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| Affordable homes for everyone | BorneoPost Online | Borneo <b>...</b> Posted: 07 Oct 2011 06:14 PM PDT Posted on October 8, 2011, Saturday KUALA LUMPUR: The government has proposed to increase the limit of house prices to RM400,000 under the My First Home Scheme beginning January 2012. The improved scheme, of which the limit previously was set at RM200,000, would be available to house buyers through joint loans of husband and wife, Prime Minister Datuk Seri Najib Tun Razak said when tabling the 2012 Budget at the Parliament here yesterday. The government launched the scheme in March 2011 to meet the demand for houses from those earning below RM3,000. Najib, who is also finance minister, said the government would also identify areas in the vicinity of mass rapid transit, light rail transit, and other public transport system to be developed by 1Malaysia People's Housing (PR1MA) for housing project. He said in this regard, the government intended to develop several plots of government-owned land around Sungai Besi and Sungai Buloh. Najib said PR1MA would be the developer for projects on land owned by the government and play a main role in ensuring that the distribution of the housing units would be transparent and fair through an open balloting system. According to him, 1,880 houses would be built in Putrajaya and Bandar Tun Razak this year while 7,700 houses would be built in Cyberjaya, Putra Heights, Seremban, Damansara and Bukit Raja next year. "The government will ensure the house prices under the scheme are lower than market prices as the land and facilitation funds are provided to developers," he said. Najib said the government would also provide 100 per cent duty-exemption on loan instruments for the purchase of these houses. "The government would also encourage the construction of more houses using the build-then-sell concept to protect buyers who bear risks of projects being delayed or abandoned," he said. For this purpose, Islamic banks had agreed to provide syariah-compliant financing and undertake construction risks, he said. He said the installment would only commence after the house was completed and would be implemented for houses costing RM600,000 and below. For Program Perumahan Rakyat (PPR), Najib said, some RM443 million was allocated for the construction of 8,000 units for sale and 7,000 units to be rented next year. Meanwhile, the Rumah Mesra Rakyat programme managed by Syarikat Perumahan Negara Bhd would continue to help the low-income group own decent houses, he said. "Under this programme, those with land but without a house or live in dilapidated houses are eligible for financing to build a house," he said. SPNB would build 10,000 units in 2012, he said. "Each house costing RM65,000 would be sold for RM45,000 and the government will subsidise RM20,000 with an allocation of RM200 million," he said. Apart from this, through the Abandoned Housing Rehabilitation Programme, the government would continue this noble effort with an allocation of RM63 million in 2012 to rehabilitate 1,270 abandoned houses, Najib said. Najib said the government would also allocate RM40 million for restoration and maintenance of public and private low-cost housing. Sympathising with fishermen, he said, the government would establish the Special Housing Fund for Fishermen with an allocation of RM300 million to build and refurbish houses with basic infrastructure. "The government sympathises with fishermen who do not have fix incomes and rely mainly on their daily catches. Most fishermen live in dilapidated houses," he said. — Bernama |
| 2012 Budget business highlightsl GDP projected to grow five to six <b>...</b> Posted: 07 Oct 2011 07:49 PM PDT Posted on October 8, 2011, Saturday • A total of RM232.8 billion allocated to implement all government development plans. • Federal government revenue projected to increase to RM186.9 billion in 2012 compared with RM183.4 billion this year. • Budget deficit to improve to 4.7 per cent of GDP from 5.4 per cent in 2011. • Government to liberalise 17 services sub-sectors in phases in 2012, including private hospital services, medical and dental specialist services, engineering, accounting and taxation, legal services, allowing up to 100 per cent foreign equity participation in selected sub-sectors. • Second rolling plan will be allocated RM98.4 billion with RM49.2 billion each for 2012 and 2013. • Government allocates RM2.5 billion for Facilitation fund, of which RM300 million is for Bumiputera entrepreneurs. • Government allocates RM978 million to accelerate the development in five regional corridors. • 70 per cent income tax exemption for five years proposed for Multinational Corporations (MNCs) to establish treasury management services in Malaysia. • Also proposed for MNCs, the witholding of tax exemption on interest payment on borrowings and stamp duty exemption on loan and service agreements. • Income tax exemption of 100 per cent for a period of 10 years, as well as stamp duty exemption on loans and service agreements for Kuala Lumpur International Financial District (KLIFD) status companies. • Industrial building allowance and accelerated capital allowance and income tax exemption of 70 per cent for a period of five years for property developers in KLIFD. • Tax deduction on expenses incurred for sukuk wakala to be given a 3-year period commencing from the year of assessment 2012. • Income tax exemption for non-ringgit sukuk issuance and transaction extended for another 3 years until 2014. • Valuecap Sdn Bhd to provide RM200 million as seed monies for syariah-compliant Exchange Traded Funds • Felda Global Ventures Holding will be listed on Bursa Malaysia by mid-2012 to raise funds to become a global conglomerate • Government to extend the concessionary tax rate of 10 per cent on dividends of non-corporate institutional and individual investors in real estate investment trusts for five years from 2012 to 2016 • A syariah-compliant SME Financing Fund totalling RM2 billion to be managed by selected Islamic banks by 2012 • Government will provide RM100 million for the SME Revitalisation Fund which will managed by SME Bank and will be available from January 2012 • Government will establish an SME Emergency Fund amounting to RM10 million to assist small and medium enterprises affected by natural disasters • Removal of import duty and excise duty on hybrid cars and electric cars will be extended until 2013 • The Langkawi Five Year Tourism Development Master Plan will be launched with an allocation of RM420 million • Government proposes hotel operators in Peninsular Malaysia, investing in new four and five star hotels, be given Pioneer Status with income tax exemption of 70 per cent or Investment Tax Allowance of 60 per cent for five years. • Real property gains tax rate to be reviewed • A syariah-compliant Commercialisation Innovation Fund totalling RM500 million to be set up • Industrial design services be given Pioneer Status with income tax exemption of 70 per cent for 5 years • RM1.1 billion to be allocated in 2012 for the development of the agriculture sector • Government proposes to increase the limit of house prices under the My First Home Scheme from a maximum of RM220,000 to RM400,000 beginning January 2012 • Under the 1Malaysia People's Housing (PR1MA) a total of 7,700 houses will be built in Cyberjaya, Putra Heights, Seremban, Damansara and Bukit Raja in 2012 • 100 per cent stamp duty exemption on loan instruments for the purchase of houses under the PR1MA • RM443 million allocated for the construction of 8,000 units for sale and 7,000 units to be rented under the Program Perumahan Rakyat • Government to allocate RM200 million as subsidy for 10,000 units of houses to be built by Syarikat Perumahan Negara Bhd. Each house costing RM65,000, will be sold for RM45,000 with the government subsidising the remaining RM20,000 • RM40 million allocated for the restoration and maintenance of public and private low cost housing • Government to allocate RM63 million in 2012 to rehabilitate 1,270 abandoned houses • Government to introduce Skim Amanah Rakyat 1Malaysia for households with income below RM3,000 per month. Participants can apply for RM5,000 loan with a repayment period of five years • MARA will provide financing to qualified corporate personnel to purchase equity as well as acquire companies based on the management buyout concept • RM200 million allocated for the development of Bumiputera entrepreneurs and contractors through the Ministry of Rural and Regional Development • Government proposes allocation for TEKUN to be increased to RM300 million • Amanah Ikhtiar Malaysia will provide RM2.1 billion for micro financing to entrepreneurs, particularly for women. From this, RM100 million will be for Malaysian Indian entrepreneurs and another RM100 million for Chinese entrepreneurs • Micro financing loan instruments be exempted from stamp duty • MyCreative Venture Capital to be established with an initial fund of RM200 million • RM200 million allocated for skills training for youth through the Strategic Action for Youth programme • Government allocates RM15 million to build an additional 150 futsal courts to achieve the 'One Court for One Mukim' target • RM50 million allocated to build football fields with artificial turfs, equipped with floodlights, at 30 selected locations nationwide — Bernama |
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