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Malaysia 2013 Budget Highlights

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The 2013 Budget themed, “Prospering the Nation, Enhancing Well-Being of the Rakyat: A Promised Fulfilled’, was tabled in the Parliament on 28 September 2012 by the YAB Dato’ Sri Mohd Najib Tun Haji Abdul Razak, the Prime Minister and Finance Minister of Malaysia.

Budget significant highlights and proposals:


Individuals

The tax changes affecting individuals are as follows:

1. Reduction in income tax rates for residents
2. Increase in tax relief for deposits made in Skim Simpanan Pendidikan Nasional
3. Increase in child relief for tertiary education
4. Taxability of withdrawal of Private Retirement Scheme contributions
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Companies and unincorporated businesses

The tax changes affecting companies and unincorporated businesses are as follows::

1. Reduction in income tax rates for co-operative societies
2. Interest income treated as business source
3. Reduction in time bar for the raising of notices of assessments or additional assessments
4. Double deduction for 1Malaysia Training Scheme Programme
5. Tax treatment of Limited Liability Partnerships (LLPs)
6. Business trust
7. Double deduction for the issuance of AgroSukuk, retail sukuk and retail bonds
8. Accelerated capital allowances (ACA) for security control and surveillance equipment
9. Tax incentives for the revival of abandoned housing projects
10. Control transfer for REITs or Property Trust
11. Elimination of agriculture charges
12. Tax exemption on deferred annuity scheme
13. Tax deduction on treasury shares expenditure
14. Taxability of withdrawal of Private Retirement Scheme contributions
15. Appeal to the Special Commissioners on withholding tax
16. Tax treatment for Special Purpose Vehicle (SPV)
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Real Property Gains Tax

The tax changes on real property gains tax are as follows:

1. Revision in real property gains tax rates
2. RPGT exemption on sale of real properties or shares in a real property company to a business trust
3. Provision for the definition of "limited liability partnership"
4. Notification on tax exemption arising from the disposal of a chargeable asset
5. Imposition of 10% penalty on the disposer for furnishing incorrect or wrong notification to the acquirer
6. Reduction in time bar for the issuance of notices of assessment and additional assessments
7. Reduction in time frame for the application for relief on errors made in a return
8. Non-applicability on the retention of consideration sum
9. Reduction in time limit for the claim of overpayment refunds
10. A Joint and several liability on directors
11. Exemption on the disposal of part of a chargeable asset
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Investment Incentives

The tax changes on investment incentives are as follows:

1. Extension of tax incentives for the commercialisation of public research institutions
2. Tax deduction for investment in a venture company
3. Tax incentives for tour operators
4. Tax incentives for child care centres
5. Tax incentives for pre-school education
6. Incentive for acquiring foreign companies
7. Incentive to small Malaysian service providers to merge into larger entities
8. Investment tax allowance for investment in refinery activities
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Labuan

The tax change affecting Labuan is as follows:

1. Tax exemption for Labuan International Commodity Trading Company
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Petroleum Income Tax

The tax changes are as follows:

1. Penalty on withholding tax
2. Reduction in time bar for the issuance of notices of assessment
3. Reduction in time limit for the claim of overpayment refunds
4. Failure to keep records
5. Reduction in time frame for the application for relief on errors made in a return
6. Implementation of transfer pricing and thin capitalisation regulations
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Stamp Duty

The tax changes are as follows:

1. Exemption for the purchase of first residential property
2. Exemption for business trust on instruments of transfer of businesses, assets or real properties
3. Exemption on instruments relating to the subscription of retail sukuk and bonds
4. Exemption on instruments relating to the abandoned housing projects
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CCH Malaysia

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2012 Commerce Clearing House (Malaysia) Sdn Bhd (216303-M). All rights reserved. No part of this work covered by the publisher's copyright may be reproduced or copied in any form or by any means (graphic, electronic or mechanical, including photocopying, recording, recording taping, or information retrieval systems) without the written permission of the publisher.


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