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Malaysia Budget 2010

Posted by: popoyan  /  Category: My Reading

I was in Singapore attending Nuffnang Blog Awards when Malaysian government is announcing Budget 2010 (23-Oct-09). So many things happen after I have back from Singapore.

  • Granma 80th Birthday
  • Cousin engagement
  • Car accident in Highway
  • Company Team Building
  • Kang fall sick

And finally I have some time to roughlyread through about Malaysia Budget 2010. Budget 2010 with the theme “1 Malaysia, Together We Proser” focus on 3 strategies (DEF).

  1. Driving the nation towards a high-income economy
  2. Ensuring holistic and sustainable development
  3. Focusing on well-being of the Rakyat


It will be too long if I’m going to list out all the thing about budget and no point I’m doing it as there are many news website which giving you better and more precise data about Budget 2010. Just share little bit ffrom my point of view.

1) Effective year 2010 to 2012, individual tax payers is given tax relief for broadband up to RM500. RM500 a year means RM41.66/month. Why don’t they allow relief up to RM850 as most of the broadband price are around RM70+ a month.

2) Personal income tax relief increased from RM8,000 to RM9,000. Sounds good. But will this make any different in total tax we need to pay at the end of the calculation?

3) Deduction for EPF & Life Insurance increased from RM6,000 to RM7,000.

May be add up for the above 3 will help reduce tax I need to pay for year 2010.

4) Expenses incurredin patend and trademark registration for SME company can be deducted from Tax. Hopefully our local SME can fully utilise this to grow their business or run more creativity campaign to brush up the brain for Malaysian.

5) Special tax exemption apply to building which is awarded with GBI (Green Building Indexed) certificate. I’m not interested on how much a company can save, but I like this idea where it shows that our government do care about the environment. Or are they doing this to encourage more building to be certified as GBI so that Malaysia will have higher rank globally in fighting global warming? Who know?

All the above looks likes benefits to the Rakyat instead of Government. Total income from Government will reduce significantly with implementation of the above Budget. So, now is time to talk about how much we need to pay back to Government in order for government to have enough fund to continue ruling our country.

6) It is proposed that tax at a fixed rate of 5% will apply if you are selling off any property with gains. The terms and condition is long and I do not really understand what they mean. LOL. Imagine how much you need to pay to government if your dad bought a landed property in Penang island 20 years ago at around RM20k to RM30k and this landed property worth at least RM300k+.

7) For each of the credit card that you have on hand, you will need to pay government a RM50 yearly service tax for principal card and RM25 yearly service tax for supplementary card. I got to check back how many credit card I have in total which is not in use and la la lam cancel them with the issuing bank.

8) We are allowed to chose whether we prefer to contribute 8% or 11% to EPF since Jan 09. With immediate effect ( no need to wait till year 2010) where those who chosen to reduce to 8% can now increase back to 11%. However, effective from Jan 2011, the employee EPF contribution will be reverted to 11%.

9) Those that fail to submit or complete the tax submission before 3-Mar for each year can be fine ranging from RM200 to RM2,000 or imprisonment. This one I support. I normally get my tax submitted only at the very last week from teh given due date btu I never late. Haha.

Take note that all the above does not apply on total tax you need to pay for year 2009 which you will to submit before April 2010. LOL.

My Reading: The ABC’s of a Building Business Team That Wins

Posted by: popoyan  /  Category: My Reading

Front cover of “The ABC’s of a Building Business Team That Wins” by Blair Singer, the Rich Dad’s Advisor.


Forward by Robert Kiyosaki.

Statistic shows that 90% of new business fail within firts 5 years and 90% of the 10% that survive fail within 5th to 10th year. Only 2 main reason for a fail business (lack of money, lack of business skill)

Four main skills an entrepreneur must have:- 

  1. Sales
  2. Accounting
  3. Investing
  4. Leadership

Among the 4 skills mentioned above, the most important skill is Sales. Without sales, there is no need for the remaining three skills as there is no opportunity to use them.

Follow by Leadership skill. Many business fail due to they are unable to put together a strong team to do the impossible to make business a success.

Code of Honor:

Code of Honor is a set of rules or principles which is leading or influencing a community. Code of Honor will be the foundation of a culture of any organization. Code of Honor is the heart and soul of every team member.

We need to create a set of Code of Honor whereby all the players (team members) should know the rules and do nto interpret it in different way. The players (team members) must understand the rules and commit themselves to respecting it.