What’s in the Malaysian Government mini budget 2009

Encouraging investment

• High nett worth foreign individuals bringing more than US$2 million (RM7.2 million) for investments or savings into the country as well as highly skilled foreign professionals will be considered for permanent resident status.
• Work permits for skilled spouses of Malaysia My Second Home Programme applicants will be considered.

Boosting home ownership

• A further RM200 million allocated to build housing units in Syarikat Perumahan Negara Bhd’s rumah mesra rakyat scheme
• Housebuyers given tax relief on interest paid on housing loans for one house of up to RM10,000 a year for three years commercing from the first year the loan interest is paid.

Relieving debt

• Workers retrenched since July 1, 2008 allowed to defer the repayment of their housing loans for one year

Improving infrastructure

• More skilled construction workers encouraged as the number of training programmes in construction will be increased, with the cooperation of industries and related companies.
• RM2 billion allocated for building the permanent LCCT at KLIA and RM250 million for expanding the penang Airport
• RM100 million allocated for constructing skybridges and covered walkways between buildings, especially in Kuala Lumpur’s Golden Triangle area.
• Traffic infrastructure system around KL Sentral to be upgraded, which is expected to facilitate development of RM3 billion worth of new investments involving offices, hotels and shopping complexes over the next three years.
• RM200 million allocated to repair and maintain drains and roads
• Khazanah to implement a 1,000ha prawn aquaculture project in Setiu, Terengganu, and a 200ha modern vegetable-farming project in Cameron Highlands
• Khazanah to spend RM1.7 billion in 2009 for the building of infrastructure, hotels, theme parks as well as universities in Iskandar  Malaysia
• Infrastructure at the Tanjung Agas industrial park, a biotechnology cluster in Iskandar Malaysia, to be improved, which will spur the creation of an industrial cluster in the Eastern Corridor Economic Region (ECER).

Expanding renovation opportunities and bettering quality of life

• Surroundings of public flats to be improved to ensure more comfortable living conditions. This includes painting, repairing of lifts and improving waste disposal facilities.
• RM150 million allocated for renovation, maintenance and repair of welfare homes, fire and rescue stations and quarters, as well as public toilets in mosques, surau and tourist spots.
• Businesses allowed RM100,000 capital allowance which can be claimed within two years for expenses incurred in renovating or refurbishing their offices.

Source: News Straits Times, Property – March 13, 2009

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