Page 90 - Official Year Book 2019
P. 90
ATEGY 14
Commitment to Fiscal Consolidation
A fiscal deficit target of 3.0 percent for 2020. Merging the Special Commissioner of Income Tax and
Customs Appeal Tribunal into the Tax Appeal Tribunal.
A total expenditure of RM297 billion for the 2020 budget.
Introducing a Tax Identification Number or TIN for business
Operating Expenditure of RM241 billion. or individual income earners aged 18 and above.
Development Expenditure of RM56 billion. The Digital Services Tax will be implemented with effect from
1 January 2020.
Japan Bank for International Cooperation (JBIC) has once again
offered to guarantee an additional tranche of Samurai bond with RM235 million to purchase 20 additional cargo scanners to
an even lower interest rate of less than 0.5%, compared to the strengthen enforcement and to reduce leakage from smuggling
previous rate of 0.63%. through containerised cargo and wrongful declaration for
customs duties.
The Federal Government intends to issue the Samurai Bonds
early next year where the issuance size will be determined after
further discussions with JBIC.
Enhancing Government Revenue.
Increase in tax at 30 percent, which is a two percentage
point increase from the current 28 percent rate for income
more than RM2 million.
To further support the growth of the SME, the chargeable
income subjected to 17 percent rate will be increased from
RM500,000 to RM600,000, subject to the SME having
paid-up capital of not more than RM2.5 million and annual
sales of not more than RM50 million.
78 MALAYSIA BAHARU 2019: Official Year Book
Commitment to Fiscal Consolidation
A fiscal deficit target of 3.0 percent for 2020. Merging the Special Commissioner of Income Tax and
Customs Appeal Tribunal into the Tax Appeal Tribunal.
A total expenditure of RM297 billion for the 2020 budget.
Introducing a Tax Identification Number or TIN for business
Operating Expenditure of RM241 billion. or individual income earners aged 18 and above.
Development Expenditure of RM56 billion. The Digital Services Tax will be implemented with effect from
1 January 2020.
Japan Bank for International Cooperation (JBIC) has once again
offered to guarantee an additional tranche of Samurai bond with RM235 million to purchase 20 additional cargo scanners to
an even lower interest rate of less than 0.5%, compared to the strengthen enforcement and to reduce leakage from smuggling
previous rate of 0.63%. through containerised cargo and wrongful declaration for
customs duties.
The Federal Government intends to issue the Samurai Bonds
early next year where the issuance size will be determined after
further discussions with JBIC.
Enhancing Government Revenue.
Increase in tax at 30 percent, which is a two percentage
point increase from the current 28 percent rate for income
more than RM2 million.
To further support the growth of the SME, the chargeable
income subjected to 17 percent rate will be increased from
RM500,000 to RM600,000, subject to the SME having
paid-up capital of not more than RM2.5 million and annual
sales of not more than RM50 million.
78 MALAYSIA BAHARU 2019: Official Year Book
