Prime Minister and Finance Minister Datuk Seri Abdullah Ahmad Badawi presented the budget for 2006 to Parliament Friday with the theme "Strengthening Resilience, Meeting Challenges", reflecting the main thrust of the budget.
some of the highlights:
- Cigarette tax increased by 13%, while tax on liquor up by 9%. - Bonus for civil servants to be paid in two equal instalments in October and November. - Automatic income tax relief of up to RM4,000 for each child (RM9,000 for disabled children) studying in local institutions of higher learning. - The government has been emphasising on development of biotechnology and in line with this it is contributing RM100mil to launch the 'Malaysian Life Sciences Capital Fund'. This is to encourage investments in biotechnolgy to be managed by Malaysian Technology Development Corporation. - A Yayasan Amanah Hartanah Bumiputera, a Bumiputera property trust foundation with an initial capital of RM2bil is to be established to purchase commercial properties in prime locations - The insurance industry continues to support the economy through the mobilisation of long-term savings, besides facilitating economic risk transfers.