Datuk Sim Kiang Chiok
KUCHING (Oct 30): The government is taking the right approach with the Budget 2022 to beat the economic slowdown caused by the Covid-19 pandemic, said Sarawak Housing and Real Estate Developers’ Association (Sheda) Kuching branch chairman Datuk Sim Kiang Chiok.
In a statement yesterday, he deemed the budget is very comprehensive and has taken in opinions and requests from many business sectors.
Sim said the announcement of the Real Property Gains Tax (RPGT) would not be applied for property being disposed of after the sixth year is good and much welcomed.
He added that the RM2-billion guarantee for purchase of property for those without proper documentation of income is good for the property market.
However, he noted that there was no announcement on the stamp duties exemption extension, which will end on Dec 31 for property transactions as in the Home ownership Campaign which is still much needed by the property market.
“The real property gains tax (RPGT) will not be applied for properties sold after the sixth year. The existing RPGT structure for properties sold before the sixth year stays.
“The government will provide RM2 billion in guarantees for gig-workers seeking housing loans,” he said in a statement yesterday.
For small and medium enterprises (SMEs), Sim said the RM40 billion allocation for bank loans will help them to recapitalise their businesses.
However, he added, there was no mention of the lending guidelines which should also be relaxed so that even loss making companies would be able to qualify.
Aside from that, Sim also noted the RM1.8 billion allocation for micro-credit financing schemes through Tekun, Agrobank, Bank Simpanan Nasional, Bank Rakyat and Bank Negara Malaysia, RM20 million for i-Tekad programme, and RM40 billion for funding programmes for entrepreneur.
Meanwhile, he said the new sales tax on e-commerce and service tax on delivery of items would be able to give the government a new source of income, adding that the sales tax would be imposed on low-value items from abroad that are being sold online.
“Service tax to be imposed on delivery of items sold on online platforms, except for food and drinks and logistical services,” he added.
On the cash assistance announced in the budget, Sim said this would continue to assist the B40 and M40 households to pull through the economic recovery period – with RM500 for parents earning less than RM5,000 a month and RM300 for households with senior citizens.
Under the direct cash aid scheme for Malaysian households called the Bantuan Keluarga Malaysia (BKM), he said it would benefit some 9.6 million Malaysians with an allocation of RM8.2 billion, with RM2,000 to be given to households with more than three children and earning less than RM2,500 a month.
Under the JaminKerja job placement scheme, he said that it is aimed at putting 600,000 people to work, which in turn would reduce unemployment from 4.6 percent to 4 percent.
“Under this scheme, the government will subsidise 20 percent of the salary for the first six months and 30 percent for the next six months. However, this scheme is limited to salaries below RM1,500 only.
“JaminKerja will also incentivise the hiring of disabled persons with higher subsidies – 30 percent for the first six months and 40 percent for the next six months. This is limited to salaries below RM1,200 only,” he said, adding that Malaysia’s poverty line is a monthly income of RM2,280.
“The pandemic has caused many livelihoods to be affected as our income and businesses are reduced. With an expansionary Budget 2022, we hope we can overcome this unprecedented challenge, and ride through it with minimum disruption to our lives and livelihood,” he said.
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