Tomorrow PM Najib will table his third budget in his career as PM of Malaysia.
This is going to be a rakyat friendly budget (oh well, they always used this term before budget being table) but mostly are disappointed or not many benefit to rakyat.
For budget 2012, I would like to see
1) Personal tax cut,
- Increased the individual tax rebate from RM35,000 to RM50,000 for the entitlement of RM400 deduction,
- Government should also increase the Insurance+KWSP limit from existing RM6,000 to RM8,000 or more. Indirectly it will encourage rakyat to save money by buying more insurances for themself.
- Increased the individual relief from RM9,000 to RM11,000
2) Lower tax to car, so rakyat can afford to buy cheap car, this is in-line with the oil subsidy is being reduced periodically.
3) To increase the retirement age from current 55 to 60 but retain the optional retirement age of 50.
4) To increase the Employer EPF contribution for employee from 12% to 15%. Therefore saving more for rakyat before retired.
5) Remove 6% service charge incurred by Astro to rakyat. There should incur this charge only to business outlet instead of rakyat.
6) Government should seriously look into the public transport system. If we have a good public transport system, definitely it will help rakyat to reduce transportation burden. Indirectly rakyat don't have to fork out lots of money to buy car and also reduce fatality on the road.
7) To help poor to reduce their daily burden, government may consider to introduce a 'food for poor' system. To provide subsidy or free food for the poor.
8) To encourage rakyat to read more, government should reduce the import tax for books.
Hopefully some of them already in PM budget list.
