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The average household income of Malaysia increased by 18% to RM5,900 a month, compared to RM5,000 in 2012. According to a HSBC report in 2012, Malaysia will become the world's 21st largest economy by 2050, with a GDP of $1.2 trillion (Year 2000 dollars) and a GDP per capita of $29,247 (Year 2000 dollars).
The Royal Malaysian Customs Department ( Abbr.; RMCD; Malay: Jabatan Kastam Diraja Malaysia – JKDM; Jawi: جابتن كستم دراج مليسيا ); is a government department body under the Ministry of Finance. RMCD functions as the country's main indirect tax collector, facilitating trade and enforcing laws. RMCD facilitates trade by ...
Malaysia is a federal constitutional elective monarchy; the only federal country in Southeast Asia. [ 73] The system of government is closely modelled on the Westminster parliamentary system, a legacy of British rule. [ 74] The head of state is the King, whose official title is the Yang di-Pertuan Agong.
In 2015, the revenue collection of the federal government is estimated at RM235.2 billion, an increase of RM10.2 billion from 2014. Revenue from GST in 2015 estimated at RM23.2 billion. Government to exempt several goods from GST amounting to RM3.8 billion. Abolishment of SST will see RM13.8 billion in revenue forgone.
Education in Malaysia is overseen by the Ministry of Education (Malay: Kementerian Pendidikan). Although education is the responsibility of the Federal Government, each state and federal territory has an Education Department to co-ordinate educational matters in its territory. The main legislation governing education is the Education Act 1996.
Goods and Services Tax ( GST) in Singapore is a value added tax (VAT) of 9% levied on import of goods, as well as most supplies of goods and services. Exemptions are given for the sales and leases of residential properties, importation and local supply of investment precious metals and most financial services. [1]
Launched on 21 September 2010, [1] it is a comprehensive economic transformation plan to propel Malaysia's economy into high income economy. The program will lift Malaysia's gross national income (GNI) to US$523 billion by 2020, and raise per capita income from US$6,700 to at least US$15,000, meeting the World Bank's threshold for high income nation. [2]
The New Economic Policy in Malaysia presented strategies meant to address economic growth. As a result, the poverty rate fell from 52.4% in 1970 to 3.8% in 2009. Malaysia seeks to address poverty at the micro-level and has produced a New Economic Model and framework in the Tenth Malaysia and Eleventh Malaysia Plans to address this.