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5:20pm 29/10/2021
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Highlights of Budget 2022

KUALA LUMPUR, Oct 29 (Bernama) — The following are the highlights of Budget 2022 themed “Keluarga Malaysia, Makmur Sejahtera” tabled by Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz in Parliament today.

– The government has allocated a total of RM332.1 billion for Budget 2022, the highest value compared to previous budgets.

– Government revenue is expected to increase to RM234 billion in 2022.

– A total of RM233.5 billion is allocated for operating expenditure, RM75.6 billion for development expenditure and RM23 billion under the COVID-19 Fund.

– RM2 billion is provided as contingency savings.

– Fiscal deficit for 2022 is projected to shrink to 6.0 per cent of GDP from 6.5 per cent in 2021.

– The government to introduce Bantuan Keluarga Malaysia (BKM) which will provide aid totalling RM2,000 to households with monthly income below RM2,500 with three or more children; additional RM500 to single mothers or fathers who have dependents and a monthly income of RM5,000; and additional RM300 to families with senior citizens.

– RM25 million Yayasan Keluarga Malaysia to lead efforts to protect the welfare, education and future of children who have lost their parents due to COVID-19.

– Health Ministry to get RM32.4 billion for operating and development expenditures.

– RM100 million allocation to sponsor specialist programs for 3,000 contract doctors and dentists.

– Education Ministry to receive highest ever allocation of RM52.6 billion. Higher Education Ministry to get RM14.5 billion.

– RM150 Back-to-School Aid expected to benefit 3 million students.

– RM120 million for Chinese and Tamil vernacular schools.

– KSWP minimum contribution tax reduction from 11% to 9% will be extended to June 2022, involving an estimated value of RM2 billion.

– 100% sales tax exemption will be extended for CKD passenger vehicles and 50% for CBUs, including MPVs and SUVs for six months until June 30, 2022.

– Government guarantees of up to RM2 billion to banks through the Housing Credit Guarantee Scheme to provide gig workers, small entrepreneurs and farmers access to financing to purchase houses.

– 600,000 undergraduates from B40 families to get tablets amounting to RM450 million.

– Special tax relief of up to RM2,500 for the purchase of mobile phones, computers and tablets until Dec 31, 2022.

– Discounts for PTPTN loan repayments of between 10% and 15% from Nov 1, 2021 to April 30, 2022.

– 20%-30% incentive from monthly salary to employers hiring people not actively working, and 30%-40% incentive from monthly salary for hiring persons with disabilities, Orang Asli and prisoners.

– RM80 million to help housewives and widows in EPF and SOCSO contributions under Program Kasih Suri Keluarga Malaysia.

– More than 810,000 self-employed workers to benefit from extended protection under SOCSO.

– Tax exemption of up to RM4,000 to EPF contributors involving voluntary contribution.

– RM11.4 billion to empower Bumiputera.

– Deferment of income tax installment payment for MSMEs for six months until June 30, 2022.

– Up to RM2 billion strategic investment fund to attract strategic foreign investment among multinationals.

– RM14.2 billion of funds to be made available to SMEs.

– Tax deduction for the cost of renovation and upgrading of premises up to RM300,000 to be extended until Dec 31, 2021.

– The government will continue with the implementation of national infrastructure development projects worth RM3.5 billion, including the construction of the Pan-Borneo Highway and Central Spine Road.

– RM200 million to help the Chinese community, RM145 million for socioeconomic programs for the Indian community and RM274 million to raise the living standard of Orang Asli community.

– Government to fully pay for motor vehicle licenses for all private vehicles owned by persons with disabilities for 2022.

– Youths aged 18 to 20 to receive RM150 e-wallet credit through the e-Start program.

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