Miti Blog

Ministry of International Trade and Industry Malaysia Official Blog


Posted by admin2 on July 2, 2015 at 4:01 pm
The 2010 Budget, with the theme ‘1 Malaysia, Together We Prosper’, focuses on 3 strategies, namely:

• Driving the nation towards a high-income economy;
• Ensuring holistic and sustainable development; and
• Focusing on well-being of the Rakyat

The 2010 Budget allocation totalled RM189.5 billion. The breakdown is as follows:

• Operating Expenditure RM138.3 billion (73.0%)
• Development Expenditure RM51.2 billion (27.0%)

In the Budget announcement, among the niche areas with potentials in moving up the value chain as well as generate higher returns highlighted are tourism, information technology and communication (ICT), finance and Islamic banking, Halal and green technology industries.

The 2010 Budget has adopted 3 incentive proposals by MITI which are:

A.SME Development:

• Expenses incurred in registration for patent and trademark be allowable for single deduction; and
• Additional allocation of RM350 million to SME Corp. (RM200 million for soft loans, RM100 million for capacity building, RM50 million for branding and promotion).

B. Medical Tourism

• Income tax exemption increased from 50% to 100% on the value of increased exports for health care service providers who offer services to foreign health tourists.

Other measures announced that would benefit all sectors, including the manufacturing and services sector, are:

• Rationalising all research funds and grants for R&D;
• Allocation of RM2.3 billion to enhance skills training;
• Allocation of RM538 million for the implementation of various SME development programmes;
• Establishment of a RM1.5 billion fund to provide loans to companies that supply and utilise green technology;
• Expansion of micro insurance and takaful coverage for small businesses;
• Encouraging all syariah-compliant financial and banking institutions, such a Bank Muamalat and Bank Islam to offer the Ar-rahnu micro credit programme;
• Allocation of RM3.5 billion for infrastructure and basic amenities, training programmes and socio-economic projects in regional corridors; and
• Income tax on employment income of Malaysians and foreign workers residing and working in Iskandar Malaysia be imposed at a rate of 15%.

The drive towards a new high-income economy will be pursued through innovation, creativity and high-value-added activities:

i. The private sector’s role towards economic development will be further intensified, domestic investment enhanced and local companies overseas encouraged to recruit their profits and invest at home.
ii. The economy will undergo further reforms towards a more market-oriented economy, and more conducive business environment.
iii. The Government to gradually reduce participation in the economy, and pursue a second wave of privatization of MOF companies.
iv. Efforts will be intensified to attract FDIs. The Government will continue the liberalisation process, and conditions made flexible and procedures simplified.
v. In 2010, economic growth expected at 2-3% as compared to -3% in 2009. Manufacturing sector to grow at 1.7% and services sector at 3.6%. Exports anticipated to rebound at 3.5%. Private consumption to grow at 2.9%, while private investment to recover at 3.4%.
vi. To achieve the growth in the manufacturing sector, efforts will be proceed to reduce the cost of doing business. MITI will further consult the private sector, and discuss the ensuing proposals with MOF.

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