Positive Growth In Several Sectors Fuelled Economic Recovery

Malaysia's recovery from the global economic crisis were fuelled by positive growth registered by various sectors and not solely due to the accelerated implementation of the RM67 billion economic stimulus package, says Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.

He said the Opposition claims that Malaysia's 2009 "better than expected" fourth quarter economic performance was the direct result of the whopping RM67 billion stimulus package was totally baseless.

"The economic recovery in the United States and Europe also provided the advantage to Malaysia. While we did not reduce our exports to Europe, we also increased our exports to Asian countries.

"Previously, our country registered a trade deficit with China, but it was no longer the case now as within a two-year period, we have recorded a trade surplus," he told reporters after launching the "Pintar MAS" programme at Sekolah Kebangsaan Manjoi Dua here on Thursday.

Ahmad Husni said the high growth rate recorded by several economic sectors provided the impetus for the country to recover from the economic crisis that plagued the world.

For instance, he said, the manufacturing sector recorded a negative growth in the first, second and third consecutive quarters last year, but rebounded in the fourth quarter, with a positive growth.

"In the first quarter, the sector registered -17.9 per cent growth, second quarter -14.5 per cent, third quarter -8.6 per cent and in the fourth quarter 5.3 per cent. All these contributed to the nation's economic growth," he added.

Prime Minister Datuk Seri Najib Tun Razak, when announcing the 2009 fourth quarter economic performance on Wednesday, said the worst was over for the country.

The 4.5 per cent economic growth registered in the fourth quarter of last year was beyond expectation, amid strengthened domestic and external demand, said Najib, who is also Finance Minister.

For the year 2009, the economy contracted by 1.7 per cent, lower than the -3 per cent projected earlier, he added.

Alert Withdrawn, No tsunami In Sabah

The Meteorological Department has withdrawn its earlier alert on the possible rise in sea level in Sabah's east coast following the earthquake in Chile.

The department said it had not detected any rise in the sea level in the state.

"It is now ascertained that the Sabah waters are free from the threat," the department said in a statement.

Earlier on Sunday the department issued an alert, advising coastal residents in the state's east coast to stay away from the beaches between noon and 6pm today as there were likely to occur rough sea conditions and a rise in the sea level.

The earthquake which struck Chile yesterday caused tsunami waves across the Pacific Oceans such as Mexico, Tahiti, Hawaii, Tonga, Samoa Islands and New Zealand.

Water Levels At Dams Not Worrisome

The water levels at all dams and catchment areas nationwide, except for the Sembrong Timur water treatment plant in Kluang, Johor, are reported to be in good condition, Green Technology, Energy and Water Minister Datuk Seri Peter Chin Fah Kui said Tuesday.

He said the treatment plant in Kluang was in critical condition after the water level of Sungai Sembrong, which supplied the water, dropped.

The ministry was monitoring the situation at all the dams and catchment areas closely following the current dry spell which gave rise to concerns about dropping water levels, he said.

If the levels reached a dangerous stage water conservation would be carried out, he told reporters after Tenaga Nasional Bhd's Chinese New Year celebration here.

5. Gain more deductions.

Purchase of sports equipment

If the slimming fad has caught on with you, keep the receipts of your purchases of any sports equipment. A claim of up to RM300 is a small incentive to shape those curves and muscles in a big way!

Have receipts or evidence to support more deductions

Medical expenses for your parents certified by a medical practitioner (restricted to RM5,000);

Medical expenses for serious diseases for self, spouse or child (up to RM5,000), including a complete medical examination for self, spouse or child limited to RM500;

Basic supporting equipment for disabled self, spouse, child or parents (ceiling of RM5,000);

Disabled person (self) (RM6,000);

Disabled husband/wife (RM3,500);

Education fee (self) up to tertiary level for the purpose of acquiring law, accounting, Islamic financing, technical, vocational, industrial, scientific or technological skills or qualifications for a masters or doctorate level, undertaken for the purpose of acquiring any skill or qualification (limited to RM5,000);

Purchase of books/journals/magazines/similar publications for self, spouse or child (up to RM1,000);

Net deposit in National Education Savings Scheme (ceiling of RM3,000);

Purchase of personal computer for individual (maximum deduction of RM3,000 allowed once every three years);

Premiums on life insurance plus EPF and other approved fund contributions (subject to RM6,000 restriction);

Premiums for education or medical insurance (restricted to RM3,000);

Relief of up to RM10,000 on the housing loan interest paid (conditions apply);

Payment of alimony to former wife (maximum total deduction for wife and alimony payment is RM3,000);

Zakat other than monthly zakat deduction from salary; and

Fees/levy paid by a holder of an employment pass, visit pass (temporary employment) or work pass.

