to administrate fund to lend to night market stall owners at a low 4% p.a (maximum loan amount RM30,000)

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Potential entrepreneurs including Social entrepreneurs listen up! New initiatives to help you help other Malaysians. Loans up to RM500,000 from SME bank available at low interest rates. Lower than current home loan interest rates! 4% p.a.

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MaGIC will serve as one-stop centre to monitor entrepreneur's performance, integrated data, intellectual property, etc

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The government via Bank Pembangunan will allocate 3 billion under Maritime Development Fund. The Fund will provide financing to development of shipping industry, shipyard construction, oil & gas, maritime-related activities.

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Govt will launch Services Sector Blueprint in 2014 to outline strategies, measures & identifies potential subsectors. The services sector is the key contributor to economic growth and has huge potential for further development.

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Govt will formulate a Logistics Sector Master Plan to provide strategic direction for development of logistics infrastructure & supply chain

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Projects to be implemented include 316km West Coast Expressway from Banting to Taiping and double-tracking projects from Ipoh to Padang Besar and later from Gemas to Johor Bahru.

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Refurbishing electric trains at a cost of RM28 million to ensure frequency and efficiency of services.

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RM2 bil for Special Tourism Infrastructure Fund to finance building tourism infrastructure.

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Masterplan to develop the logistics and supply chain industry, including the shipping industry as a support to the Oil and Gas Sector. Currently ranked 29th in the world.

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In the oil & gas sector, among projects to be undertaken by Petronas include the Sabah Ammonia Urea Project (SAMUR) in Sipitang, the integrated oil & gas production development project in Kebabangan.

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Development Expenditure: RM46.5 billion allocated in Budget 2014

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Aiming to attract 28 million tourists, 2014 has been declared as Visit Malaysia Year. Promote Tourism Sector. The sector generated RM65 billion in 2013 and has the potential to generate more.

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One for the culture and arts: 2014 as the Year of Festivals! CNN also announced Malaysia as the 4th best shopping destination in the world after New York, Tokyo and London.

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To encourage tourist to visit M’sia, I’m pleased to announce 2015 as the Year of Festivals - showcase cultural programmes & festivals. To make Malaysia as the destination of choice, we will encourage investment to build new 4 and 5 star hotels.

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To promote the tourism, RM2 billion will be provided to the Special Tourism Infrastructure Fund under Bank Pembangunan. The Fund is to finance cost of building hotels, resorts & theme parks and purchase & replacement of equipment related to the tourism.

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#Bajet2014 will allocate a total of RM264.2 billion to implement programmes & projects for the rakyat’s well-being & development.

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496 new CCTVs for 25 areas, RM200m for police equipments (weapons, armour, forensic vehicles & biometric equipments)

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In 2014, the Federal Government revenue collection is estimated at RM224.1 billion, an increase of RM4 billion from 2013.

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We are confident of achieving the target per capita income of RM46,500 (USD15,000) in 2020. The per capita income for 2014 is expected to reach RM34,126. That is 37% higher than RM24,879 in 2009.

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Deficit forecast for 2014 is 3.5 percent on the back of projected revenue of RM244.1 billion.

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For 2013, domestic economy is expected to expand bt 4.5% & 5%. Growth supported by private investment, increasing 16.2% to estimated RM165B.

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Economic Growth: GDP expected to grow by 5-5.5% in 2014. Inflation: 2-3% in 2014

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Private & public consumption are expected to grow 7.4% and 7.3% respectively mainly supported by strong domestic economic activity.

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Foreign direct investments in 2013 will exceed RM18 billion by end of October

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Export of goods are expected to grow at 2.5%.

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In 2014, construction sector is expected to grow at 9.6% and followed by sevices sector at 5.7%

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PM: Budget 2014 crafted to reduce fiscal debt and strengthen the economy

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Thrust 1: Invigorating Economic Activity; Thrust 2: Strengthening Fiscal Management; Thrust 3: Inculcating Excellence in Human Capital, Thrust 4: Intensifying Urban and Rural Development; Thrust 5: Ensuring Well-Being of the Rakyat.

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Opening address by Prime Minister: Three major economic frameworks have been implemented in the past decades, including the Economic Transformation Programme in 2010. Average Malaysian now a middle income earner.

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Najib took a shot at Pakatan over allegations there were 40,000 Bangladeshis voting in the 13th general election.

"No one has even seen their shadow. Please repent. Stop the lies," he said, as BN MPs applaud by thumping on the table.

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Clad in a bright orange 'baju Melayu', Najib - to the delight of Pakatan Rakyat MPs as they waved their orange alternative budget booklet - started to address Parliament at 4pm.

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Prime Minister Datuk Seri Najib Tun Razak had an audience today with the Yang di-Pertuan Agong, Tuanku Abdul Halim Mu’adzam Shah, at the Istana Negara to seek His Majesty’s consent to table Budget 2014 in Parliament later today.

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Najib, who is also the finance minister, arrived at the palace at 8.18 am to present a copy of the budget proposals to the King.

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The prime minister is scheduled to table Budget 2014 in the Dewan Rakyat at 4pm.

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