The cyberworld and the media world have been overwhelm with the news of APPLE Ex-CEO Steve Jobs passing from a 7 years battle with pancreatic cancer. May his soul rest in peace as the world mourned a dynamic visionary yet private individual.
Today is budget day in Malaysia where Prime Minister cum Finance Minister will table the budget at Parliament House. Amidst the temporary setting in the House (the actual Hall is undergoing renovation) will Malaysia’s own visionary Dato’ Sri Najib Razak dishes out goodies a people’s budget ? Many of his critics are saying it will be a election budget although the term of the government is due only in 2013.
Thus far, the Prime Miister has made the call in recent time as far as walking the talk. In a new era of transformation, Dato’ Sri Najib has reached out to the youth who are expected to form the bulk of the new voters in the coming general elections.
He has also followed through on his promises made on the eve of Malaysia Day celebrations in repealing some of the controversial laws from time of old.
Today, in the transformation budget to be presented, we hope to expect more good news for the people. In battling the rising cost of essential goods, the first good news would be a higher tax allowance for personal income tax. Nowadays a RM5,000 monthly salary earner cannot stretch much if one is living in the urban area.
For the young people or even first time home buyer, the strict vetting for the loan application should be eased to enable first time home buyer to be able to buy their own homes. The incentive and protectionist policy for the local vehicle industry should be abolished and the import tax levy for non national brand vehicles assembled in Malaysia be reduced. This would allow market force to dictate the price and improve the competitiveness of the national vehicles industry.
As a friend of mine who says, if after more than 25 years a child still need the protection of the parents, that kid must be a special child.
Incentives should be extended to encourage SMEs or businesses to employ locals. At the same time, levy for foreign workforce should be refundable upon repartration of the workers. This would encourages the empoyers to go through the proper channel in foreign workers employment.
As the market in the nation is small and limited, to assist Malaysian companies to expand abroad the Brand Development Grand should be reinstated. This would grant can be channeled through the various Business or Commerce Industries Chambers. This would ensure the grant goes to the right companies which needs assistance.
One for sure, the civil service will see a pay rise so we hope that productivity and the delivery system will similarly increase toward propelling Malaysia into anhigh income nation.
So will the people buy the budget or will it be a budget that is temporary alike the current Parliament House? Lets see.