October 23, 2009 17:18 PM
KUALA LUMPUR, Oct 23 (Bernama) -- Prime Minister Datuk Seri Najib Tun Razak has laid down a firm foundation to drive the nation towards embracing a high-income economy in the 2010 budget through bold proposals to raise private equity, invigorating the stock market, further developing Islamic finance while emphasising on micro-credit programmes.
Najib, who is also Finance Minister, said green technology would be promoted via a RM1.5 billion fund while small-and medium-scale industries development programmes and the construction sector -- both vital backbones to the economy -- would be given additional injection of funds.
As for the stock market, he said the government would liberalise the commission-sharing arrangements between stockbrokers and remisiers in two stages to enhance retail participation in the bourse.
Tabling the 2010 Budget in the Dewan Rakyat today, the prime minister said 100 per cent foreign equity participation would also be allowed in corporate finance and financial planning companies.
All public-listed firms too would be required to offer e-Dividend to shareholders to increase efficiency of the payment system.
Existing tax incentives for financial services, particularly Islamic finance, will be extended until 2015, with new measures put in place comprising a 20 per cent stamp duty exemption on Islamic financing instruments and deductions on expenditure incurred in the establishment of islamic stockbroking firms.
On the Ar-Rahnu micro-credit programme, the government will encourage all Syariah-compliant financial and banking institutions such as Bank Muamalat and Bank Islam to offer this scheme to assist those unable to secure financing from financial institutions and to obtain business capital fast.
To support implementation of private sector projects in regional corridors, the government will allocate RM3.5 billion next year as part of efforts to ensure they are developed according to schedule.
Planned investments totalling RM221 billion have exceeded the Ninth Malaysia Plan target of RM145 billion.
The government will issue 1Malaysia Sukuk (Islamic Bond) totalling RM3 billion to all Malaysians aged 21 and above, with a minimum investment of RM1,000 and a maximum of RM50,000 plus a maturity period of three years, with a five per cent annual return paid quarterly.
To further promote the construction industry, Najib said RM9 billion has been allocated to finance infrastructure projects including RM4.7 billion for road and bridge projects and RM2.6 billion for water supply and sewerage services.
He said RM899 million will be allotted for rail facilities, RM820 million for ports and sea services and RM276 million for airport projects.
-- BERNAMA
Najib, who is also Finance Minister, said green technology would be promoted via a RM1.5 billion fund while small-and medium-scale industries development programmes and the construction sector -- both vital backbones to the economy -- would be given additional injection of funds.
As for the stock market, he said the government would liberalise the commission-sharing arrangements between stockbrokers and remisiers in two stages to enhance retail participation in the bourse.
Tabling the 2010 Budget in the Dewan Rakyat today, the prime minister said 100 per cent foreign equity participation would also be allowed in corporate finance and financial planning companies.
All public-listed firms too would be required to offer e-Dividend to shareholders to increase efficiency of the payment system.
Existing tax incentives for financial services, particularly Islamic finance, will be extended until 2015, with new measures put in place comprising a 20 per cent stamp duty exemption on Islamic financing instruments and deductions on expenditure incurred in the establishment of islamic stockbroking firms.
On the Ar-Rahnu micro-credit programme, the government will encourage all Syariah-compliant financial and banking institutions such as Bank Muamalat and Bank Islam to offer this scheme to assist those unable to secure financing from financial institutions and to obtain business capital fast.
To support implementation of private sector projects in regional corridors, the government will allocate RM3.5 billion next year as part of efforts to ensure they are developed according to schedule.
Planned investments totalling RM221 billion have exceeded the Ninth Malaysia Plan target of RM145 billion.
The government will issue 1Malaysia Sukuk (Islamic Bond) totalling RM3 billion to all Malaysians aged 21 and above, with a minimum investment of RM1,000 and a maximum of RM50,000 plus a maturity period of three years, with a five per cent annual return paid quarterly.
To further promote the construction industry, Najib said RM9 billion has been allocated to finance infrastructure projects including RM4.7 billion for road and bridge projects and RM2.6 billion for water supply and sewerage services.
He said RM899 million will be allotted for rail facilities, RM820 million for ports and sea services and RM276 million for airport projects.
-- BERNAMA
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