Penang International Lantern Festival 2007 - Part 4

Penang International Lantern Festival 2007 - Part 3

Penang International Lantern Festival 2007 - Part 2

Penang International Lantern Festival 2007 - Part 1

Penang International Lantern Festival 2007, at Juru Autocity.

Hello Kitty lantern

2008 Malaysia budget - personal relief

• Single-tier tax system, effective from the year of assessment 2008. Under a single-tier tax system, profits are only taxed at the company’s level and dividends received are exempted from tax.
• To further stimulate the property sector in particular housing, the Government proposes that a 50% stamp duty exemption on documents of transfer be given for the purchase of one house of not more than RM250,000 per unit.
• Beginning the 2008 school session, the Text Book Loan Scheme will be provided to all students, irrespective of their families’ income and with no restrictions on the number of eligible children. With this, 5.7 million students will benefit from this Scheme compared with 4.5 million students currently. With these measures, schooling in Malaysia is now completely free.
• The active participation of students in co-curriculum activities, such as uniformed bodies, associations and clubs as well as sports, is important for character building and developing leadership qualities among students. To ensure every student has the opportunity to participate in uniformed activities, the Government will provide a free uniform for one activity for school students from families with a monthly income of RM1,000 and below.
• The Government also proposes that last mile network facilities providers be given Investment Allowance of 100% on capital expenditure incurred for broadband up to 31 December 2010; import duty and sales tax exemptions be given on broadband equipment and consumer access devices; and tax deduction be given to employers on benefits in kind in the form of new computers and payment of broadband subscription fees for employees. Such benefits in kind received by the employees will also be tax exempt.
• To ease the burden of home loan repayment, the Government will allow EPF contributors to make monthly withdrawals from the balance in Account 2. The scheme will be effective 1 January 2008 and is for the financing of one house. This is a major move, which will benefit 5 million active EPF contributors. This scheme will enable contributors to own better houses than they could otherwise afford as well as lessen their monthly financial obligations. This scheme will make available up to RM9.6 billion annually for the purchase of houses.
• In addition, to promote healthy lifestyle among Malaysians, the Government proposes that individual tax relief of up to RM300 a year be given on the purchases of sports and exercise equipment.

For full PM speech on 2008 budget, please click here