Budget 2015: Highlights

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KUALA LUMPUR, Oct 10 – There will be no GST (Goods and Service Tax) imposed on petrol (RON95 and RON97), diesel, and LPG, while individual income tax payers will enjoy lower rates in Budget 2015 as announced by Prime Minister Datuk Seri Najib Tun Razak.

The other highlights of Budget 2015 include:

  • In 2015, government revenue estimated at RM23.2bil with implementation of GST
  • Government to exempt goods from GST amounting to RM3.8bil
  • With GST implementation, Sales and Services Tax (SST) abolished, resulting in revenue foregone of RM13.8bil
  • RM690mill net revenue collection from GST
  • RM4.9bil to be channelled back to the people through assistance programmes such as the increase in Bantuan Rakyat 1Malaysia (BR1M)
  • Salaries and allowances of the Speaker of Dewan Rakyat and Speaker of Dewan Negara as well as their respective Deputies will be increased effective 1 Jan 2015
  • Government will review the salary scheme of members of the administration. This includes the Prime Minister, the Deputy Prime Minister, Ministers and Deputy Ministers
  • A half-month bonus with a minimum payment of RM500 to be paid in January 2015 for civil servants
  • Government pensioners will also receive special financial assistance of RM250
  • RM223.4bil for operating expenditure, RM50.5bil for development expenditure
  • RM65.6bil is for emoluments, RM38.1bil for supplies and services
  • RM29.3bil allocated to the economic sector
  • RM12.6bil allocated to the social sector for education, training, health, housing and well-being of society
  • RM4.9bil earmarked for the security sector, RM1.7bil for general administration and RM2bil for contingencies
  • For 2015, economic growth expected to remain strong between 5% and 6%, fiscal deficit projected to further decline to 3% of GDP

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