Budget 2016: Malaysia not bankrupt ! PM said

http://english.cntv.cn/2015/10/24/VIDE1445654042676167.shtml

Prime Minister Najib Abdul Razak is tabling Budget 2016 themed ‘Prospering the Rakyat’ in the Dewan Rakyat.

Budget 2016 is the first budget under the 11th Malaysian Plan but it is also the toughest the prime minister has had to work on.

This is amid falling revenue due to the drop in commodity prices, on top of the need to keep the country's deficit in check.

In his speech, the prime minister said Malaysia is not a failed state or bankrupt and stressed that the fundamentals are still strong.

The house erupted when Najib took a jibe at the opposition, saying that the opposition, which at first opposed the goods and services tax (GST), has now included it in their alternative budget.

Budget allocations:

- 2016 Budget allocates a total of RM267.2 billion, an increase from a revised allocation of RM260.7 billion for 2015. The initial allocation for 2015 was RM273.9 billion.

- For 2016, federal government revenue collection is projected at RM225.7 billion, up RM3.2 billion from 2015.

Taxes:



- Income tax increased from 25 percent to 26 percent for people earning between RM600,000 and RM1 million. Increased to 28 percent for those earning above RM1 million.

- Goods and services tax to increase government revenue by RM39 billion, versus RM27 billion in the first eight months of 2015. Some basic goods to be zero-rated, including over-the-counter drugs, baby milk, nuts-based food, noodles.

- Price of oil expected to remain low in 2016, so collection from oil-related resources expected to be around RM31.7 billion.

- Prepaid phone users will get GST rebate, which will be credited to their accounts. From Jan 1 next year.

- For medicine, it would be increased from 4,215 kinds of medicine to 8,630 kinds of (zero-rated GST) medicine.

- If Malaysia has no GST, national deficit will be 4.8 percent. With GST, deficit expected to be 3.1 percent for 2016.

- If Malaysia stuck to the sales service tax (SST), collection would only be RM18 billion. Whereas GST has netted RM39 billion.

- National revenue would reduce by RM21 billion if there was no GST.

- GST flat rate: all controlled medicine, including 95 brands of over-the-counter medicine used for diseases such as cancer, high blood pressure and heart diseases.

- More Small-time farmers can register under flat-rate GST scheme and increase two percent income - threshold for those who can apply decreased from RM100,000 to RM50,000.

- Exemptions from GST for all items that are being re-imported after being temporarily exported for promotion, research or display.

- For oil and gas industries, GST exemptions given to re-import of equipment exported temporarily for rent. For teaching material and equipment, for skills and vocational training. Tax relief:

- Parents with disabled children get RM6,000 tax relief and another RM14,000 if their child furthers their studies.

- Tax exemption of RM8,000 instead of RM6,000 for children above 18 in an education institution both local or overseas.

- Children supporting parents, even if not living together, will receive a tax relief of RM1,500 for both parents, if the parents are above 60.

- Tax exemption of RM4,000 instead of RM3,000 for those with a spouse with no income.

- Middle class families with a household income between RM3,860 and RM8,320 will get RM2,000 tax relief for every child under 18.

BR1M:

- BR1M to be continued. Based on response, Najib says the people are thankful for the help. BR1M allocations to be increased, with one new category.

- For those earning below RM1,000, BR1M increased to RM1,050

- Those earning below RM3,000, BR1M increased from RM900 to RM1,000

- Those earning RM3001-RM4,000, BR1M increased from RM750 to RM800

- Single people aged 21 and above earning not more than RM2,000, BR1M increased from RM350 to RM400

Minimum wage:

- Minimum wage to increase from RM900 to RM1000 a month for Peninsular Malaysia, except for domestic workers.

Expenditure:

- RM50 million to improve prison security measures

- RM13.1 billion to improve safety and national security.

- RM4.6 billion for vaccine, consumables, medicine in public hospitals.

- RM30.1 billion is allocated to the economic sector.

- RM13.1 billion is earmarked for education and training, health, housing and the well-being of the people.

