As Budget 2021 looms...

With the announcement in less than two hours away, the sights are trained on Prime Minister Tan Sri Muhyiddin Yassin's maiden Budget and perhaps the most crucial one in Malaysia's history - unveiled in the midst of an unprecedented and resurging Covid-19 outbreak that has battered the economy and the livelihoods of Malaysians.

As widely quoted by the media, Finance Minister Datuk Seri Tengku Zafrul Tengku Aziz who will be presenting Budget 2021, said that this time things would be different as it will involve a combination of solutions to support livelihoods and the country’s economic growth amid the Covid-19 pandemic.

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On Nov 4, the prime minister told local television stations stressing that the budget is a continuity from the four stimulus packages. Year-to-date, there were four stimulus packages or "mini budgets" -- (Prihatin, Prihatin SME+, Penjana and Kita Prihatin — Bantuan Prihatin Nasional 2.0) worth some RM305 billion.

With Budget 2021 set to be even bigger, what can we expect from the mother of all Budgets this year?

In terms of property-related measures, a good start would be the amendment of the Real Property Gains Tax (RPGT). The current RPGT of 5% is imposed on Malaysians who are disposing of their properties even after the fifth year.

The Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS) has proposed that the government waive the RPGT (excluding non-citizens) across all property sectors involving transactions of less than RM10 million in 2021 to stimulate the property market.

Several parties have also urged the government to reinstate the Malaysia My Second Home (MM2H) programme to welcome more foreign investments back to the country.

Meanwhile, there have been talk on allowing certain contributors to withdraw their funds from Account 1 of the Employees’ Provident Fund (EPF).

As MPs from both sides of the political divide provided their suggestions and proposals to the Finance Minister in what may be a "Unity Budget", we could be looking at one of the largest and most comprehensive Budget the country has undertaken.

Besides, Malaysian Association of Tour and Travel Agents (MATTA) today suggested the government to extend the moratorium to at least June 2021. With the moratorium, it alleviates people’s financial burden and helps those who faced financial woes to restructure their finances.

Last but not least, Malaysian also hoping for more incentives for first time homebuyers, such as loan tenure extensions or greater HOC incentives.

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