{"id":19990,"date":"2015-10-29T11:18:38","date_gmt":"2015-10-29T03:18:38","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=19990"},"modified":"2015-10-29T11:18:38","modified_gmt":"2015-10-29T03:18:38","slug":"middle-class-are-not-left-out-in-budget-2016","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016","title":{"rendered":"Middle Class Are Not Left Out In Budget 2016"},"content":{"rendered":"

Budget 2016\u2019s allocations are made with the objective of helping the low and middle income groups cope with their financial burdens and also to complement tax reliefs, said a tax consultant.<\/p>\n

Many middle income earners feel that they are getting no perks from the latest Budget, with them having the least benefits.<\/p>\n

Consultant Koong Lin Loong, who is also a Finance Ministry Goods and Services Tax working committee member, disagrees with such views, urging the people not to have a \u201cmicroscopic\u201d view of Budget 2016.<\/p>\n

\u201cMany people misunderstand (the Government\u2019s efforts). In order to have the full picture, a budget cannot be read a year by itself. It has to be studied as a continuation of past budgets,\u201d he added.<\/p>\n

Last year\u2019s Budget announcement\u2019s (Budget 2015) offer of 105% financing and waiver of stamp duty for first-time homebuyers of the 1Malaysia People\u2019s Housing Programme are still applicable in 2016.<\/p>\n

\u201cThese benefits can still be enjoyed next year,\u201d he said.<\/p>\n

Koong, who has been an auditor and tax consultant the past two decades, is a national council member of Malaysia\u2019s Institute of Taxation.<\/p>\n

Other perks include the tax relief for each child below 18 has been increased by 100% for 2016, up from RM1,000 to RM2,000.<\/p>\n

\u201cThe previous adjustment was in 2004 ,\u201d he said.<\/p>\n

The personal income tax cut by 1% to 3% announced last year would still applicable next year, Koong reminded.<\/p>\n

Together with other tax reliefs announced this year, the M40 group \u2013 those earning between RM3,860 and RM8,319 \u2013 would see a reduction of RM500 to RM600 in tax payable, he added.<\/p>\n

\u201cThe middle income group does not receive BR1M but this is a kind of \u2018indirect BR1M\u2019.<\/p>\n

\u201cTo me it is free money which increases their disposable income,\u201d he said, referring to the government scheme to ease the burden of the low income group.<\/p>\n

MCA deputy president Datuk Seri Dr Wee Ka Siong also sees that Budget 2016 is aimed at \u201clifting the financial pressure\u201d off the middle income group.<\/p>\n

\u201cIn MCA\u2019s proposal to the Cabinet, our first highlight was about giving more tax relief to this group.\u201d<\/p>\n

\u201cOur Prime Minister and Finance Minister Datuk Seri Najib Tun Razak has heeded our recommendations,\u201d he said during his opening speech at the Malaysian Economic Outlook seminar on Sunday.<\/p>\n

Stretch your Ringgit further\u00a0by using the right credit card<\/a> for your lifestyle.<\/p>\n

