Petrol At Pump May Follow Market Price Next Year

KUALA LUMPUR, Oct 27 -- Datuk Seri Ahmad Husni Hanadzlah did not discount the possibility that petrol price at the pump could follow the market price or without subsidy once the restructuring of petrol subsidisation is implemented early next year.

The Second Finance Minister said with the new structure, the offer of subsidy will be more targeted to the qualifying group or the holders of MyKad to enjoy the subsidised petrol price.

"The system is being developed and will be implemented between the first and second quarter," he told reporters after officiating the National Taxation Seminar 2009 here on Tuesday.

Summary of Budget 2010

Below are the summary in the Budget 2010 which was tabled by the Malaysia Prime Minister, Datuk Seri Mohd Najib Tun Razak:-

* Government to make it easier for skilled/qualified people to get permanent residence status. Visa to be granted for family within 14 days.

* CSR Fund of RM100mil to be set to carry out social programmes.

* Tax breaks for registration of patents and copyrights.

* Big scale factory outlets to be set up to boost tourism besides having major events like KL Grand Prix Fest, National Water Festival, Malaysia International Golf Exhibition and Rain Forest Eco-Challenges

* Taxpayers will get tax relief on broadband subscription fee of up to RM500 from 2010 to 2012. Civil servants can apply for computer loans up to a maximum of RM5,000 from the govt once in every 5 years.

* RM6bil for agriculture sector for paddy fields irrigation, fish production, fruit farming, livestock farming infrastructure, training

* RM2bil subsidy for farmers and fishermen including subsidies for fertilisers, incentives for padi yields and allowances for fishermen

* RM9bil to finance infrastructure projects including road and bridges projects and rail, sea ports and airports facilities

* RM1.5bil fund to promote green technology by providing soft loans to companies that supply and use green technology

* RM200mil Creative Industry Fund to finance film, drama, music productions, animation, advertisements through Bank Simpanan Nasional

* In a bid to develop high quality human quality, RM30bil will be allocated to enhance primary and secondary education nationwide

* Rewards for students who excel in studies:

- 30 National Scholarships to the creme de la creme of students stictly based on merit

- Convert PTPTN loans to scholarships for students who graduate with 1st class honours degree, beginning from 2010,

- Offer a netbook package, including free broadband service, to university students for RM50 per month for 2 years.

* The Permata programme that emphasises early childcare and education, including the gifted child programme, will get RM100mil

* Insurance industry to be improved to meet market demand.

* Govt to clamp down on the abuses committed by Ah Longs by enforcing Anti-Money Laundering and Anti Terrorism Financing Act 2001. Moneylenders Act 1951 to be also reviewed.

* Allow 100% foreign equity participation in corporate finance and financial planning companies compared with the present requirement of at least 30% local shareholding.

* To ensure rapid development of financial services, the existing tax incentives to be extended to 2015.

* Among steps to combat corruption is to set up 14 Special Corruption Sessions Courts and 4 Special Corruption Appeal High Courts.

* Tax of 5% to be imposed on gains from the disposal of real property from Jan 1, 2010. Existing tax exemption will be retained for gifts between parent-child, husband-wife, grandparent-grandchild.

* To promote prudent spending, a service charge of RM50 a year to be imposed on each principal credit card and charge card; and RM25 a year on each supplementary card, effective from Jan 1, 2010.

* To ensure that fuel subsidies only benefit targeted groups, Govt will implement a fuel subsidy management system in early 2010, which will utilise the MyKad.

* All Ministries and govt departments are required to provide day care and education centres for children of civil servants.

* The maximum income tax rate for individuals to be reduced to 26% from assessment year 2010. Personal relief increased to RM9,000.

* Police force to get RM1bil to improve its services in govt's efforts to reduce crime. Major measures include to increase police presence, including mobile police stations in 50 crime hotspots.

* To promote house ownership, Govt will launch a scheme that enables EPF contributors to utilise current and future savings in Account 2.

* Employees' EPF contribution to be increased to 11% again, on a voluntary basis, effective immediately. However, from Jan 1, 2011 employees' EPF contribution will revert to 11%.

* Personal relief for EPF and life insurance schemes to be increased to RM7,000.

Where is my EPF money?

It does not matter whether the EPF deduction from employees is 8% or 11%. More important is whether the employer submits all the money deducted from the employees’ salary to the EPF.

For eight years, my employer deducted my EPF contributions from my salary. Now, the company has closed down and I found out that my EPF contributions amounting to more than RM10,000 had not been submitted to the EPF.

I have been complaining to the EPF for the past five years. I am 58 years now and until today, I have not received my hard-earned money from the EPF.

LOH SIEW YOO,

Kuala Lumpur.

PNB Hopes To Get 10 Million Share Unit Holders By Year End

KOTA BAHARU, Oct 20 (Bernama) -- Permodalan Nasional Bhd (PNB) which has successfully reached the target of selling RM100 billion worth of share trust fund units, is looking at increasing the number of its unit trust shareholders to 10 million by end of this year.

The trust fund company has so far sold RM100 billion worth of units through nine share trust funds it has launched since its establishment in 1981.

