Budget 2008

Eh? That's all? So much was expected of the Budget...especially being a pre-election one - would have thought there would have been a bevy of goodies for the man-in-the-street. Alas I guess I was mistaken! And judging by the stunned silence in the online community, I think a lot of people is in agreement. Of course this perception will be quickly corrected tomorrow when the 'spin papers' hit the streets!

Anyway, here's a rundown of the 'highlights' of the Budget:

1. Corporate tax to be reduced to 25% by 2009. Good, indirectly.
2. Single tier tax system, i.e. no more taxation of dividends at recipient level. Good.
3. Commissions for internet stock trading is negotiable. Clearing fees down to 0.03%. Good.
4. 50% stamp duty reduction for house purchases less than RM 250,000. Good.
5. Monthly withdrawals from EPF Account 2 for home loan repayment. Definitely good.
6. Tax-relief up to RM 5,000 for post-graduate education. Good.
7. Tax-relief up to RM 300 for purchase of exercise/sporting equipment. Good?
8. PLC's have to disclose employment composition by race and gender. Very bad.
9. No bonus for civil servants. Definitely bad.

Anyway, I have not much to look forward to, so I'm gonna give it some rest. If you read between the lines, this budget also outlines many opportunities for the well-connected to make money off the people - so in a way it is not so different from the previous Budgets.

Yawn...can't wait for tomorrow to read what the reactions are!