Comments on: 2008 Budget — “Unity-driven” or “Prosperity-sharing” http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/ for Malaysia Sat, 22 Nov 2008 00:03:29 +0000 http://wordpress.org/?v=2.6.3 By: akarmalaysian http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-55611 akarmalaysian Tue, 13 Nov 2007 13:25:06 +0000 http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-55611 aiya...these so called goodies are only for kids...the real goodies they masuk their own poket.see it for urself whn time comes.the NEP has been implemented so long and it wud hv been or shud hv been successful if not for some greedy individuals.we still see a lot of bumis in poverty.whr does all the billions of dollars gone to?these greedy scumbags will nvr stop.its a fact they will never admit cos they always thought they cud get away with anything once they are in power.and as for education wise...i really see no difference in what the budget has to offer for non bumi parents...nothing to brag abt considered the loans and priorities given out to bumi students without them having to pay back.fair?...u figure it out urself.our government doesnt recognise talents and credibility....and yet some idiot wud go on encouraging mat rempits...the sampah of the masyarakat.nahh...thic pm doesnt impress me at all....together with his cryonies...they are really the scumbags of the masyarakat. aiya…these so called goodies are only for kids…the real goodies they masuk their own poket.see it for urself whn time comes.the NEP has been implemented so long and it wud hv been or shud hv been successful if not for some greedy individuals.we still see a lot of bumis in poverty.whr does all the billions of dollars gone to?these greedy scumbags will nvr stop.its a fact they will never admit cos they always thought they cud get away with anything once they are in power.and as for education wise…i really see no difference in what the budget has to offer for non bumi parents…nothing to brag abt considered the loans and priorities given out to bumi students without them having to pay back.fair?…u figure it out urself.our government doesnt recognise talents and credibility….and yet some idiot wud go on encouraging mat rempits…the sampah of the masyarakat.nahh…thic pm doesnt impress me at all….together with his cryonies…they are really the scumbags of the masyarakat.

]]> By: AnakTiriMalaysia http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47844 AnakTiriMalaysia Thu, 13 Sep 2007 10:52:55 +0000 http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47844 BN (barisan neraka) is a lousy manager of Malaysia economy... We as Rakyat as the owner of this country must FIRE this incompetent+power abusing manager BN (barisan neraka) is a lousy manager of Malaysia economy…

We as Rakyat as the owner of this country must FIRE this incompetent+power abusing manager

]]> By: undergrad2 http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47453 undergrad2 Mon, 10 Sep 2007 02:33:33 +0000 http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47453 The PM brought his wife to the MoF for a photo ops the night before he presented the nation's Budget??! Perhaps he thought he's opening the Ministry of Finance? The PM brought his wife to the MoF for a photo ops the night before he presented the nation’s Budget??!

Perhaps he thought he’s opening the Ministry of Finance?

]]> By: bystander http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47417 bystander Sun, 09 Sep 2007 13:47:46 +0000 http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47417 Look at it closely. Besides lacking spark, the Budget is discriminating. Look at it closely. Besides lacking spark, the Budget is discriminating.

]]> By: ihavesomethingtosay http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47399 ihavesomethingtosay Sun, 09 Sep 2007 05:14:11 +0000 http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47399 how much will the average non bumi family save from this budget? how much will the non bumi family have to spend next year after the toll increase and everything increase follows the toll increase? now in comparison. how much will the large corporate gained from the incometax reduction and the various tax incentives? how much will the average non bumi family save from this budget?

how much will the non bumi family have to spend next year after the toll increase and everything increase follows the toll increase?

now in comparison.

how much will the large corporate gained from the incometax reduction and the various tax incentives?

]]> By: art-upon-mu http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47391 art-upon-mu Sun, 09 Sep 2007 02:52:08 +0000 http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47391 Yipeeee, free education and no exam fees to pay! Such wonderful news. Now, non-Malay parents can go ahead and have more children, rather than having only one child or two children beacuse of fear that each child is an economic burden. Actually this free education thingy will not cost our beloved government much, because even before this new ruling, our government has been giving free education to almost all Malay or bumiputra kids, the bulk of our nation's school going cohorts. So now, it is graciously extending free primary and secondary education to non-Malay or non-bumiputra kids, the minority. To non-Malay or non-bumiputra parents with school-going kids: please repeat after me, we are grateful to our beloved BN government for its generous and caring policies and we will continue to vote for BN candidates in the comong GE! Yipeeee, free education and no exam fees to pay! Such wonderful news. Now, non-Malay parents can go ahead and have more children, rather than having only one child or two children beacuse of fear that each child is an economic burden.

Actually this free education thingy will not cost our beloved government much, because even before this new ruling, our government has been giving free education to almost all Malay or bumiputra kids, the bulk of our nation’s school going cohorts. So now, it is graciously extending free primary and secondary education to non-Malay or non-bumiputra kids, the minority.