The rule of the “game” of keeping your tax liability to the minimum when preparing your tax return Form e-BE is to do it right within the law. For a start, make the website of the Inland Revenue Board, www.hasil.gov.my, one of your favourites from now until April 30 to access its easy to read guides. Happy e-filing!

4. Look for more tax-free income.

Bank interest income

You will note a subtle difference in your bank statement nowadays as it no longer shows the amount of tax withheld. Bank interest income is now tax-exempt.

Dividends

Dividends need not be entirely taxable. Have a good look at the dividend voucher. If it states that the dividend is “tax-exempt”, then it is not taxable anymore.

3. Know your limits.

Just as in drinking and driving, stay within the limits to avoid any trouble or triggering tax.

If you have enjoyed any staff benefits like discounts on your company’s goods or services and kept within the RM1,000 a year limit, you should enjoy tax exemption thereon.

Did you receive a small token from your employer on your achievements in service excellence, innovation or productivity which brought on a smile? Don’t blame your employer if they kept the awards below RM2,000 as no tax should be levied on you. Neither is the award for your long service with the company (for more than 10 years) forgotten. As long as your employer kept the value of all awards to you within the RM2,000 limit, the smile should remain on you.

2. Make the most of all tax-free benefits.

Medical benefits

Medical benefits for traditional medicine including ayurvedic, plus maternity benefits are also tax-free.

Interest subsidies

Your employer may have subsidised interest on your housing, car and education loans. In the past, these subsidies would be taxable on you. Now you would be glad to know such interest subsidies are tax-exempt (so long as the total loans do not exceed RM300,000).

Broadband and telephone benefits

Who can leave home without the iPhone, Blackberry or PDAs nowadays? Getting such a device from your employer plus reimbursement for broadband and telephone bills are tax-free. So take advantage and enjoy the latest gadgets and services.

1. Know your income: What is taxable and what is not.

Gone are the days when you agonise over the delay in receiving your Form EA from your employer. It is now a law for employers to issue the Form EA to their employees no later than the end of February. The key point to note is not all income in your Form EA is taxable! Scrutinise all the items in Form EA to see if there is any which should be tax-free. For example:

Travelling allowances

If you receive travelling allowance, up to RM2,400 for your travels from home to office is tax-free. What this means is if you receive an allowance of RM12,000 for such travel, you can deduct RM2,400 and only RM9,600 is taxable. Further, travelling allowance of up to RM6,000 for official duties is tax-exempt.

Meal, parking and childcare allowances

Many employees receive these allowances, do you? You would be happy to know that you can enjoy such perks with no worries about paying tax thereon (up to RM2,400 in the case of childcare allowance).

How to pay less personal tax?

THE 2009 tax-filing season for individuals has arrived. For many of us, April 30 will be just another day (perhaps accompanied by scrambling for our just-in-time filing) to settle our dues with the Inland Revenue Board by submitting the Form e-BE and paying any balance tax.

Before clicking the button to complete the e-filing, take a second look at the figures keyed in. Is the amount of tax calculated the lowest it can be? Here are some tips on saving tax that would not get you in trouble with the law.

Lembaga Tabung Angkatan Tentera Pays 14% Dividends

Lembaga Tabung Angkatan Tentera (LTAT) will pay a dividend and bonuses of 14 per cent to eligible members for the financial year ended Dec 31, 2009.

In a statement, LTAT or the Malaysian Armed Forces Fund said the payout would consist of seven per cent in dividends, one per cent in bonus and six per cent in special bonus in the form of unit trusts, amounting to a total of RM575.2 million.

For the year under review, LTAT registered an audited total income of RM554.8 million compared with 2008's income of RM596.5 million.

At group level, LTAT chalked up a pre-tax profit of RM1.2 billion in 2009 compared with RM1.4 billion last year.

"The fund continued to deliver positive values to members and the result was a reflection of the fund's prudent management philosophy and its strategic investments in core assets.

"With the improving economic landscape, we expect LTAT to improve its performance in the foreseeable future," said Defence Minister Datuk Seri Dr Ahmad Zahid Hamidi in the statement.

LTAT's total assets, year-on-year, increased 4.2 per cent to RM7.5 billion as at Dec 31 2009 while members' contribution account rose 8.62 per cent to RM6.3 billion.

Resort World Sentosa's Casino Opens Feb 14

KUALA LUMPUR, Feb 11 (Bernama) -- Singapore's first integrated resort, Resort World Sentosa (RWS) will begin the first day of the Tiger year with soft-opening of its casino and a preview opportunity to stroll through the amazing environment at Universal Studios Singapore.

The casino will have its first play at an auspicious hour with a private ceremony and welcome its first public guest at 12.18 pm, the company said in a statement here on Thursday.

