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Tuesday, May 1, 2007

What I wish to have in Malaysian Budget 2008 ... and why?

Come the month of April, many Malaysians (exp the middle income group) feel the burden of income tax payment obligation. Though in many cases, they are experiencing monthly deductions, this is the month when they need to document their past year earnings and settle any balances. It is really a pain to allow your hard earned money to go out of your pocket without knowing how your money will be used. Of course the govt will say that the money will be used for development, so do I believe. Besides the personal income tax, the govt is also getting a lot of other incomes (custom tax, corporate tax, service tax, etc...) which amounts to tens or hundred of billions per year. At the same time, we also hear from our opposition party that the govt is also wasting a lot of our tax monies. Only god knows how my monies are spent!

By the way, countries like Andorra, Bahamas, Bahrain, Bermuda, Burundi, Kuwait, Monaco, Oman, Qatar, Somalia, Saudi Arabia, UAE, and Uruguay does not have personal income tax. How lucky they are! So can we dream that one day Malaysia will abolish personal income tax? It sounds like it will be never. But, it is wrong to request our elected govt to consider giving us more rebates and allowable deductions? With increasing living cost, many of us would be happy if the govt can share with the public the country's strong financial footing and feel good factors it has been experiencing.

I think it is for the benefit of Malaysians if Malaysian bloggers community propose some wish list for Budget 2008 and forward it to the govt for considerations. This is also a form of public consultation, coined in the 2004 Barisan Nasional manifesto. In extension to Azmi Atan's wish list published in May 1 2007 Online New Straits Times, I am proposing mine.

Azmi Atan Budget 2008 Wish List (a summary):
1. Rebate for sibling expenditure; provided there is a ceiling amount and with proof of expenditure. (Mr. K. Partiban, our new Ijok representative will be happy also)

2. Rebate for wife's medical expenses

3. Increasing rebate for insurance premiums and EPF contributions (currently RM 6000)

4. Rebate for broadband internet use

Note: I think Azmi Atan confuse between rebate and allowable deductions, the 3rd item should be allowable deduction and not rebate. I would be happy if it is a rebate.

HundredOne blog Budget 2008 wish list:
1. Rebate for NGV equipment fitting to our cars - Help reduce govt fuel subsidy and promote greener environment

2. Allowance for investments - Promote investment culture among Malaysians which the govt can also benefit (thru other form of taxes that currently exist)

3. Allowance for first house purchased - The basic need of everyone and also to reduce rakyat's burden with increasing house prices and interest charged to finance their house.

4. Allowance for public transport usage - An alternative way to reduce traffic jams in big cities. Moreover charging city entry fees, building more highways and roads are not holistic way to solve the problem. The allowance can be given to those holding weekly or monthly passes. At the same time public transportation must be further improved to encourage more usage, especially by building faster LRTs.

That's all for budget 2008 wish list.