Overall, Budget 2012 Overall, Budget 2012 is most comprehensive and reflects the Government's effort to strike a balance between dealing with people, cyclical and structural issues, says Maybank president and chief executive Datuk Sri Abdul Wahid Omar.
Rising living costs and income gap are the number one people issue. The current challenging global environment and the attendant risk to external demand require domestic macroeconomic policy responses to support internal demand, especially consumer and business spending. At the same time, the Government needs to keep the momentum going with regards to transformation programmes, economic restructuring and policy reforms.
Budget 2012 clearly listened and responded to the concerns voiced by the Rakyat over the issue of living costs, given the plethora of measures benefiting especially the poor, lower income group, the middle class, civil service, pensioners and ex-servicemen or their families. These include things like the allocations for welfare programme, cash handouts and one-off payments to target groups, new remuneration scheme and automatic annual increment for civil service and pensioners, as well as the abolition of school fees.
We are extremely pleased that the Government continues to give a high priority for the growth and development of the financial services sector. Budget 2012 is no exception given the slew of tax incentives for the setting up of MNC’s treasury management centres (TMC), sukuk issuance & transactions, private retirement scheme, exchange-traded fund (ETF), Skim Amanah Rakyat 1Malaysia and the development of Kuala Lumpur International Financial District (KLFID).
This will further promote the comprehensive development of the conventional and Islamic banking, insurance and takaful, investment banking and other financial services in terms of the range and offerings of products and services.
With human capital development and attracting and retaining talent being one of the key issues facing the banking/ financial services sector, we are grateful for the tax incentives for companies providing structured internship programme and scholarships as well as participating in careers fairs abroad.
We welcome further liberalisation of the non-financial services sectors covering 17 sub-sectors such as healthcare, education, business and professional services. This will complement the above-mentioned measures to promote financial services sector by enhancing the country’s post-industrialisation development strategy that is centered on, and driven by, services sector.
The review of Real Property Gains Tax (RPGT) is a good move to ensure macroeconomic and financial stability as well as social justice by curbing speculative activities and preventing excessive rise in property prices. This is also balanced with incentives and allocations for the purchases and provisions of affordable and public housing schemes. We also welcome the Government’s commitment to reduce the deficit in 2012 to 4.7% of GDP compared with 5.4% in 2011.
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Budget 2012 is truly a people-first and transformational budget looking out for the welfare and well-being of all Malaysians, says Telekom Malaysia Bhd group chief executive Datuk Seri Zamzamzairani Mohd Isa.
We commend the government in drawing up a budget that is clearly balanced for a sustainable growth path with its inclusive approach; mapping the country’s economic growth against the nation's affordability, while complementing the ongoing Economic Transformation Programme (ETP).
Specifically, we welcome the policies focusing on innovation. This bodes well for the development of the creative content and entertainment industries which feeds the ecosystem in which we operate.
This budget for the people is hoped to better the lives of the Rakyat and empower Malaysia into the next development phase.
TM pledges its support to the initiatives outlined in this budget and remains committed to bringing an enhanced and integrated digital lifestyle to all Malaysian homes; opening up possibilities through connection, communication and collaboration via efficient and exciting communication services as an enabler to spur the nation’s economic transformation.
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“A creative and responsible budget, bringing down the deficit to 4.7 per cent in 2012 and yet delivering benefits to the most deserving segments of the rakyat.
"I particularly like measures focussing on human capital development and those addressing concerns on rising consumer debt levels.
"In addition, I would like to compliment the Government for the estimated 14.9 per cent increase in its revenues for 2011, which is a reflection of overall efficiency improvement in the public sector,” CIMB group chief executive Datuk Sri Nazir Razak
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Felda Global Ventures Holdings Snd Bhd group president Datuk Sabri Ahmad said the listing of Felda Global will be an instant boost for Felda settlers, where the value unlocked will directly flow-down to every single settler through Koperasi Permodalan Felda, which is collectively owned by settlers.
Felda chairman Tan Sri Mohd Isa Abdul Samad said the Felda settlers want the successful listing of MSM Malaysia Holdings Bhd on Bursa Malaysia to be emulated and the announcement by the Prime Minister to list Felda Global Ventures is indeed timely.
"The move will see the settlers reaping the profits yet again following the listing of MSM, for which Koperasi Permodalan Felda which is owned by the settlers, made a paper gain of RM300 million.
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PRESIDENT of the Real Estate and Housing Developers' Association Malaysia Datuk Seri Michael Yam welcomed the move to incease real property gains tax.
"The fact that there is no drastic change to the ruling on RPGT encourages long-term ownership of property which also helps the owner with capital appreciation and wealth creation as they will hold on to the property for longer," said Yam.
He added that the first two year is effectively a 100 per cent increase, thus it will help discourage short-term speculation.
"It is a gentle/soft landing which will avoid a dip in the supply and demand of property."
However, real estate agent, Rahim & Co's managing director Robert Ang said that the 10 per cent increase in the first two years is not an effective measure to try and curb speculation activities.
"If you want to curb speculation, why not something higher?", he said.
To recap, in the budget it was disclosed that for the first two years, the RPGT has been increased to 10 per cent each year from the 5 per cent previously. The tax increase is to help curb speculation in the real estate market.
However, the tax regime of 5 per cent will be imposed on the third, fourth and fifth year of disposal of an asset, so that genuine buyers are not discouraged from purchasing. There will be no tax on property disposed after the fifth year.
by btimes.com.my
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