Malaysia to impose 6% sales tax by 2015

[opmi]

Is Msia giving out the ' GST vouchers' to the low-mid income group to help them adjust???

If not, it is a regressive tax..

[Stocker]

Tabling the 2014 budget in Parliament, he said the broad goods and services tax will replace the current sales and services tax from April 1, 2015. He said the rate is among the lowest in the region and that essential food items, education, housing, public transportation and healthcare will be excluded.

They are more sensible on implementing it.

[CityFarmer]

‘Najib not doing enough to rein in spending’

KUALA LUMPUR — Penang Chief Minister Lim Guan Eng yesterday accused Malaysian Prime Minister Najib Razak of not doing enough to slash the country’s fiscal deficit, rein in government spending and tackle corruption, despite introducing measures such as a planned goods and services tax (GST) in the Budget unveiled on Friday.

In a statement released yesterday, Mr Lim, the opposition Democratic Action Party’s Secretary-General, said such measures would be meaningless if the government did not hold those responsible for wastage and financial wrongdoings accountable.

“The increase in the federal government debt to nearly 55 per cent of gross domestic product (GDP) at RM541 billion (S$211 billion) by end of this year from RM502 billion last year shows that the federal government is neither serious about reining in expenditure nor in fighting corruption,” Mr Lim said.

“Furthermore, Mr Najib has not taken any action against those responsible for the ... wastage and financial mismanagement highlighted in the 2012 Auditor-General Report. The RM6.5 billion which was frittered away by the civil service will have a negative impact on the economy,” he added.
...
http://www.todayonline.com/world/asia/na...n-spending

[sgd]

http://www.reuters.com/article/2013/10/2...TY20131025

the main thing is not the sales tax, the main thing is the foreigners curbs which announced in the 2014 budget. Buying curbs now raised from 500k to 1mil ringgit.

Basically whoever bought malaysian property last year priced > 500k and < 1m they could be screwed by this new ruling because no foreigners will be able to buy their properties.

They changed curbs from 100k in the 80's then 250k in the 90's and again 500k and now 1mil.

[soros]

When does the MYR1 Mil minimum price per property commence ? Does it apply all over Malaysia ?

[sgd]

In Jan next year

http://www.propertyguru.com.sg/property-...sia-budget

[pianist]

http://www.reuters.com/article/2013/10/2...TY20131025

the main thing is not the sales tax, the main thing is the foreigners curbs which announced in the 2014 budget. Buying curbs now raised from 500k to 1mil ringgit.

Basically whoever bought malaysian property last year priced > 500k and < 1m they could be screwed by this new ruling because no foreigners will be able to buy their properties.

They changed curbs from 100k in the 80's then 250k in the 90's and again 500k and now 1mil.

hmm..i never see it this way of analogy..interesting
so those who bought it between 500k to 1mil will have to be long term investors now? or maybe they can apply for the Malaysia my 2nd home stay visa now?

[Bibi]

http://www.reuters.com/article/2013/10/2...TY20131025

the main thing is not the sales tax, the main thing is the foreigners curbs which announced in the 2014 budget. Buying curbs now raised from 500k to 1mil ringgit.

Basically whoever bought malaysian property last year priced > 500k and < 1m they could be screwed by this new ruling because no foreigners will be able to buy their properties.

They changed curbs from 100k in the 80's then 250k in the 90's and again 500k and now 1mil.

hmm..i never see it this way of analogy..interesting
so those who bought it between 500k to 1mil will have to be long term investors now? or maybe they can apply for the Malaysia my 2nd home stay visa now?

If i look at it this way: The cheapest property a foreigner can buy is 1mil. So a foreigner who wants to buy a property in Iskandar have to fork out 1mil. Does that mean those who bought Iskandar properties below 1mil can start selling at min 1mil?

[pianist]

to think our hdb flats are still pegged at resale market price open to pr buying them..
just wondering if govt imposes such similar restrictions..pr can only buy resale hdb flats which are at least S$1million, will it cause a spike or fall in the public housing property value?

[countonme]

Unless the FT that we are attracting are high calibre type. From wat i see, PRs are mostly those of middle/low salary type. Certainly they cannot afford the 1mil HDB. Also if they buy hdb at 1mil, the rental yield for them is merely 2~3%. They probably wont invest in hdb is its priced so highly for PRs.

to think our hdb flats are still pegged at resale market price open to pr buying them..
just wondering if govt imposes such similar restrictions..pr can only buy resale hdb flats which are at least S$1million, will it cause a spike or fall in the public housing property value?