[Source<\/a>]<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The goodies in Budget 2016 are aimed at easing the financial burden of low and middle income groups, and complement existing tax reliefs.<\/p>\n","protected":false},"author":9,"featured_media":19991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[294,216],"tags":[],"class_list":["post-19990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-2016","category-news-updates"],"acf":[],"yoast_head":"\nMiddle Class Are Not Left Out In Budget 2016 | iMoney<\/title>\n<meta name=\"description\" content=\"The goodies in Budget 2016 are aimed at easing the financial burden of low and middle income groups, and complement existing tax reliefs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Middle Class Are Not Left Out In Budget 2016\" \/>\n<meta property=\"og:description\" content=\"The goodies in Budget 2016 are aimed at easing the financial burden of low and middle income groups, and complement existing tax reliefs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016\" \/>\n<meta property=\"og:site_name\" content=\"iMoney Malaysia\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-29T03:18:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2015\/10\/ringgit.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Iris Lee\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Iris Lee\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016\",\"url\":\"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016\",\"name\":\"Middle Class Are Not Left Out In Budget 2016 | iMoney\",\"isPartOf\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016#primaryimage\"},\"thumbnailUrl\":\"\/articles\/wp-content\/uploads\/2015\/10\/ringgit.jpg\",\"datePublished\":\"2015-10-29T03:18:38+00:00\",\"dateModified\":\"2015-10-29T03:18:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/f86e2ec4d5692a05a39fb4cb52172a0e\"},\"description\":\"The goodies in Budget 2016 are aimed at easing the financial burden of low and middle income groups, and complement existing tax reliefs.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016#primaryimage\",\"url\":\"\/articles\/wp-content\/uploads\/2015\/10\/ringgit.jpg\",\"contentUrl\":\"\/articles\/wp-content\/uploads\/2015\/10\/ringgit.jpg\",\"width\":800,\"height\":400,\"caption\":\"budget 2016\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.imoney.my\/articles\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Budget 2016\",\"item\":\"https:\/\/www.imoney.my\/articles\/category\/budget-2016\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Middle Class Are Not Left Out In Budget 2016\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\",\"url\":\"https:\/\/www.imoney.my\/articles\/\",\"name\":\"iMoney Malaysia\",\"description\":\"Everything you need to know about improving your personal finances.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.imoney.my\/articles\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/f86e2ec4d5692a05a39fb4cb52172a0e\",\"name\":\"Iris Lee\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/89fc1c51fb24674b88dad0ab7c033d0f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/89fc1c51fb24674b88dad0ab7c033d0f?s=96&d=mm&r=g\",\"caption\":\"Iris Lee\"},\"description\":\"As the former group editor of iMoney, Lee enjoys writing about various topics on personal finance, including property and insurance. She believes that knowledge is the key to making intelligent financial decisions. She currently oversees brand communications for iMoney Group.\",\"url\":\"https:\/\/www.imoney.my\/articles\/author\/irislee\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Middle Class Are Not Left Out In Budget 2016 | iMoney","description":"The goodies in Budget 2016 are aimed at easing the financial burden of low and middle income groups, and complement existing tax reliefs.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016","og_locale":"en_US","og_type":"article","og_title":"Middle Class Are Not Left Out In Budget 2016","og_description":"The goodies in Budget 2016 are aimed at easing the financial burden of low and middle income groups, and complement existing tax reliefs.","og_url":"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016","og_site_name":"iMoney Malaysia","article_published_time":"2015-10-29T03:18:38+00:00","og_image":[{"width":800,"height":400,"url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2015\/10\/ringgit.jpg","type":"image\/jpeg"}],"author":"Iris Lee","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Iris Lee","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016","url":"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016","name":"Middle Class Are Not Left Out In Budget 2016 | iMoney","isPartOf":{"@id":"https:\/\/www.imoney.my\/articles\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016#primaryimage"},"image":{"@id":"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016#primaryimage"},"thumbnailUrl":"\/articles\/wp-content\/uploads\/2015\/10\/ringgit.jpg","datePublished":"2015-10-29T03:18:38+00:00","dateModified":"2015-10-29T03:18:38+00:00","author":{"@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/f86e2ec4d5692a05a39fb4cb52172a0e"},"description":"The goodies in Budget 2016 are aimed at easing the financial burden of low and middle income groups, and complement existing tax reliefs.","breadcrumb":{"@id":"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016#primaryimage","url":"\/articles\/wp-content\/uploads\/2015\/10\/ringgit.jpg","contentUrl":"\/articles\/wp-content\/uploads\/2015\/10\/ringgit.jpg","width":800,"height":400,"caption":"budget 2016"},{"@type":"BreadcrumbList","@id":"https:\/\/www.imoney.my\/articles\/middle-class-are-not-left-out-in-budget-2016#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.imoney.my\/articles\/"},{"@type":"ListItem","position":2,"name":"Budget 2016","item":"https:\/\/www.imoney.my\/articles\/category\/budget-2016"},{"@type":"ListItem","position":3,"name":"Middle Class Are Not Left Out In Budget 2016"}]},{"@type":"WebSite","@id":"https:\/\/www.imoney.my\/articles\/#website","url":"https:\/\/www.imoney.my\/articles\/","name":"iMoney Malaysia","description":"Everything you need to know about improving your personal finances.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.imoney.my\/articles\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/f86e2ec4d5692a05a39fb4cb52172a0e","name":"Iris Lee","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/89fc1c51fb24674b88dad0ab7c033d0f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/89fc1c51fb24674b88dad0ab7c033d0f?s=96&d=mm&r=g","caption":"Iris Lee"},"description":"As the former group editor of iMoney, Lee enjoys writing about various topics on personal finance, including property and insurance. She believes that knowledge is the key to making intelligent financial decisions. She currently oversees brand communications for iMoney Group.","url":"https:\/\/www.imoney.my\/articles\/author\/irislee"}]}},"_links":{"self":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/19990"}],"collection":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/comments?post=19990"}],"version-history":[{"count":2,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/19990\/revisions"}],"predecessor-version":[{"id":20002,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/19990\/revisions\/20002"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media\/19991"}],"wp:attachment":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media?parent=19990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/categories?post=19990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/tags?post=19990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}