- RM5.2 billion is allocated to the security sector.

Development:

- 2,000 affordable homes for the military, starting 2016.

- RM180 million to set up the National Disaster Management Agency.

- The government has allocated RM52 million for 328 1Malaysia clinics. Apart from this, 33 new 1Malaysia clinics will be opened.

- Five new hospitals will be constructed in Pasir Gudang, Kemaman, Pendang, Maran and Cyberjaya. Kajang Hospital to be redeveloped.

- RM150 million will be allocated to improve 11,000 homes belonging to the poor in rural areas.

- A total of 5,000 Rumah Pr1ma housing units and PPA1M to be built in 10 locations near LRT and Monorail stations, whereas 800 units of affordable homes by GLCs near MRT stations in the city centre.

- 20,000 houses for Felda, with the maximum price reduced to RM70,000 compared to RM90,000.

- The government will build 22,300 flats and 9,800 terrace houses under the Rakyat Housing Scheme.

- 100,000 houses, priced between RM90,000 and RM300,000 for civil servants will be ready by 2018.

- 10,000 Mesra Rakyat houses to be built, with RM20,000 subsidy for each unit. The government has allocated RM200 million for this.

- New boats and facilities for 1Malaysia clinics in rural areas.

- RM864 million to procure offshore patrol vessel and patrol boats.

- RM70 million interest-free loans for longhouse building in Sabah and Sarawak. Limit of RM50,000 loan for each longhouse unit.

- RM360 million will be used to improve National Service and RM160 million allocated for NGOs.

- The Pan-Borneo Sarawak Highway that is set to be completed in 2021 will be toll-free. It is 1,090km-long and costs RM16.1 billion.

- RM900 million allocated for 'Project Traffic Dispersal' at Jalan Tun Razak, to be executed immediately with the strategic cooperation of public-private sectors.

- RM42 million to build Mukah Airport in Sarawak and upgrade Kuantan and Kota Bharu airports.

- Develop Malaysian Vision Valley, 108,000 hectares from Nilai to Port Dickson, with forecast investments starting with RM5 billion in 2016.

- Execute Cyber City Centre in Cyberjaya with development valued at nearly RM11 billion over a five-year period

- Develop Bandar Lapangan Terbang or Aeropolis KLIA in 1,300 acres of land and expected to attract as much as RM7 billion investments.

- Investments estimated at RM18 billion for 2016 for RAPID Complex Project in Pengerang, Johor.

- The government will pump RM515 million for efforts to improve electricity supply in Sabah.

- RM67 million allocated for bus operation routes outside the city.

- The government will fork out RM60 million for social amenity projects and flood prevention efforts.

- RM1.2 billion will be allocated to improve Internet speed from 5mbps to 20mbps.

- The government will continue negotiations regarding high speed rail with Singapore.

- RM28 billion for new MRT projects, which would benefit two million residents

- RM730 million for the development of chemical industry, electronic and electrical machinery, aviation, medical equipment and services.

- For Felda settlements, RM200 million will be used improve roads in these areas.

- The government will fork out RM1.4 billion to improve rural roads nationwide. Aid:

- Aid for students slashed from RM540 million to RM350 million. In the past, RM100 aid was for all primary and secondary students. However, it has now been limited for students whose household income is less than RM3,000.

- A total of 1.2 million students will receive the 1Malaysia book voucher worth RM250.

- RM300 a month aid for poor senior citizens.

- RM662 million has been set aside to help children from poor families - aid of RM100-RM450 a month.

- RM2 billion allocated for aiding the disabled, senior citizens and poor families. RM350/month for working disabled persons, RM200 for those who are unemployed. RM300 a month for those who are bed-bound.

- Skim Khairat Kematian - RM1,000 to be continued

- RM100 aid for households with income below RM3,000. Expected to benefit 3.5 million students.

Others:

- To enable more workers to benefit from Socso, there will be compulsory savings of up to RM4,000 instead of RM3,000.