Its President and Group Chief Executive, Tan Sri Hamad Kama Piah Che Othman said Amanah Saham Bumiputera (ASB) has recorded the highest sales of units worth RM69 billion compared with the other share trust funds.

"Todate, some 9.8 million people have invested in the share trust funds launched by PNB," he said, adding that PNB hoped to see the number increase to 10 million by end of this year.

Hamad Kama was speaking to reporters after launching a state level promotional programme for Amanah Saham 1 Malaysia (AS1M) Kelantan here today.

He said PNB hoped to sell by end of this year all the 10 billion units of AS1M, which was launched by Prime Minister Datuk Seri Mohd Najib Tun Razak on July 31.

So far three billion units of AS1M have been sold, he said, adding that sales had been slow due to a lack of awareness of the fund and also the high trust fund size.

"What we are doing right now is collecting the feedback and complaints from people who could not subscribe the share units," he said.

The quota for the Chinese community of RM3 billion now has a balance of 23 per cent while from the RM1.5 billion quota for the Indian community, sales has reached 20 per cent.

"The quota of RM5 billion for the Bumiputera community has seen sales of only three per cent so far, and this big promotions are being held to attract more people to invest in the AS1M," he said.

There is also possibility that people are doubtful and worried about investing in AS1M which is seen as a new product, he said.

As part of its promotions, PNB has established the Myvi-AS 1Malaysia squad which will have marketing officers going to various popular locations to inform the people of the AS1M.

In Kelantan, the squad will be stationed around the Kota Baharu, Pengkalan Chepa, Pasir Mas, Tanah Merah and Pasir Puteh areas.

500,000 car sales for 2009 possible

PETALING JAYA: Local automotive analysts are mostly optimistic that 2009 car sales would meet or surpass the Malaysian Automotive Association’s (MAA) full year forecast of 500,000 units.

An analyst from a local bank-backed brokerage said the 500,000-mark was achievable despite a tendency for vehicle sales to slow down in the final quarter of the year – regardless of an economic downturn or not.

For the first eight months of 2009, vehicle sales stood at 351,558 units compared with 379,184 units sold during the same period in 2008. The MAA will be announcing vehicle sales for September later this month.

“You would need to sell another 148,442 units in the last four months of the year to reach 500,000 units. That’s an average of about 37,110 units a month,” the analyst told StarBiz.


“Monthly vehicle sales were lowest in February at 36,675 units, due to poor consumer confidence as a result of the global economic downturn and because it was the shortest month. Sales since have been over 40,000 units a month so the MAA forecast is achievable,” he added.

In its half-year briefing in July, the MAA revised upwards its total industry volume (TIV) forecast for this year to 500,000 vehicles from 480,000 due to improved economic conditions and consumer sentiment.

At 500,000 vehicles, the TIV is down 9% from the 548,115 units sold in 2008.

OSK Research auto analyst Ahmad Maghfur Usman also said MAA’s full-year target was “achiveable for sure,” adding that TIV in the fourth quarter was expected to ease.

“Most (buyers) would prefer registering their vehicle purchases towards next year. Some are also more keen to wait for new models as it has been rather quiet lately,” he said.

On whether he expected anything from Budget 2010, to be tabled next week, Maghfur said: “I expect a more liberalised auto sector as the Government tries to lure more value-added investments.

“Nonetheless, I don’t expect any change in the tax structure. Even if there were, it would be rather minimal; otherwise it would disrupt the secondary market.”

An AmResearch analyst who monitors the automotive sector said he was maintaining his initial forecast of a 14% drop in the TIV to 479,400 units for 2009.

“We’re still maintaining (the forecast) for now as risk leans more to the upside. Fourth quarter sales typically weaken as consumers hold back purchases for new year registrations.

“Perodua’s MPV (multipurpose vehicle) launch in November could provide a boost, but meaningful registration numbers (not bookings) are only expected probably from December or January,” he said.

The analyst said sales for September were likely to be weak or flat compared with August.

“Sales typically weaken towards the end of the year. August probably marked the start (of the slowdown). September this year also coincided with the Hari Raya festivities, (meaning) a shorter working month.”

He added that sales in September 2009 were unlikely to surpass the 50,729 units sold in September 2008.

“September last year was strong, being the month prior to Hari Raya when there were a lot of promotions.”

2.7 Billion AS1M Units Sold

A total of 2.7 billion Amanah Saham 1Malaysia (AS1M) units have been sold so far, said Permodalan Nasional Berhad (PNB) group chief executive Tan Sri Hamad Kama Piah Che Othman said Tuesday.

The quota for Chinese investors had been 75 per cent taken up, he told reporters after PNB handed over business tithe totalling RM2.2 million to the Penang State Islamic Religious Council here.

He said PNB would hold a series of awareness campaign beginning Oct 20 in Kelantan on AS1M, the fixed price fund with a size of RM10 billion units launched on July 31, 2009 by Prime Minister Datuk Seri Najib Tun Razak.

AS1M is open to all Malaysians with an allocation of 50 per cent for Bumiputeras, 30 per cent for Chinese, 15 per cent for Indians and five percent for other ethnic groups.

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