{"id":4458,"date":"2016-01-28T07:51:39","date_gmt":"2016-01-28T07:51:39","guid":{"rendered":"http:\/\/www.ap-northeast-1.blog-v1.compareglobal.co.uk\/my\/?p=4458"},"modified":"2026-03-27T09:56:39","modified_gmt":"2026-03-27T01:56:39","slug":"budget-2016-revised-2","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/tax-planning\/budget-2016-revised-2.html","title":{"rendered":"Budget 2016 Revised: What You Need To Know"},"content":{"rendered":"

\"budget<\/a><\/p>\n

Prime Minister Datuk Seri Najib Tun Razak announced the revision for Budget 2016 today. When the Budget 2016 was announced last year<\/a><\/strong> on October 23, it was based on the price assumption of crude oil at US$48 (RM204) per barrel.<\/p>\n

<\/p>\n

However, the sliding oil price means that crude oil is now priced at about US$30 (RM127) per barrel, a sharp fall of about US$18 less than three months since the budget was tabled, last October. The recalibration of Budget 2016 is said to be a protective measure by the government<\/a><\/strong>, \u201cWe made a stand to take early measures. The government is being proactive as we don\u2019t want the situation to overtake us\u201d said Najib.<\/p>\n

The amount allocated for Budget 2016 was RM267.2billion, and key highlights of the initial budget tabled by the Prime Minister last year can be found here<\/a><\/strong>. The revised budget consists of 11 steps which are said to save the country up to RM9 billion in operating and development expenditures.<\/p>\n

\u00a0\u00a0\u00a0 11 restructuring steps for Budget 2016
\n<\/strong><\/h2>\n

1. Reduction of 3% for employee\u2019s contribution to Employees Provident Fund (EPF) effective from March 2016 to December 2017. Employer\u2019s contribution remains the same. Private sector spending is expected to increase by RM8 billion.<\/p>\n

2. RM2,000 tax exemption for the 2015 assessment year. Applicable for those with a monthly income of RM8,000 and below. Two million taxpayers are expected to benefit from this.<\/p>\n

3. Control on import quota for 8 agriculture products, which includes raw coffee beans and meat products.<\/p>\n

4. House properties priced RM300,000 and below will only be allowed to be sold to first time homebuyers, effective immediately.<\/p>\n

5. The Human Resources Development (HRDF) Levy will be increased by 30% to RM200 million. The HRDF Levy is a mandatory levy payment, imposed by the government on specified groups of employers for the purpose of employee training and skills upgrading. This is to be utilised for skills training including for the unemployed.<\/p>\n

6. Increase efforts for tax audit and compliance for tax evaders, as well as loosen the penalty imposed on tax evaders.<\/p>\n

7. Streamline foreign worker\u2019s management system into two categories to ease security monitoring.<\/p>\n

8. Exercise prudent spending on services and supplies, while practicing grant rationalization.<\/p>\n

9. Focus on projects that put the rakyat first, with an allocated cash flow of RM5 billion.<\/p>\n

10. RM6 billion to be allocated to grant financing for SMEs and start-ups.<\/p>\n

11. Government linked companies and private sector urged to look into reducing the income gap between higher management and lower management employees.<\/p>\n

Najib also stressed that \u201cwe are not in a recession, nor are we in a technical recession\u201d. However he states that the country\u2019s revenue will see a drop between RM7 billion to RM9 billion as a result of the global economic downturn and drop in oil price.<\/p>\n

He also announced that the ringgit will not be pegged and that the Goods and Services Tax (GST) rate will remain the same at 6%. Najib is also confident that Malaysia\u2019s economy will see growth of 5% in 2016 and adds that the country\u2019s debt will not exceed 55% of gross domestic product (GDP). Additionally the government remains committed to achieve a GDP target of 3.1%.<\/p>\n

See also:<\/strong> Why You Should Have a Credit Card<\/a><\/p>\n

\"my_blog_genericproducts_cta_rev_021417\"<\/a><\/div>\n
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\n[tags]<\/p>\n","protected":false},"excerpt":{"rendered":"

