Revisit Old News About Tax, Debt and Subsidy..

Just wondering, who says the truth? I cut a piece from the below to understand the issue. Others read by your self in the below article.

Questionable quote:

1) Only 1.7 million worker paying tax over 12.8 million ( 13%)??? So another 87% will get BR1M??
2) Last year petrol only getting 5cent subsidy, why after 20cent price hike, gomen said we was given 65cent of subsidy????

Soooo funny!!!!

“This year we had initially targeted revenue collection to total RM107 billion but our first half collection has already reached the RM99 billion mark. But the income tax payers form a small portion,” he said. Of the 12.8 million in the workforce, only 1.7 million pay tax while in the case of the 700,000 firms, only five per cent, or 35,000, pay taxes.Lim said the middle income bracket’s usual grouse is that the government tends to overlook their interest in the annual fiscal budget.
“Remember for every litre of petrol utilised, the government is giving a five-sen subsidy while for every kilogramme of rice consumed, the government is providing a 60- sen subsidy.” On the implementation of the Goods and Services Tax (GST), Lim said it was now in the final study phase as the government is still undertaking its awareness campaign. The second reading in the Parliament is expected to proceed soon after the government receives the feedback from the business community


Year 2012, Sep 7.

Malaysia debt still at manageable level

Business Times


Sep 7, 2012


MALAYSIA’s government debt level is still at a manageable level even though expenditure will increase further this year, said Deputy Finance Minister Senator Datuk Donald Lim Siang Chai.
The figure may be high but we need to spend on various projects in areas such as infrastructure and healthcare, he said. As at the end of last year, the percentage of public debt to GDP ratio is 51.8 per cent. Although there is a self-imposed cap at 55 per cent, the government is careful in ensuring that the ratio will not exceed that level.

“At RM400 billion (total public debt), it is quite high but we have infrastructure needs now,” he said, at a media briefing after launching a one-day seminar on the recently announced Private Retirement Scheme. It was organised by the Financial Planning Association of Malaysia and Malaysia Financial Planning Council.
Standard and Poor’s Rating Services, in a report on Wednesday, said Malaysia’s public debt is on the high side for an A-rated sovereign and it expected it to rise to 53.9 per cent by the end of 2012. Lim said it is unfair to compare the debt levels with that of neighbouring Singapore or Hong Kong as Ma-laysia’s current priority needs include infrastructure.
“We are building our first MRT line and we are looking at the financing model in countries like Taiwan and Hong Kong to see if we can adopt some of their financing schemes which do not place a burden on the government.” Unlike the high debt levels of advanced economies like the US, coupled with high unemployment and slow growth rates, Malaysia still continues to enjoy strong growth, low inflation level, healthy foreign reserves as well high foreign direct investment (FDI) interest. On concerns of the economy being dependent on the oil income, Lim said the level of dependence has reduced greatly from the 1990s when it was about 50 per cent.
“Our revenue is well spread now – with oil and gas, commodities such as palm oil and rubber, manufacturing, retail market and tourism. The contribution from the services sector has also risen as Kuala Lumpur gains its recognition as the regional financial hub.” In 2011, 35 per cent of the revenue was derived from the oil and gas sector, another one-third from corporate and individual taxes and the remaining one-third from the customs tax collection from cigarettes, liquor and gaming (sin taxes).
“This year we had initially targeted revenue collection to total RM107 billion but our first half collection has already reached the RM99 billion mark. But the income tax payers form a small portion,” he said. Of the 12.8 million in the workforce, only 1.7 million pay tax while in the case of the 700,000 firms, only five per cent, or 35,000, pay taxes.Lim said the middle income bracket’s usual grouse is that the government tends to overlook their interest in the annual fiscal budget.
“Remember for every litre of petrol utilised, the government is giving a five-sen subsidy while for every kilogramme of rice consumed, the government is providing a 60- sen subsidy.” On the implementation of the Goods and Services Tax (GST), Lim said it was now in the final study phase as the government is still undertaking its awareness campaign. The second reading in the Parliament is expected to proceed soon after the government receives the feedback from the business community

Comments

Post a Comment

Popular posts from this blog

Adakah Anda Tahu Apa Itu AKPK?