- RM200 million for first home deposit funding scheme.

- RM40 million to do infrastructure and easy loan programmes for Chinese residents of new areas to pay land premiums and house restorations.

- RM50 million by SME Bank to help small Indian entrepreneurs.

- RM100 million for Indian socio-economic development programmes.

- Tekun to provide RM100 million loan for Indian entrepreneurs.

- RM90 million allocated as micro-credit loans for small traders and Chinese businessmen.

- RM300 million allocated to improve the welfare and development of the Orang Asli community.

- Government aims for 30 percent women involvement in decision-making levels in public and private sectors.

- All economy class flights will be exempted from GST for rural routes.

- Malaysia has agreed to the Trans-Pacific Partnership Agreement (TPPA) in principle, while it has inked 13 Free Trade Agreements (FTA).

- For farming, RM5.3 billion will be used for the purpose of modernisation.

- The tourism sector is expected to contribute RM103 billion. To make it more convenient for tourists, e-Visa for seven countries will be made available in mid-2016.

- The poverty rate has been reduced to 0.6 percent in 2014 from 3.8 percent in 2009. In fact, extreme poverty has almost been wiped out.

Related:

Budget 2016 Sets Stage for Next Five Years



Malaysia's Tax Structure No Longer Competitive: Deloitte's Yee

6 Singapore church leaders found guilty of fraud over pastor's wife's failed S$50m music career

City Harvest Church founder Kong Hee (R) and his wife Sun Ho arrive at the State Courts in Singapore

VIDEO: A Sun Ho music video, featuring Wyclef Jean
A video from an English-language single, "China Wine", shows her dancing intimately with rapper Wyclef Jean, sparking criticism that she had betrayed her calling as a Christian pastor.

Six religious leaders in Singapore who used $50 million in church funds in a failed bid to turn the pastor's glamorous wife into a global pop star have been convicted of fraud.

Top left to right: former finance manager Serina Wee, founder Kong Hee, former finance manager Sharon Tan. Bottom left to right: , deputy senior pastor Tan Ye Peng, former treasurer John Lam, and former fund manager Chew Eng Han. Photo: Reuters

After a two-year trial that captivated Singapore with tales of lavish spending and financial deceit, pastor Kong Hee and five aides were found guilty of diverting $Sg24 million ($24 million) to finance his wife Sun Ho's music career, which was portrayed as a religious mission.

The six were also found guilty of misappropriating another $Sg26m from City Harvest Church to cover their tracks, prosecutors said.

Ms Ho, who starred in a music video with rapper Wyclef Jean, was not charged.

The church said Ms Ho's music could be used to attract followers.

On Wednesday, Judge See Kee Oon found the accused guilty of criminal breach of trust or falsification of accounts, or both.

The maximum penalty for criminal breach of trust, which all six were convicted of, is life imprisonment, according to the penal code.

The six were granted bail before their sentencing date, which has not yet been set.

The glamorous couple fell from grace after the leaders were charged in 2013 and the court was told how church funds were spent on music videos, marketing and a luxurious lifestyle

Prosecutors said Kong and his subordinates engaged in a practice called "round-tripping" by channelling money allotted for a church building fund into sham bonds in linked companies so they could finance Ms Ho's music career.

They falsified church accounts to make it appear the bonds were redeemed, prosecutors said. - AFP

Singapore megachurch leaders hit a sour note in pop music fraud case

SINGAPORE (Reuters) - The co-founder of a Singapore church and five other leaders were convicted of multi-million dollar fraud on Wednesday for diverting money to support his wife's pop singing career, a rare fall from grace in the tightly regulated city-state.

The mix of money, faith and scandal in the case has fascinated the public in affluent Singapore, where such cases are rare under a system with little tolerance for corruption.

Senior pastor Kong Hee heads City Harvest Church, one of a growing number of Singapore's megachurches preaching "prosperity gospel" that blends spiritual and material aspirations. (http://reut.rs/1LCxhXr)

The churches have ambitions to turn Singapore into a centre for evangelical Christianity and to export their faith to the world. Kong was arrested and charged in 2012 with criminal breach of trust and falsifying accounts.

