Our overall budget 2014 implications are Unexciting. As expected a little prudent but still did not drastically reduce fiscal deficit and use resource smartly.
We like budget where it does cater for some people in need. What we don’t like is the government still spending unproductive in handling out money.
Overall the worst segment should be property industry. Where RPGT revised upward across the range. Especially for corporate that may need to incur 5% even after 6 years. We see impact on new and used home. Mean time may certain degree discourage MREITS buy and sell their portfolios. DIBS will also impact some new developers projects where build then sell may be the encouragement of the policy beside of avoiding speculative activities.
We believed GST is fair given reduction in personal income tax and corporate tax are in conjunction together. We always like a prudent budget but what we don’t see is productive injection that can boost certain industry commercially.