{"id":6719,"date":"2020-11-06T19:22:19","date_gmt":"2020-11-06T11:22:19","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=6719"},"modified":"2020-11-06T19:22:22","modified_gmt":"2020-11-06T11:22:22","slug":"budget-2021-highlights","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=6719","title":{"rendered":"Budget 2021 Highlights"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">KUALA LUMPUR, Nov 6 &#8212; The following are the economic highlights of the Budget 2021 tabled in Parliament today by Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The budget, themed &#8220;In Our Strength Lies Our Collective Victory&#8221;, is anchored on three&nbsp;thrusts, namely&nbsp;the people&#8217;s wellbeing, business continuity and economic resilience.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The government plans to raise the ceiling for the COVID-19 Fund from RM20 billion to\u00a0RM65 billlion to fund the\u00a0KITA\u00a0PRIHATIN supplementary assistance package.\u00a0<\/li><li>RM1 billion will be allocated to curb the third wave of the COVID-19 infections.<\/li><li>The tax relief for\u00a0personal, spouse and children\u2019s\u00a0medical care expenses for serious illness is increased to\u00a0RM8,000 from\u00a0 RM6,000.<\/li><li>RM1,200 in cash assistance will be disbursed to households\u00a0with one child with a monthly\u00a0income of less than RM2,500 with one child.<\/li><li>Personal income tax is reduced by one percentage point\u00a0for those earning RM50,001-RM70,000.<\/li><li>Employees&#8217; minimum EPF contribution is reduced to nine per cent starting January 2021<\/li><li>The government has announced a targeted EPF Account 1 withdrawal facility of RM500 per month, up to RM6,000 for 12 months.<\/li><li>Total withdrawal from EPF Account 1 will be RM4 billion.<\/li><li>The government provides almost RM28 billion specifically for subsidies, assistance and incentives.<\/li><li>The EPF allows withdrawal from Account 2 for the purchase of life insurance and takaful coverage products and for critical illnesses.<\/li><li>Individual income tax relief of up to RM3,000 on Private Retirement Scheme contributions is extended until the year of assessment 2025.<\/li><li>The government to provide\u00a0RM4.6 billion to empower Bumiputeras.<\/li><li>The government to\u00a0allocate\u00a0RM510 million for the purpose of financing to Bumiputera SMEs and micro SMEs through TEKUN Nasional and PUNB.<\/li><li>The government to\u00a0provide\u00a0RM800 million through Bank Pembangunan Malaysia dan SME Bank\u2019s\u00a0capacity-building program<\/li><li>Government allocates RM95 million for a special micro-credit fund to empower women entrepreneurs<\/li><li>A guidance program for more than\u00a02,000 women entrepreneurs will be provided\u00a0under\u00a0the Micro Entrepreneur Business Development Programme (BizMe).<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0-1024x579.jpg\" alt=\"budget\" class=\"wp-image-6720\" width=\"465\" height=\"262\" srcset=\"https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0-1024x579.jpg 1024w, https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0-300x170.jpg 300w, https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0-768x434.jpg 768w, https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0-177x100.jpg 177w, https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0-350x198.jpg 350w, https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0-800x452.jpg 800w, https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0.jpg 1047w\" sizes=\"auto, (max-width: 465px) 100vw, 465px\" \/><\/figure><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>The government has allocated RM500 million to implement the National Digital Network (JENDELA) initiative in 2021.<\/li><li>Full stamp duty exemption will be given\u00a0for deeds of transfer and loan agreement for the first house\u00a0purchase worth up to RM500,000.<\/li><li>Full stamp duty exemption for deeds of transfer for rescue contractors and original buyers of\u00a0abandoned housing projects has been extended by another five years.\u00a0<\/li><li>RM1 billion allocated\u00a0for high-tech and value-added\u00a0investment incentive packages.<\/li><li>High-tech funds totaling RM500 million will be provided by Bank Negara Malaysia to support companies in the high-tech and innovative sectors.\u00a0<\/li><li>Relaxing tax incentive requirements for Principal hub, to be extended up to Dec 31, 2022.<\/li><li>\u00a0Implementation of tax for the establishment of\u00a0a \u201cglobal trading center\u201d at a concession rate of 10 percent for five years.<\/li><li>Sales value limit for added-value and additional activities in the Free Industrial Zone and licensed manufacturing warehouse has been raised from 10 percent to 40 percent of sales value.<\/li><li>The special tax rate for selected manufacturing companies to move their business to Malaysia has been extended to Dec 31, 2022.\u00a0<\/li><li>The National Development Scheme worth RM1.4 billion by Bank Pembangunan Malaysia has been introduced to support the domestic supply chain development.<\/li><li>Maritime development schemes, logistics, sustainable development financing schemes, tourism infrastructure schemes, and public transport funds will be extended until Dec 31,\u00a02023, with funds totaling RM3.3 billion.<\/li><li>A targeted recovery assistance facility worth RM2 billion under BNM will be introduced through loans from banking institutions.<\/li><li>RM100 million from the PRIHATIN Sukuk subscription will be allocated for research on infectious diseases, including vaccine developments, studies on treatments, and diagnostics.<\/li><li>RM20 million has been allocated for the continuation of the sustainable palm oil certification program to encourage growth and enhance the oil palm industry\u2019s competitiveness.<\/li><li>A matching grant totaling RM30 million has been allocated to encourage investment in mechanization and automation will be introduced.<\/li><li>The government will increase its guarantee of up to RM10 billion under the business finance guarantee company, with RM2 billion specially allocated for Bumiputera entrepreneurs\u00a0<\/li><li>RM3 billion specially allocated for high-skilled companies such as oil and gas and aerospace.<\/li><li>Budget 2021\u00a0is aligned with\u00a0priority policies\u00a0under\u00a0the 12th Malaysia Plan and the Shared Prosperity Vision 2030<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>KUALA LUMPUR, Nov 6 &#8212; The following are the economic highlights of the Budget 2021&#8230;<\/p>\n","protected":false},"author":1,"featured_media":6720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"featured_image_urls":{"full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0.jpg",1047,592,false],"thumbnail":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0-150x150.jpg",150,150,true],"medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0-300x170.jpg",300,170,true],"medium_large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0-768x434.jpg",640,362,true],"large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0-1024x579.jpg",640,362,true],"1536x1536":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0.jpg",1047,592,false],"2048x2048":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0.jpg",1047,592,false],"newsium-slider-full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0.jpg",1047,592,false],"newsium-featured":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0.jpg",1024,579,false],"newsium-medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/11\/a0357e4d22b76111cd0d9be13c59e7435fa4497e50dd0.jpg",720,407,false]},"author_info":{"info":["Editor"]},"category_info":"<a href=\"https:\/\/newmalaysiatimes.com\/?cat=1\" 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