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Wednesday, October 19, 2016

Budget : Can Spend Your Own Savings


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I recall one budget where workers monthly EPF contributions were reduced. Meaning you could spend your own savings.

They may do the same thing this year. They may allow you to take out more of your EPF savings to buy houses. So house prices will go up even more, you will become poorer and your simpanan hari tua will decrease. You pay more from your own savings. Banyak pandai. 

Here is the news :

Najib seen pushing populist budget amid election talk
Reuters Mon, Oct 17 

KL (Reuters) - Najib to put populist measures in 2017 budget Friday
voters unhappy with leadership and rising living costs.
widening fiscal deficit 
Growth slowed last five quarters, 4.0% in April-June 
govt's 2016 full-year forecast is 4.0-4.5% 
Public debt as % of GDP < 55% ceiling 
budget deficit 5.6% of GDP in January-June, far above 3.1% target.
calls to step down over (1MDB) scandal
removed critics from administration 
past year turbulent for Najib 
1MDB centre of civil suit filed by U.S. prosecutors. 
probes in at least six countries Switzerland, Singapore. 
pollin the second half of 2017, a government official said.
Populist measures theme of budgets since Najib became PM in 2009. 

cash aid to low-income families 
development for rural regions 

budget driven "by political calculations"
'what can we do to be popular enough'
constrained by budget deficit.
Deterioration in fiscal discipline, higher govt debt, deficit levels negative" Fitch said 
not much room to spend as revenue from oil hurt by low global prices.
Petronas slash dividend to 16 billion ringgit this year 
 
in the context of affordability 
manage debt and fiscal deficit in prudent way 

to increase annual handouts to poor 
tax cuts for middle-class 
keep GST at 6%

allow first-time house buyers to access more of pension funds to buy property.
corporate tax rate, now 24% cut by 1% in 2018

My comments :

Where are the incentives? Let the people "earn" their own incentives.

Remove completely the RPGT. This will stimulate the lagging property market. People can transact more homes, build more properties. It will create its own stimulus.

How about tax benefits for Foreign Currency export earnings? That means if I export a million USD worth of products, then I get some tax reduction on the portion of US Dollars that I bring into the country.  Income tax reduction, duty reduction etc. This means I have to earn my tax reduction. Its an incentive. I must export more. Create more jobs, more trading activity. At no reduction to the gomen's coffers.

How about import duty exemptions for capital equipment for companies that have x number of PCB (Potongan Cukai Bulanan) employees on their payroll?  This means less Banglas more locals on the payroll. Kasi incentive lah.  No need for cash out by the gomen. Use tax incentives.

Same duty exemptions for capital equipment for companies that have x number of employees making monthly EPF contributions. This will also encourage hiring less Banglas and hiring more locals. 

Remove the quota, APs, licensing restrictions etc on more sectors. It will stimulate more growth. Jangan main-main.

200,000 graduates are unemployed. Mostly Malay kids.

What about SPM holders? Tengku Mamak says provide cheap rooms for them in KL, at RM50 rental a month. Chicken coops. That is the future he plans for these kids.
     



3 comments:

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