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Gross imports are forecast to fall 2.5 per cent in 2019 and increase 2.7 per cent in 2020. As a percentage of GDP, the deficit is forecast to fall from 3.7 per cent in 2018 to 3.2 per cent in 2020. For recipients of the BSH, the petrol subsidy receivable will be RM30 per month for car owners and RM12 per month for motorcycle owners. Estimates. We have detected that JavaScript is disabled on your browser. And no, the Goods and Services Tax (GST) will not be re-introduced next year.The theme for Belanjawan 2020 is Spur Growth and Success Towards Shared Prosperity, which is in line with the country’s aim of becoming a highly-skilled, high-income nation and achieving its Shared Prosperity Vision 2030.At the press conference after the Budget announcement, Prime Minister Tun Dr Mahathir Mohamad said, many people will be happy with this year’s budget as almost everybody gets something.The biggest winner is the Ministry of Education with a budget allocation of RM64.1 billion followed by the Ministry of Finance and Ministry of Health with RM37.8 billion and RM30.6 billion respectively.There was plenty of good news in the government’s budget proposal for 2020 totalling RM297.02 billion. According to the minister, the theme of this year's Budget is “driving growth and equitable outcomes towards shared prosperity.”Investing in Malaysians: Levelling up human capitalThe Government is forecasting that the budget deficit will fall from RM51.8 billion in 2019 to RM51.7 billion. This incentive will be available for 2020 to 2022.Any entities whose main activities are other than promoting and organising conference qualify for an income tax exemption of 100 per cent of statutory income where they organise a conference that brings in at least 500 foreign participants annually. In the 2019 budget, the Government stated that accrual accounting will be adopted in 2021; in this budget it states that the shift will be completed within three years.The Budget papers state that the government will improve the nation’s taxation system by:Reducing the tax gap, which is an estimate of the difference between the amount the revenue authorities actually collect and what they would have collected if every taxpayer was fully compliant with tax lawsSpecific tax measures announced in the Budget include:It is proposed that a 100 per cent income tax exemption up to 10 years be given to qualifying income derived from a patent and copyright software of qualifying activities undertaken in Malaysia. KUALA LUMPUR: The Education Ministry is the biggest recipient of the 2020 Budget with an allocation of RM64.1 billion, RM3.9 billion more than this year's allocation. The biggest winner is the Ministry of Education with a budget allocation of RM64.1 billion followed by the Ministry of Finance and Ministry of Health with RM37.8 billion and RM30.6 billion respectively. To qualify, these companies must invest at least RM5 billion each in Malaysia.To improve the global competitiveness of Malaysia’s businesses, the government will make available up to RM1 billion in customised packaged investment incentives annually over 5 years.

All other motorists will receive a special Kad95, which gives them a fuel subsidy of 30 sen per litre limited to 100 litres per month for cars and 40 litres per month for motorcycles. This includes expanding the Bantuan Sara Hidup (BSH) scheme to cover 1.1 million people aged over 40 who are earning less than RM2000 per month, as well as all disabled persons aged 18 or over who have an income of less than RM2000 a month.The Ministry of Health will be allocated RM30.6 billion in 2020 compared with RM28.7 billion in 2019. Further, both Allowances be extended to services companies.Licensed tour operators be eligible for Accelerated Capital Allowance on expenses incurred on the purchase of new locally assembled excursion buses, with an initial allowance of 20 per cent and an annual allowance of 40 per cent. The applicant will rent the property for five years and after the first year, the tenant will have the option to purchase the house based on the price at the time the tenancy agreement was signed.The Government will encourage up to 100,000 small to medium-sized enterprises (SMEs) to adopt electronic Point of Sale equipment, Enterprise Resource Planning and electronic payroll systems through a 50 per cent matching grant of up to RM5000 per company. The Government will finance at least half of the required investment.The Government will provide RM210 million to accelerate the deployment of new digital infrastructure in public buildings particularly schools and industrial parksRM1.1 billion is to be allocated in 2020 to support projects for corridor development activities including:RM50 million for the development of Chuping Valley Industrial Area in PerlisRM69.5 million for the Kuantan Port related projectsRM42 million for the construction of Sungai Segget Centralised Sewerage Treatment Plant in JohorRM55 million for infrastructure in the Samalaju Industrial Park in Sarawak by RECODARM20 million for the Sabah Agro-Industrial PrecinctThe Government will invest RM450 million to acquire up to 500 electric busesThe Government will spend RM85 million to ease congestion at the Johor Causeway.To attract foreign direct investment from targeted Fortune 500 companies and global unicorns, the Government will make available up to RM1 billion worth of customised packaged investment incentives annually over 5 years. View Supporting Documents | View Estimates 2020. The fund will be worth up to RM25 million.To encourage greater uptake of e-wallets by individuals and business, the government will offer a RM30 payment to all Malaysians with an e-wallet who are aged 18 and above and with an annual income of less than RM100,000. Features of this site require JavaScript to function.
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