The six church officials were convicted of diverting nearly S$51 million (£23.97 million) in funds to advance the career of Kong's wife, Ho Yeow Sun.

"There is no doubt that they had something to hide ... They knew they were acting dishonestly," Judge See Kee Oon said in convicting the six in the Singapore subordinate court.

Ho has focused on the Mandarin pop market and has released albums, including "Embrace", through Warner Music Taiwan.

A video from an English-language single, "China Wine", shows her dancing intimately with rapper Wyclef Jean, sparking criticism that she had betrayed her calling as a Christian pastor.

Ho, the co-founder and executive director of the church, was not charged in the case.

The church, which had around 17,000 members last year, has stuck by its leader. It held a prayer session for Kong and others on Tuesday night and Ho issued a message of support after the court ruling.

"Thank you for your unwavering faithfulness in loving God and loving one another. More than ever before, let’s have a unity that is unbreakable," she said on the church website.

(Reporting by Rujun Shen; Writing by Rodney Joyce; Editing by Paul Tait)

Related

The rise of mega-churches in Singapore

Correcting DNA mistakes

Using the knowledge of how the cell repair systems work will open the door to more effective cancer treatments



UNDERSTANDING how our cells repair damaged DNA, a breakthrough which earned the Nobel Chemistry Prize recently, could make cancer treatment more effective, experts say.

By revealing how our cells automatically fix DNA mutations which can lead to illness, the discovery opened the door to significantly improving chemotherapy’s effectiveness against cancer, which kills some eight million people worldwide each year.

“You can use this knowledge to destroy cancer,” said Nora Goosen, a DNA repair expert at Leiden University in the Netherlands.

Chemotherapy attacks cancer cells by trying to scramble their genetic code and thus their ability to multiply, but cancer cells, just like healthy ones, do not give up without a fight.

he cell repair systems are going to try to undo the work of doctors by fixing the damage the doctors were trying to inflict,” said Terence Strick, a DNA repair researcher at the Jacques Monod Institute in Paris.

One solution would be to inhibit the ability of cancerous cells to self-mend.

“If you attack these repair mechanisms (in cancer cells) in combination with chemotherapy and other drugs ... it (treatment) can be more effective,” Goosen said.

Sweden’s Tomas Lindahl, Paul Modrich of the United States and Turkish-American Aziz Sancar were awarded the top chemistry award for unravelling the process by which our cells repair mutations caused to DNA by the Sun or carcinogenic substances found in alcohol and cigarettes, for example.

Mistakes in DNA, the chemical code for making and sustaining life, can cause cells to malfunction, age prematurely, and become cancerous.

The vast majority of changes to our DNA are immediately corrected, but some accumulate and lead to cancer. Some people are more susceptible to cancer because their DNA repair response is faulty.

Ironically, the same repair mechanism identified by the Nobel laureates can also cause cancerous cells to resist the effects of cancer treatment.

Alan Worsley, a spokesman for the charity Cancer Research UK, said new drugs are being developed to fight the disease.

He cited the treatment olaparib, which stops cancer cells from fixing DNA damage. It was approved by the European Commission in December 2014 for use in Europe.

Alain Sarasin of France’s CNRS research institute highlighted the risks of interfering with DNA repair systems.

“We don’t yet know how to target tumour cells specifically. If we gave a patient a molecule which inhibits the self-repair mechanism of cancer cells, it may also inhibit the repair systems of other cells like white blood cells,” he said.

“If, one day, we have a molecule which reinforces the DNA repair and can be targeted to blood cells, for example, followed by chemotherapy after, this would allow us to increase the chemotherapy dosage without unintentionally killing blood cells.

“For now, we don’t know how to do that.” – AFP

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Sino-UK ties herald golden time with West

• Buckingham Palace prepares for Xi Jinping visit

  

  President Xi Jinping's visit will also receive a warm welcome from the British Monarchy. Queen Elizabeth the second, who has met with some of the most famous leaders in recent history, is expected to greet President Xi at Buckingham Palace.

