Budget 2008 – Ong:Lots of benefits for property sector and ordinary folk

Ong: Lots of benefits for property sector and ordinary folk

BUDGET 2008 is comprehensive and caring, Housing and Local Government Minister Datuk Seri Ong Ka Ting said.

Ong, who is MCA president, said the Budget would stimulate the property sector. It also took into consideration the needs of ordinary folks, especially those in the lower-income group.

“For example, EPF contributors can make monthly deductions from their EPF account to buy a house and for those who do not have a fixed income, the Government has allocated a fund to provide guarantees to the banks,” he said.

He welcomed the 50% exemption on stamp duty for those buying a house not exceeding RM250,000, saying that it would help to ease the financial burden of buyers and boost the property sector.

The Budget, Ong said, paid attention to the welfare of the people, including the disabled, in various areas like housing, education, economy and health.

He welcomed the tax abolishment on public donations raised by non-profit organisations to support the schools.

“”Now, all students, irrespective of their family background, can enjoy the Textbook Loan Scheme. There are also the abolition of fees for public school examinations and the annual fee for primary and secondary schools. It is almost free education for all,” he said.

The Budget, he said, stressed on the importance of the lifelong learning culture among Malaysians, noting that the Government proposed a tax relief of up to RM5,000 on education fees be extended to all post-graduate studies.

Ong said the Budget also did not leave out the small and medium-sized enterprises, adding that they were given reasonable incentives.

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