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Friday, October 18, 2013

Budget 2014 - Burden to Middle Class Worker will continue rising???

Quite sometimes  not visiting my own blog. After hospitalize and on medication for 2 weeks and later took 1 week leave to get mind rest now looking what will the next dooms to arise. Malaysia budget past years never benefit middle class worker especially private sectors.

Read the below article, tax is the most burden middle class worker since we usually will stuck at the higher tax band due to unbalance tax scheme between public and private sectors.

Public sector gain the most in the past years budget with many benefit given to them but vice versa for private sectors.  Now we need to sacrifice again to pay government debt that was utilized by corrupted to fund their crony debt. Middle class worker now suffering of higher interest rate to purchase house. The price of the house also now very expensive and middle class group also can't even purchase them. Where is justice? Paying higher tax to pay government debt and income become scarce for own consumption.

The 2014 budget will become next nightmare for us atprivate sectors. Leaches will sucks empty our blood... This is the resultant from PRU13.  Price hike for services and goods with GST / New Tax will cause more burden to us at private sectors.

So, what can we do now and next????

USA with Debt Default, and Malaysia also moving toward the same.... in-rational spending by the ruler for their own good will cause burden to us again and again... We are paying their debt... So who will pay our debt??? Good comment on US debt default in below video...



The Star: 18/10/2013.

BUDGET Day is a time when many people sit glued to their TV screens listening to the Finance Minister deliver his all-important speech, as they want to know whether they would be better off or worse off after the details are announced. In Malaysia’s case, Prime Minister Datuk Seri Najib Tun Razak also holds the Finance Minister portfolio.
Next Friday is Budget Day.
Since August this year, the Prime Minister has been requesting for public feedback on the impending budget via the #Bajet2014 campaign. He wants to hear the rakyat’s grouses and wish lists. Many have posted comments on what they would like to see being addressed on a variety of topics ranging from the cost of living and employment to education and social welfare.
Will all those who have expressed their views get their wish list?
One thing that many are expecting to be announced in his speech is the timeline for the implementation of the goods and services tax (GST). Yes, that has to come sooner than later since the Government needs to make fiscal reforms. The GST is expected to be effective come 2015.
At present, we pay a sales tax of 10% and 6% in service tax. In the future, the GST will replace the current narrow-based sales and service taxes. While a broad-based tax is one that applies to almost all purchases of goods and services, a narrow-based tax applies to fewer items.
It is estimated that a 5% GST rate would result in a net increase in tax revenue for the Government by up to RM8bil for the first two years.
The Government needs to reduce its budget deficit after global rating agency Fitch Ratings recently downgraded Malaysia’s sovereign rating outlook. While the reforms are necessary and the GST important, will it improve the Government’s financial position at the expense of the rakyat?
The introduction of the GST would normally mean a revision to the personal and corporate taxes.
But more pressing is the need to address the rising cost of living. The worst-hit segment is the middle-income earners, especially those who live in the urban centres. About 60% of total urban households earn RM4,999 or less, which is not enough to make ends meet in a big city like Kuala Lumpur.
To add fuel to the fire, the rising property prices make it difficult for many to own homes. Sadly, this group is not entitled to the Government’s financial assistance measures like the 1Malaysia People’s Aid programme or BR1M meant for the lower-income group, categorised as those with a household income of RM3,000 a month or less. This group is sandwiched between the rich and the poor, and is often said to be subsidising both the rich and the poor.
What hurts them the most, however, is the narrow tax band. They end up paying higher income taxes when they jump to upper tax bands, says a rating agency report.
It points out that if your chargeable income is about RM60,000, you pay 19% in personal taxes, as opposed to someone in Singapore who would pay 7% for a chargeable income of about S$80,000 or RM203,000.
Malaysia also has one of the highest tax rates in Asia, at 26%, imposed on those whose chargeable income is about RM100,000 per annum versus Singapore, where only those whose chargeable income is above S$320,000 (RM812,000) per annum fall in the top tax bracket.
To help reduce the burden of the rising cost of living, the Government should separate the combined relief for life insurance premium payments and Employees Provident Fund contributions from RM6,000 at present to RM3,000 and RM5,000, respectively, adds the report.
Among the rakyat’s wish list is that the Government should look into increasing the BR1M to help cushion the impact of the subsidy rationalisation.
Personal taxes for those aged 60 years and above should be abolished, and more affordable housing for those in the middle-income group should be provided.
Also, the rules for the entitlement of the tax relief on the medical expenses of parents should be relaxed.
Further, while there are enough roads that lead to almost everywhere now, the Government should focus on improving the quality of public transportation.
Although raising more money is vital for the Government, the rakyat’s wish list is that it keeps close tabs on its expenditure, do away with less-effective programmes such as the National Service and reduce wastage and plug leakages by tightening procurement.
And among all the things that the Prime Minister is going to announce next Friday, the one thing that he should avoid at all costs is to give his blessings to the idea of building the Malaysia-Sumatera bridge. That’s an idea that needs to be canned for good.

Business editor (news) B.K. Sidhu still feels prices for broadband access should be lowered to give more people access to faster speeds.


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