Chinese President Xi Jinping's upcoming visit to the UK is drawing increasing attention in the UK and in the rest of Europe. British Prime Minister David Cameron said both countries have entered a "golden time" in their ties, a high-profile exhibition of Britain's willingness to be China's "best partner in the West."



Cameron's meeting with the Dalai Lama in 2012 was a turning point in Sino-UK relations. For 18 months, Beijing gave London the cold shoulder, while at the same time developing cordial relationships with Germany and France. The low ebb in bilateral ties happened when Europe was deeply troubled. Although China had struggled with Germany and France over the same problem in 2007 and 2008, by 2012, China was much stronger and was deemed more influential. Now, China has become more attractive to Europe than ever, and that has served to transform the foundation of China-EU relations.

The UK has shown its adept diplomatic skills while re-calibrating its relationship with China. It was the first European nation to announce that it had applied to join the Asian Infrastructure Development Bank, an international financial institution proposed by China. This decision thawed the previous discord. Since then, the UK has committed itself to turning London into the biggest offshore yuan center other than Hong Kong. Cameron has received Ren Zhengfei, president of Huawei, one of China's biggest telecommunications companies. He also invited Chinese companies to invest in a new nuclear power station project. Such actions have set examples in Europe.

As an old empire, the UK has declined, but its foundation is solid. With a special relationship with the US, London knows how to communicate with Washington over China issues.

London making a friendly gesture to China shows that Western countries are trying to redress their deep-rooted political prejudices and explore more potential to develop relations with China.

To a large extent, London's friendliness toward China stems from the pursuit of more benefits, but it shows that the spillover of China's development in many respects has become an irresistible attraction. Nothing can guarantee that country-to-country relations will develop on a certain course without having to worry about derailment. So far, historical experience has shown us that the bond of interests is one of the most reliable mechanisms that can maintain a reciprocal bilateral relationship.

China and the UK need each other. As the US is becoming weaker in exporting interests to Europe, China is providing more opportunities to the UK, while China also needs a Western country to set an example for a new China-West relationship.

It must be noted that political and ideological misunderstandings will remain a challenge for both sides. How to deal with them is a long-term issue.- Global Times

Xiangshan defense forum: PLA prowess persists without tough talk; US provocative risks destabilizing region

Chinese Defence Minister Chang Wanquan (4th right) claps next to his counterparts from Asean during the China-AseanDefense Ministers' Informal Meeting in Beijing, China, October 16, 2015. China’s Xiangshan defence forum followed the informal Asean meeting today. — Reuters pic -

http://english.cntv.cn/2015/10/19/VIDE1445203562702201.shtml

At the sixth Xiangshan Forum on Saturday, Fan Changlong, vice- chairman of China's Central Military Commission, said China has always advocated dealing with disputes through peaceful means and will not use violence recklessly, even if it comes to territory and sovereignty. The quote was soon singled out and garbled by netizens without mentioning the context, resulting in the wrong impression that the Chinese military is "too weak."

The commitment of the forum is to facilitate communication between governments and militaries in security policies, but the ordinary Chinese people have also shown much interest in it. It is difficult for top Chinese military officers to please every one of them.

In fact, Fan's remarks have more clearly reflected China's stance over territorial issues. China does not use force recklessly, but, as it always insists, will use whatever is necessary to safeguard sovereign integrity.

China's military building has garnered worldwide attention, and its construction works on some of the Nansha Islands are misunderstood to be a process of militarization. This misunderstanding is the bone of contention in the South China Sea disputes, and a focus of the Sino-US rivalry in this region. Concerns arise due to the simmering tensions, and how to soothe neighboring countries is of strategic significance for China.

China is not at the appropriate moment to emphasize its military prowess. It is more important to declare to the world that China will utilize this power with caution. In this way, the international community will put more faith in China's rise as a responsible global player.