The casino opening is part of the initial phase opening of Singapore' first integrated resort that began on Jan 20, 2010 with the opening of its four hotels namely Crockfords Tower, Hotel Michael, Festive Hotel, and Hard Rock Hotel Singapore. Its shopping and dining promenade, FestiveWalk, soft-opened on January 30.

"We are ready to soft-open the casino but are still fine-tuning the rides and shows in the theme park, which are still on schedule to open in the first quarter this year," RWS chief executive officer Tan Hee Teck said.

RWS, one of the world's most extensive and expensive integrated resort at S$6.59 billion, was built in a record time of under three years.

Touch 'N Go Reload Lanes Closed Temporarily For CNY

Touch 'n Go reload lanes will be closed on Feb 12, 13, 16, 20 and 21 to facilitate toll plaza operations in conjunction with the Chinese New Year holidays.

PLUS Expressways Berhad chief operating officer Nik Airina Nik Jaffar said the closure would not involve the Tanjung Kupang, Bangunan Sultan Iskandar and Bukit Kayu Hitam toll plazas.

This festive season, PLUS and Touch 'n Go Sdn Bhd will provide reload facilities at several main rest and service (R&R) areas along the North-South Expressway during the aforementioned dates.

"Reload Touch 'n Go counters will be opened at 10 rest areas along the North-South Expressway during the five days, and we will also extend the operating hours at 35 customer service centres from 7.30am to 9pm, from Feb 12 to 21," she said in a statement Tuesday.

Touch 'n Go Sdn Bhd managing director Hasni Zarina Mohamed Khan said reload counters would open from 9am to 9pm for PLUSMiles and Touch 'n Go cards, while motorists could purchase SmartTAG units from selected rest areas.

Reload transactions can also be carried out at selected ATM or cash deposit machines, petrol stations and reload agents.

For more information, visit their official website at www.touchngo.com.my.

Smart Highway Offers 10 Per Cent Toll Discount On Sunday

The Stormwater Management and Road Tunnel (Smart) has announced a 10 per cent discount of toll charges on the first day of the Chinese New Year on Sunday.

Smart general manager (operations) Mohd Fuad Kamal Ariffin the toll discount would start at midnight on Saturday until 11.59pm on Sunday.

Speaking to reporters after launching two Touch n' Go top-up lanes at the Smart Highway, he said the discount was in support the government's call to expressway concession holders to provide incentives to motorists during the CNY festival.

He said the Touch n' Go top-up lanes would be operational from 9.30am to 4.30pm both ways.

EPF Dividend For 2009 Expected To Be Higher

The Employees Provident Fund (EPF) dividend for 2009 is expected to be higher compared to the 4.5 per cent paid out in the previous year.

EPF chairman Tan Sri Samsudin Osman said this was due to the local share market's stable position and good investment returns.

"A meeting on dividend rates will be held this month, while an announcement on it will be made in March," he told reporters, here Sunday.

Samsudin, who is also Putrajaya Corporation president, had earlier presented prizes to winners of a fishing competition held in conjunction with Federal Territory Day celebrations.

In December, EPF announced that it obtained RM5.5 billion in profits in the third quarter last year, which was an increase of RM696.32 million (14.51 per cent) compared to RM4.8 billion in the previous quarter.

EPF chief executive officer Tan Sri Azlan Zainol said EPF funds had now increased to RM361.09 billion compared with RM353.93 billion in the second quarter last year.

For the year 2008, 12 million EPF members received a dividend of 4.5 per cent, which was lower than the 5.8 per cent for 2007.

Grab Opportunity To Sell Products At Carrefour, SMIs Told

Small and medium industries (SMIs) should grab the opportunity to sell their products at Carrefour Malaysia's 21st outlet at Rahang, Negeri Sembilan.

Menteri Besar, Datuk Seri Mohamad Hasan, said the SMIs should set up 'smart partnership' with Carrefour.

"Carrefour's decision to set up an outlet here shows that it has the confidence in the growth of the township.

"The new outlet will make it convenient for the people to buy their daily necessities at reasonable prices," he said at the opening of the outlet here Thursday.

Also present were Carrefour Malaysia-Singapore chief excutive officer, Guillaume de Colonges and chairman of Carrefour Malaysia, Datuk Seri Abdul Aziz Samsuddin.

de Colonges said the Rahang outlet occupied a total sales area of 4,077 sq metres.

"It stocks over 60,000 products and offers a one-stop, all-under-one-roof shopping convenience for both leisure and busy shoppers.

"We are confident this store will delight our customers as it is tailored to meet their requests," he told reporters after the opening of the outlet by Mohamad.

He said customers nowadays expected an attractive store, good things to buy and good value for their money.

"We are making every effort to meet their expectations," he said.