To non-Malay or non-bumiputra parents with school-going kids: please repeat after me, we are grateful to our beloved BN government for its generous and caring policies and we will continue to vote for BN candidates in the comong GE!

]]> By: assamlaksa http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47382 assamlaksa Sun, 09 Sep 2007 01:26:52 +0000 http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47382 I don't find the budget exciting. What is so great by reducing corporate tax rate to 25% and abolishing tax on dividend? With the current system, profit from corporate although is taxed of 27% (next year @ 26%) is translated to individual's scale rate by declaring the profit as dividend. With the new budget, next year the profit will be tax at 26% (or 25% for year 2009) flat meaning dividend income are taxed at 26%, full stop. BTW the maximum scale rate for individuals had not been reduced to match the corporate tax rate. With the abolishment of threshold for service tax for professional services, all auditors, accounting firms, tax agents big or small will include 5% service tax in their bill. Increasing the cost of doing business in Msia. I don't see any benefit granted to SMEs. It proposed that new SMEs and SMIs are not required to submit tax estimate and pay their monthly tax instalments for the first 2 years of operation. BTW, how many businesses can make sufficient profit to be taxed in the first 2 years? Why can't they waive the requirement for all companies that pay tax less than say RM10,000 as this will reduce a lot of administrative work. Why is waiver for stamp duty for merger & acquisition applies to listed companies only? Oh, yes, I forgot, "vendors licensed with Petronas" are also eligible. BTW does anyone know who are these "vendors licensed with Petronas"? Individuals are given RM300 relief for purchase of sports and exercise equipment such as all types of racquets and balls, treadmill, exercise bike and airwalker. Our recreation fields are slowly being taken away by the connected few for development, now we are only able to do exercise at home or subscribe for membership at your nearest "sport centre" Why waiver of stamp duty for transfer of real properties only applicable to husband and wife? What about parents and children? Among siblings? What a pathetic budget. The education part sounds great but to me this appears to be partially plagiarized from DAP's budget. The rakyat will have to thanks the DAP for this benefit. But than again, school fees is only RM4.50 per year and the new text book loan scheme will only benefit the rich as most of the poor are already enjoying the existing scheme. I don’t find the budget exciting.

What is so great by reducing corporate tax rate to 25% and abolishing tax on dividend? With the current system, profit from corporate although is taxed of 27% (next year @ 26%) is translated to individual’s scale rate by declaring the profit as dividend. With the new budget, next year the profit will be tax at 26% (or 25% for year 2009) flat meaning dividend income are taxed at 26%, full stop. BTW the maximum scale rate for individuals had not been reduced to match the corporate tax rate.

With the abolishment of threshold for service tax for professional services, all auditors, accounting firms, tax agents big or small will include 5% service tax in their bill. Increasing the cost of doing business in Msia.

I don’t see any benefit granted to SMEs. It proposed that new SMEs and SMIs are not required to submit tax estimate and pay their monthly tax instalments for the first 2 years of operation. BTW, how many businesses can make sufficient profit to be taxed in the first 2 years? Why can’t they waive the requirement for all companies that pay tax less than say RM10,000 as this will reduce a lot of administrative work.

Why is waiver for stamp duty for merger & acquisition applies to listed companies only?
Oh, yes, I forgot, “vendors licensed with Petronas” are also eligible. BTW does anyone know who are these “vendors licensed with Petronas”?

Individuals are given RM300 relief for purchase of sports and exercise equipment such as all types of racquets and balls, treadmill, exercise bike and airwalker. Our recreation fields are slowly being taken away by the connected few for development, now we are only able to do exercise at home or subscribe for membership at your nearest “sport centre”

Why waiver of stamp duty for transfer of real properties only applicable to husband and wife? What about parents and children? Among siblings?

What a pathetic budget. The education part sounds great but to me this appears to be partially plagiarized from DAP’s budget. The rakyat will have to thanks the DAP for this benefit. But than again, school fees is only RM4.50 per year and the new text book loan scheme will only benefit the rich as most of the poor are already enjoying the existing scheme.