Prime Minister Datuk Seri Najib Tun Razak announced the revision for Budget 2016 today. When the Budget 2016 was announced last year on October 23, it was based on the price assumption of crude oil at US$48 (RM204) per barrel.<\/p>\n","protected":false},"author":268230141,"featured_media":59615,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[416],"tags":[],"class_list":["post-4458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-planning"],"yoast_head":"\nBudget 2016 Revised: What You Need To Know - CompareHero<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.comparehero.my\/blog\/tax-planning\/budget-2016-revised-2.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget 2016 Revised: What You Need To Know - CompareHero\" \/>\n<meta property=\"og:description\" content=\"Prime Minister Datuk Seri Najib Tun Razak announced the revision for Budget 2016 today. 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How will oil\u2026","rel":"","context":"In "Bank News"","block_context":{"text":"Bank News","link":"https:\/\/www.comparehero.my\/blog\/bank-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2017\/01\/image-1.png?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2017\/01\/image-1.png?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2017\/01\/image-1.png?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2017\/01\/image-1.png?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9108,"url":"https:\/\/www.comparehero.my\/blog\/tax-planning\/updates-budget-2017-malaysia-2.html","url_meta":{"origin":4458,"position":1},"title":"Key Updates: Budget 2017 Malaysia","author":"CompareHero","date":"21 October 2016","format":false,"excerpt":"The much anticipated Budget 2017 is being tabled today. 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BR1M began in 2012 as a single payment of RM500 given to Malaysia\u2019s low-income household while low-income single individuals who are 21\u2026","rel":"","context":"In "Tax Planning"","block_context":{"text":"Tax Planning","link":"https:\/\/www.comparehero.my\/blog\/tax-planning"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2015\/12\/image-2.png?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2015\/12\/image-2.png?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2015\/12\/image-2.png?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2015\/12\/image-2.png?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":18437,"url":"https:\/\/www.comparehero.my\/blog\/transport\/petrol-prices-in-malaysia-2017.html","url_meta":{"origin":4458,"position":4},"title":"Petrol Prices In Malaysia 2017","author":"CompareHero","date":"25 March 2019","format":false,"excerpt":"\u00a0 How Petrol Prices are Determined in Malaysia Historically, the price of petrol in Malaysia was subsided by the government to keep the price artificially low. However, this changed in recent years when the government adopted a\u00a0managed float system\u00a0where the price of fuel would be announced monthly. Price adjustments are\u2026","rel":"","context":"In "Transport"","block_context":{"text":"Transport","link":"https:\/\/www.comparehero.my\/blog\/transport"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2019\/03\/petrol-for-car.png?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2019\/03\/petrol-for-car.png?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2019\/03\/petrol-for-car.png?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2019\/03\/petrol-for-car.png?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":17950,"url":"https:\/\/www.comparehero.my\/blog\/government-budget\/budget-2021-highlights.html","url_meta":{"origin":4458,"position":5},"title":"Budget 2022: Here Are The Key Highlights And Takeaways For You","author":"CompareHero","date":"20 February 2022","format":false,"excerpt":"The recent economic highlights of\u00a0 Budget 2021 was tabled in parliament by Finance Minister, Tengku Dato Sri Zafrul Aziz on 6 November 2020. Read below to find out the main takeaways that you can expect to get and understand how they may affect you and your business.\u00a0 Though all eyes\u2026","rel":"","context":"In "Government Budget"","block_context":{"text":"Government Budget","link":"https:\/\/www.comparehero.my\/blog\/government-budget"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/budget-2021-highlights.jpg?fit=1200%2C628&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/budget-2021-highlights.jpg?fit=1200%2C628&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/budget-2021-highlights.jpg?fit=1200%2C628&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/budget-2021-highlights.jpg?fit=1200%2C628&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/budget-2021-highlights.jpg?fit=1200%2C628&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2016\/01\/show-money-stacking-up.png?fit=1024%2C768&ssl=1","_links":{"self":[{"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/posts\/4458","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/users\/268230141"}],"replies":[{"embeddable":true,"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/comments?post=4458"}],"version-history":[{"count":1,"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/posts\/4458\/revisions"}],"predecessor-version":[{"id":58541,"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/posts\/4458\/revisions\/58541"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/media\/59615"}],"wp:attachment":[{"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/media?parent=4458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/categories?post=4458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/tags?post=4458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}