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TAX NEWS
BUDGET
2012
MAIN POINTS
Click
here and
here for budget summary
BUDGET
2011
MAIN POINTS
Click
here and
here
for budget summary
BUDGET
2010
MAIN POINTS
1
INDIVIDUALS
|
Personal relief increased from
RM8,000 to RM9,000 |
From 1 Jan 2010 |
|
RM6,000 EPF and insurance
relief increased by RM1,000, applicable for insurance
only |
From 1 Jan 2010 |
|
Highest tax rate reduced from
27% to 26% |
From 1 Jan 2010 |
|
RM500 relief per year for
broadband subscription fees |
YA2010 -YA2012 |
|
Service tax of RM50 per year on
credit card, and RM25 per year on supplementary card |
From 1 Jan 2010 |
2
REAL PROPERTY GAINS TAX (RPGT)
Effective 1 January 2010, a 5%
Real Property Gains Tax will be imposed on gains from disposal of
real property for properties sold
within five years of their purchase (as amended on
28/12/09).
The following exemptions apply
for individuals only:
ü
Gains up to RM10,000, or 10% of gains, whichever is
higher.
ü
Gifts between husband/wife, parent/child,
grandparent/grandchild.
ü
Once in lifetime disposal of a residential property.
Tax is collected by the Purchaser withholding and remitting
2% of the purchase value at the point of purchase.
3
OTHERS
A) PATENTS AND TRADEMARKS
For Small and Medium sized Enterprises
(SME), from YA2010 to YA2014, expenses incurred in
registering patents and trademarks in Malaysia are allowed as a
deduction for tax purposes.
B) GREEN BUILDING INDEX (GBI)
From 24 October 2009 to 31 December
2014, building owners can
claim capital expenditure incurred in upgrading their buildings to
meet and obtain the GBI certificate.
Additionally, buyers of property with the GBI certificate, purchased from developers, are eligible for stamp duty exemptions on transfer of
ownership of these buildings. |