]]> By: 4th_wife http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47381 4th_wife Sun, 09 Sep 2007 01:21:38 +0000 http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47381 Budget is one thing but corruption is a sickness where even the best budget cannot bring the country forward. See the story that follows;- Paying through the nose for tools PETALING JAYA: Would you pay RM224 for a set of four screwdrivers? Probably not, but that was what the Government paid to supply tools for students at the eight National Youth Skills Institutes (IKBN) around the country, according to the Auditor-General’s (AG) report. The AG said the screwdrivers had a market price of RM40 and according to pictures in the report, resembled the average Philips screwdrivers you could buy in any hardware shop. And it does not stop there – the AG went a step further by examining the prices paid for 12 other tools and equipment bought for the IKBN project, comparing it with market prices when the procurement was done in late 2002. Among these were technical books consisting 10 titles that had a price tag of RM10,700 and a 3.1 megapixel digital camera that was bought for RM8,254. For the 13 items that the report highlighted, the Government paid RM8.39mil more than the market price at that time. According to the report, consultants for the Youth and Sports Ministry had reached an estimated price tag of RM399.67mil for the equipment for the IKBN project which later ballooned to RM767.98mil after two appeals by the ministry for additional allocations. “The ministry said more money was needed in anticipation of a bigger student population and that getting equipment from the same supplier meant prices would remain the same. “But there was no proof that market research was done to identify the prices of the items and equipment because minutes for the negotiation meetings were not prepared,” the report said. It said without the minutes, the auditing team was unable to find out if efforts were made to reduce prices. The AG also said that the ministry’s secretary-general (KSU) had signed off 11 contracts worth between RM7.99mil and RM74.2mil that were related to the IKBN project, on behalf of the Government. “The KSU only has the authority to sign contracts worth less than RM5mil. Anything larger should be signed by the minister or someone to whom the authority has been given. “However, during the audit, no such letter giving the authority to the KSU presented itself,” the report said. The report said there were also discrepancies such as one supplier being paid more than the other for exactly the same equipment. One example the AG highlighted showed one supplier getting RM1.24mil more than the other for identical engineering equipment. Budget is one thing but corruption is a sickness where even the best budget cannot bring the country forward. See the story that follows;-

Paying through the nose for tools

PETALING JAYA: Would you pay RM224 for a set of four screwdrivers?

Probably not, but that was what the Government paid to supply tools for students at the eight National Youth Skills Institutes (IKBN) around the country, according to the Auditor-General’s (AG) report.

The AG said the screwdrivers had a market price of RM40 and according to pictures in the report, resembled the average Philips screwdrivers you could buy in any hardware shop.

And it does not stop there – the AG went a step further by examining the prices paid for 12 other tools and equipment bought for the IKBN project, comparing it with market prices when the procurement was done in late 2002.

Among these were technical books consisting 10 titles that had a price tag of RM10,700 and a 3.1 megapixel digital camera that was bought for RM8,254.

For the 13 items that the report highlighted, the Government paid RM8.39mil more than the market price at that time.

According to the report, consultants for the Youth and Sports Ministry had reached an estimated price tag of RM399.67mil for the equipment for the IKBN project which later ballooned to RM767.98mil after two appeals by the ministry for additional allocations.

“The ministry said more money was needed in anticipation of a bigger student population and that getting equipment from the same supplier meant prices would remain the same.

“But there was no proof that market research was done to identify the prices of the items and equipment because minutes for the negotiation meetings were not prepared,” the report said.

It said without the minutes, the auditing team was unable to find out if efforts were made to reduce prices.

The AG also said that the ministry’s secretary-general (KSU) had signed off 11 contracts worth between RM7.99mil and RM74.2mil that were related to the IKBN project, on behalf of the Government.

“The KSU only has the authority to sign contracts worth less than RM5mil. Anything larger should be signed by the minister or someone to whom the authority has been given.

“However, during the audit, no such letter giving the authority to the KSU presented itself,” the report said.

The report said there were also discrepancies such as one supplier being paid more than the other for exactly the same equipment.

One example the AG highlighted showed one supplier getting RM1.24mil more than the other for identical engineering equipment.

]]> By: Jonny http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47363 Jonny Sat, 08 Sep 2007 16:09:55 +0000 http://blog.limkitsiang.com/2007/09/08/2008-budget-%e2%80%93-%e2%80%9cunity-driven%e2%80%9d-or-%e2%80%9cprosperity-sharing%e2%80%9d/#comment-47363 The usage of account II in EPF is a big joke. The government now acts like a bank. Encouraging its citizens to signup for the 'credit card'. Pay now. Enjoy it now. Have it now. Buy the house now. House is always a good investment for the future. No doubt I agree with this. It no doubt also will spearhead the development projects (yes, ask ourselves again - who again will benefit from development projects? More undertable money for everyone)??? The key point is - how much more would be left in EPF account? This is the case which happens to Singaporeans. The pensionsers found - they do not have much in their retirement fund and they're forced to work past retirement age to get by. This shall happen to most of us. Out of 10 people. How many can actually take charge of their personal finances? We will not see the effect now. We shall later. Hope the government has done good in-depth study in this area. The usage of account II in EPF is a big joke. The government now acts like a bank. Encouraging its citizens to signup for the ‘credit card’.

Pay now. Enjoy it now. Have it now. Buy the house now. House is always a good investment for the future. No doubt I agree with this. It no doubt also will spearhead the development projects (yes, ask ourselves again - who again will benefit from development projects? More undertable money for everyone)???

The key point is - how much more would be left in EPF account? This is the case which happens to Singaporeans. The pensionsers found - they do not have much in their retirement fund and they’re forced to work past retirement age to get by.

This shall happen to most of us. Out of 10 people. How many can actually take charge of their personal finances? We will not see the effect now. We shall later.

Hope the government has done good in-depth study in this area.

]]>