Malaysian Taxation Principles And Practice Tenth Edition

The Budget 2004 and the Finance Bill 2003 aim to promote Malaysia as a country for investment and to nurture Malaysian corporations to be more competitive in this globalization era. Small and medium-size industries (SMIs) are given preferential tax rate of 20%, tax deduction for incorporation expenses, and financial support from the Government. Major reform to the scope of tax, allowing persons other than companies to have their foreign source income remitted into Malaysia without being taxed is welcome as this will enhance domestic investment and strengthen our foreign currency reserve. Tax administration allowing seven months to submit a taxpayer’s return and additional revision of estimates in the ninth month of a financial year are legislated to ensure a better and improved system of self assessment.