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PETALING JAYA: Tax breaks for medical treatment and immunization programs, as well as help for insurance products, are ways to ease the burden of rakyat on your health care, health professional associations said.
The Chairman of the Malaysian Coalition Physicians Association, Dr. Raj Kumar Maharajah, described Budget 2021 as truly a “people-centered budget”.
“It alleviates many of the difficulties that people face due to the Covid-19 pandemic,” he said when contacted.
Under the 2021 Budget, the government has introduced a series of tax relief measures, including extending the tax exemption to RM1,000 for vaccination against pneumococci, influenza and Covid-19.
Tax relief limits were also raised to RM8,000 for medical treatment of serious illnesses and increased to RM1,000 for a comprehensive health examination.
The limit of the tax allowance was raised to RM8,000 for expenses related to medical treatment, necessities and parental care.
An allocation of RM24 thousand has also been allocated to strengthen programs related to mental health, domestic violence and substance abuse.
The President of the Federation of Private Medical Associations of Malaysia, Dr. Steven KW Chow, praised the government’s decision to allocate more RM1bil to curb the third wave of the Covid-19 pandemic.
“The allocation of RM1bil aimed directly at curbing the third wave of Covid-19 is a much needed boost,” he said.
He also said the budget was aimed at giving the rakyat greater financial accessibility to insurance products.
B40 recipients will receive RM 50 vouchers for social protection products such as takaful and personal accident insurance.
The exemption from stamp duty, which does not exceed ringgit 100, on life insurance products was also extended for another five years.
All eyes were on the 2021 Budget when the government revealed its funding allocation amid a protracted Covid-19 pandemic and a bleak economic climate.
This is the first budget of Prime Minister Tan Sri Muhyiddin Yassin’s Perikatan Nasional administration.
Tengku Zafrul said that more than 6,600 proposals on the national budget had been received through the consultation sessions, which include political parties and suggestions on the Budget 2021 website.
Muhyiddin had previously said that the 2021 Budget would be expansive to ensure the prosperity, business continuity and economic resilience of the rakyat in these unprecedented times.
He also said that the first approach of the national budget would be to channel a substantial amount of funds for the purpose of managing the Covid-19 pandemic and extending the necessary support to leaders.
He also emphasized that the budget would give continuity to the four stimulus packages, for a total value of RM305bil, which were previously disbursed.
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