`


THERE IS NO GOD EXCEPT ALLAH
read:
MALAYSIA Tanah Tumpah Darahku

LOVE MALAYSIA!!!


 


Monday, October 6, 2014

Income tax cut of up to 3% in Budget 2015 to offset GST - Tee Yong

Income tax cut of up to 3% in Budget 2015 to offset GST - Tee Yong
Income tax rates will be slashed by up to 3% when the Goods and Services Tax (GST) is implemented in April next year, according to Deputy Finance Minister Datuk Chua Tee Yong.
The move, to be tabled in the national budget for 2015 this Friday, will see this cut from the current rate of 19% applied to taxable incomes in the range of RM50,000 to RM70,000.
The move will benefit middle-income earners the most, Chua was quoted as saying in the Chinese press, as reported by The Sun newspaper.
He said the reduction in personal income tax was meant to offset the impact of the GST on the low- and middle-income groups, adding that the upcoming budget also promised incentives for other existing tax payers.
The GST rate of 6%, however, is not likely to be reduced as requested by the Associated Chinese Chambers of Commerce and Industry of Malaysia, Chua was reported as saying.
To further aid individuals and companies, “many items will be zero-rated or tax-exempted”, he added.
The GST is meant to replace the current sales and service tax.
News that the income tax rate will probably be reduced by 1% for companies and up to 3% for individuals was first announced by Prime Minister Datuk Seri Najib Tun Razak in August.
It means that around 300,000 individuals who are currently paying tax will no longer have to do so. –TMI

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.