BUDGET 2017 COMMENT Bina Darulaman Bhd Group Managing Director Datuk Izham Yusoff

In summary, the budget saw a number of allocations that will be well-received. The increased allocation for BR1M, newly restructured personal tax reliefs, as well as subsidies on toll charges and public transportation will surely help to reduce the high basic cost of living that have been a primary concern for millennials. We would also like to applaud the government for the added incentives for millennials to start saving for retirement through the Private Retirement Scheme (PRS) as retirement preparedness has also been a chief concern.
The added focus on first home buyers’ affordability for the M40 and B40 group is a good step forward in addressing the worries of the rakyat, many of whom according to our recent survey has postponed their decision to buy a house because they felt they could not afford it. We believe the special “step-up” end-financing scheme for the PR1MA programme and the rental of houses in urban areas o eligible youths before they are financially stable will be a stepping-stone for the middle-income group towards home ownership.
There weren’t a lot of changes on the income tax front but the changes to book, sports equipment and computer purchase income tax relief overall provides a lower total income tax relief but it will make it easier to claim.