Rujukan dipetik dari laman AKPK, untuk rujukan dan memahaminya. Sesiapa yang menghadapai masalah kewangan (hutang seperti hutang along), lemah dalam pengurusan kewangan dan ingin mendapat maklumat demi maklumat berkaitan pengurusan kewangan boleh merujuk terus kepada AKPK. Di sini sedikit panduan untuk kita bersama, moga Allah s.w.t. melindungi kita dan menjadikan kita antara mereka-mereka yang mengenal erti pengurusan kewangan bagi kepentingan dunia dan akhirat. Amin. Untuk muat turun buku panduan Celik Wang Anda Dari AKPK disini (klik) .... AKPK atau Agensi Kaunseling dan Pengurusan Kredit merupakan ebuah agensi yang ditubuhkan oleh Bank Negara Malaysia yang menyediakan perkhidmatan berikut:- Perkhidmatan pengurusan kewangan dan kaunseling kredit, Penstrukturan pinjaman pendidikan kewangan yang bermasalah, Pendidikan kewangan AKPK ditubuhkan dengan tujuan:- menyediakan saluran kepada orang ramai supaya mereka mampu menguruskan perbelanjaan dengan berhemah dan teratur melal...
Read more

Contd' Melaka Coconut Shake, Kuantan Murtabak Mengkasar and Kepala Batas Ikan Bakar

Image
Assalamualaikum w.b.t., Continued for Melaka holiday visit, just before drove home, we tried the famous Melaka Coconut Shake located at Pantai Klebang. Location already available in GPS maps updated May, 2011. May be in near future, I'll blog on how to update free GPS maps. My surprise, the Q for coconut shake really long for take away (tapau). If you plan to go there, please don't feel frustrated if long queue, there are restaurant being opened for those who want to drink and eat there. Just ask them. They will guide you to the restaurant just located near by. Coconut shake here taste great. Also available "nasi lemak/mee/bihun bungkus" and local delight (kuih-muih). Yummy! Boat cruise at Melaka - Smiling face enjoying sight seeing... Who's kid is this, really know how to enjoy her life.... After getting home from Melacca  we had a sad story. Two of our daughters hospitalized due to lungs infection (pneumonia). I'll blog later, medical hos...
Read more

Pelepasan Cukai Taksiran Tahun 2022, e-FIling Cukai 2023 (Dikemaskini 20/DEC/2022)

Image
Tahun 2022 sudah hampir melabuhkan tirainya. Sangat wajar bagi kita yang mempunyai pendapatan dan dikenakan cukai pendapatan mencerakin dan menelusuri pengecualian cukai yang boleh kita manafaatkan secara maksima.  Untuk tahun 2022 ada beberapa perkara khusus yang boleh dimaksimakan sebelum berakhirnya tahun 2022. Antaranya pembelian komputer atau telefon pintar untuk kegunaan kerja atau untuk pembelajaran anak di universiti wajar digunakan sepenuhnya. Selain itu, boleh menghadiahkan diri dan keluarga dengan keluar bercuti dalam negara (RM1000 pengecualian cukai untuk penginapan yang berdaftar dengan MOTAC https://www.motac.gov.my/en/check/registered-hotel).  Memaksimakan pelaburan untuk kegunaan masa hadapan juga pilihan terbaik seperti takaful, PRS dan SSPN. Bagi yang sudah meninggalkan pekerjaan dan tidak mempunyai pelan kesihatan, seharusnya mengambil peluang pengecualian cukai untuk menjalankan pemeriksaan kesihatan penuh dan rawatan jika ada penyakit serius.  Seteru...
Read more