Summary of Malaysian Budget 2022.

Summary of Malaysian Budget 2022. | The 2022 Budget or Belanjawan 2022 held in the Dewan Rakyat, Parliament of Malaysia on Friday 29 October 2022 is begin at 4 pm by the Minister of Finance, YBM Tengku Dato Sri Zafrul bin Tengku Abdul Aziz. This presentation is the moment that all Malaysians are waiting for because this is where financial assistance for the people and the country will be announced

The 2022 budget that were presented is expected to be a comprehensive budget by prioritizing the interests of the people from various walks of life regardless of race or ethnicity as well as being able to reflect the systematic planning of a responsible government.

The government's main emphasis for the 2022 budget is on responsibility in driving economic growth that can benefit various parties. To achieve this, the government will continue to be committed to managing spending prudently and creatively to ensure the quality of services to the people.

Summary of the Text of Speech of 2022 Malaysian Budget

The presentation of the 2022 Budget is important enough for the people where its implementation must take place in an efficient and effective manner so that every citizen can feel the benefits. The people really hope that the government can distribute the budget wisely

The following includes a summary of the important essence of the contents of the 2022 Budget that was presented today that includes :

1. Bantuan Keluarga Malaysia (BKM)

BKM will replace Bantuan Prihatin Rakyat for families earning less than RM2,500 according to the following categories:

RM 2,000: Have 3 or more children

RM 1,500: Have 2 or 1 child

RM 1,000: No children

Additional help:

RM500 to single parents who have dependent children and a monthly income of up to RM5,000

RM300 will be given to senior citizens' households

More Info on Malaysian Family Assistance: Total BKM Assistance

2. Early Schooling Assistance(Bantuan Awal Persekolahan)

Additional assistance of RM50 makes the total assistance of RM150 will be given to students to start school

3. PTPTN Discount

PTPTN payment from 1 November 2021 to 31 April 2022 will be given a discount according to the following rates:

15% for full settlement of debts

12% for debt payments in excess of 50% of the debt balance

10% for repayment through salary deduction/debit according to the schedule

4. Youth e-Start Program

Youths will be given RM150 one-off via e-wallet/e-wallet

5. Motor Vehicle License Assistance for the Disabled

Liability for the cost of motor vehicle license will be given to the disabled (OKU)

6. Targeted Wage Subsidy Program (PSU)

The PSU initiative will be continued specifically for those in the tourism industry who are experiencing a decline in revenue of 30% or more

7. Malaysia Online Store and Go-eCommerce Onboarding

Entrepreneurs in small and medium industries are eligible for up to RM 2,000 for e-commerce implementation activities, training in marketing and digital payments.

In addition, Malaysia Online Store vouchers will be encouraged at businesses and tourist attractions

8. Bonus for Civil Servants and Retirees

Special financial assistance will be given to civil servants grade 56 and below of RM700 and civil retirees of RM350

9. Electric Cars

Full exemption on import duty, excise duty, sales tax and road tax (up to 100 per cent) for electric vehicles.

10. Self -Funded Booster Vaccines

Individual tax relief and employer tax deduction will be provided against the cost of self -paid booster vaccine.

11. Electronic Cigarette / Vape

Introduction of excise duty on liquid or gel products containing nicotine used vape.

12. Sponsorship of Doctoral Expertise Program

A total of RM100 million is allocated for medical and dental contract officers for specialist programs

13. Special Incentives for Teaching Aids (Teachers)

One-off payment of RM 100 to school teachers under KPM

14. Malaysian Family Student Devices

IPT students from the B40 family will receive a tablet

Hopefully next year will be better for all of us and hope this 2022 budget will benefits all Malaysian who in needs.