At the end of October, the Minister of Finance, Tengku Zafrul Bin Tengku Abdul Aziz had announced the plans for Budget 2022 in the Parliament.
Among the initiatives revealed was the financial assistance which the rakyat will receive, which is also known as Keluarga Malaysia Bantuan Rakyat. One of the main initiatives announced was the Bantuan Keluarga Malaysia that includes provisions of direct cash assistance to a targeted group.
But that’s not all.
The government has a lot of plans up its sleeves and these are some of the financial assistance for the rakyat that will encompass Budget 2022 which you may not know.
1. Early Schooling Assistance
Despite the pandemic, the education of the young ones should never be abandoned! This initiative aims to reduce the burden on parents/guardians in preparing for face-to-face school reopenings by offering an RM150 one-off early schooling assistance.
2. MyRail5 Pass
This will not only benefit the primary school students but also the disabled community as well! An RM5 a month travel pass for unlimited travel on train services will benefit them.
Here’s how you can get the MyRail5 Pass.
Public transportation has eased our lives especially when it comes to avoiding the never-ending traffic jams! Unlimited travel passes priced at RM50 monthly will be given to people who commute to work (or anywhere) by bus and rails in the Klang Valley.
You can purchase the My50 pass at any LRT, MRT, Monorail, and BRT station.
4. Reduction in Minimum EPF Contribution Rates
The pandemic has undoubtedly burdened the people not just emotionally, but also financially. Minimum reduction in EPF contribution rates by employees will be reduced from 11% to 9% up until June 2022.
5. Expansion of Tax Reliefs for EPF Contributors
Expansion of tax relief of up to RM4,000 for EPF contributors will also include voluntary contributions, such as those who are self-employed in the gig economy and pensionable civil servants.
6. Development of Local Electric Vehicles (EVs)
The Government proposes to provide import duty, excise duty and sales tax exemptions on EVs as well as up to 100% road tax exemptions to the vehicle owners.
Additionally, individual income tax reliefs of up to RM2,500 will be given for the purchase and installation, rental and hire-purchase of EV charging facilities as well as payment of EV charging facility subscription fees.
7. Extension of Sales Tax Exemption on CKD (Completely Knocked Down) and CBU (Complete Built-Up) Vehicles
Extension of the 100% sales tax exemption on CKD passenger vehicles and 50% on CBU including SUV and MPV for 6 months until 30 June 2022.
8. Exemption on Entertainment Duty
A hectic life calls for occasional entertainment! Entertainment duty for entertainment activities, including theme parks and cinemas, in all Federal Territories, will be exempted. This exemption also includes tourism tax exemption which will last until 31 December 2022 in order to support the recovery in this sector.
9. Financial Assistance for Persons with Disabilities (PWDs)
No one is left behind, and that includes persons with disabilities. The rate of Financial Assistance for Persons with Disabilities (PWDs) will be raised from RM250 to RM300 per month to improve the quality of their lives.
10. Allowance for Disabled Workers
An increase in the rate of Allowance for Disabled Workers from RM400 to RM450 will be included as an incentive to encourage the PWDs to maintain their employment, as well as continue being independent productive members of the society.
11. Elderly Assistance
The rate of elderly assistance will see a hike from RM350 per month to RM500 to provide the elderly with a healthy and normal life within the community.
Truthfully, there is so much more to Bantuan Keluarga Malaysia and Budget 2022 and the list here is not all. For more information on how Budget 2022 will ease the rakyat, business, as well as the community, do visit the official website of Budget 2022!