China needs to coordinate military building with the publicity about the prudent use of force in the future. As a rising power, this could put China on the moral high ground, where it can avoid becoming a focal point of political conflicts.

An unreasonably tough stance, used as an emotional outlet for the public, is not what a government should adopt. A deliberate show of strength can only reveal a country's lack of confidence in regional and international affairs. Powerful countries seldom deliver harsh words in most circumstances.

The Chinese must understand that on the road to rejuvenation, China needs strength as much as it needs wisdom and an open mind. The country is more than able to defend itself by force, but it needs more than force to deal with many other kinds of conflicts. The US for example, which has the most powerful military, still cannot handle every security issue without using other leverage. We need to put more trust in both the Chinese military and diplomats. They know how to do their job well, and they cannot be disrupted by radical nationalists. Global Times

Planned U.S. provocative move in S. China Sea risks destabilizing region

Fan Changlong (right), vice-chairman of the Central Military Commission, and Hun Sen, prime minister of Cambodia, at a welcoming dinner for Xiangshan Forum participants on Friday. FENG YONGBIN/CHINA DAILY

http://cctv.cntv.cn/lm/dialogue/index.shtml

WASHINGTON, Oct. 15 -- The United States could shoot itself in the foot if it proceeds with planned naval patrols in the adjacent waters off China's islands in the South China Sea, as such provocation will risk creating miscalculation and destabilizing the region.

U.S. military officials and government spokespersons have recently indicated the country's intention to send navy ships to sail within 12 nautical miles of the islands where China has recently done reclamation work, in a move deliberately designed to challenge China's territorial claims.

The U.S. government is having a hard time trying to justify such provocative step.

Firstly, such a plan obviously contradicts Washington's public statement that it takes no stand over the territorial claims by six parties in the South China Sea region.

Secondly, the United States says it will do so in order to exert so-called rights of freedom of navigation as the international law allows. But, the fact is China has never done anything to infringe upon the freedom of navigation in the region.

On the contrary, China has a vested interest in protecting such rights as most of its flow of commerce in foreign trade passes through the sea lanes in the region.

Thirdly, it is a fallacy for Washington to claim that such step is designed to prevent the militarization of the South China Sea while China has already pledged that it has no intention to pursue militarization of the newly reclaimed islands.

Beijing has clearly stated that its construction of facilities in the region is mainly for the purposes of maintenance, improving living conditions for the stationed personnel and providing common goods to the international community by offering service to foreign ships sailing in the region.

The U.S. move, if carried out, will leave China no choice but to beef up its defense capabilities.

Furthermore, it will be a slap in its own face if the United States resorts to military intimidation to exert its alleged rights, because it has been calling for the claimant countries to settle their maritime disputes through peaceful means.

No doubt that if Washington goes ahead with the patrol plan, it should bear responsibility for escalating tensions in the region, raising danger of miscalculation, and complicating the efforts to seek diplomatic resolution of the disputes.

Washington should also be clear-eyed to the fact that some claimants in the region, such as the Philippines, a U.S. ally, will be encouraged by the U.S. move to take more provocative steps to challenge China and destabilize the region.

China has already urged the United States to avoid taking the provocative step in the South China Sea at a time when the China-U.S. relationship has just improved due to Chinese President Xi Jinping's fruitful state visit in late September.

During the visit, Xi and his U.S. host Barack Obama renewed their commitment to building a new model of major-country relationship featuring no confrontation, no conflict, mutual respect and win-win cooperation.

They also promised to further enhance military-to-military ties and expand cooperation on a wide range of issues for the benefit of both peoples and the world as a whole.

So, it will be a grave mistake for the United States to use military means to challenge China, as it will inevitably damage the newly-generated positive momentum in the bilateral ties and could lead to dangerous misunderstanding between the two militaries.

Washington boasts the strongest military power in the world, but this by no means justifies its act of bullying any other country at its will. China has every right to defend its rights and strategic interests, and will respond to any provocation appropriately and decisively.- Xinhua

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