Budget 2010 highlights - Personal Concerns

Income Tax:

* Govt to reduce maximum individual income tax rate from 27% to 26%, personal relief increase from RM8,000 to RM9,000 in 2010

* Personal tax relief raised to RM7,000 from RM6,000 now for EPF contribution and life insurance premiums.

* Govt proposes individual taxpayers be given tax relief on broadband subscription fee up to RM500 a year from 2010 to 2012.

* Govt to impose 5% tax imposed on gains from disposal of real property from Jan 1, 2010. However,it will be retained for gifts between parent and child, husband and wife, grandparent and grandchild. This tax exemption will also be given on disposal of residential property once in a lifetime


Others:

* Govt to launch scheme for EPF contributors to use current, future savings in account 2 to get higher financing to buy higher value house or additional houses.

* Govt to issue 1Malaysia sukuk totaling RM3b, for Malaysian aged 21 and above. 3yr maturity, with 5% annual rate of return

* Govt proposes RM50 service tax on each principal credit card, charge cards, including free cards. RM25 for supplementary cards by January.