2000 BUDGET ISSUE


 

2. Co-operative Societies - Income Tax Rates

Currently, the income tax rates for co-operatives range from 0% to 30%. It is proposed that effective year of assessment 2000 (current year basis), the co-operative income tax rates be reduced as follows :-

Chargeable

Tax

Rate

Tax Payable

Tax

Income

Existing

Proposed

Existing

Proposed

Reduction

RM

%

%

RM

RM

RM

 

 

 

 

 

 

10,000

0

0

0

0

0

10,000

2

1

200

100

100

------------

-------------

-------------

-------------

20,000

200

100

100

10,000

5

4

500

400

100

------------

-------------

-------------

-------------

30,000

700

500

200

10,000

8

7

800

700

100

-------------

-------------

-------------

-------------

40,000

1,500

1,200

300

10,000

11

10

1,100

1,000

100

-------------

-------------

-------------

-------------

50,000

2,600

2,200

400

25,000

14

13

3,500

3,250

250

-------------

-------------

-------------

-------------

75,000

6,100

5,450

650

25,000

18

17

4,500

4,250

250

-------------

-------------

-------------

-------------

100,000

10,600

9,700

900

50,000

22

21

11,000

10,500

500

-------------

-------------

-------------

-------------

150,000

21,600

20,200

1,400

100,000

25

24

25,000

24,000

1,000

-------------

-------------

-------------

-------------

250,000

46,600

44,200

2,400

250,000

28

27

70,000

67,500

2,500

-------------

-------------

-------------

-------------

500,000

116,600

111,700

4,900

Thereafter

30

29

3. Income Tax Rate for Non-Resident Individuals [Paragraph 1A, Schedule 1]

In line with the proposed reduction in the individual income tax rates, the Finance Bill seeks to reduce the flat rate of income tax imposed on non-resident individuals from 30% to 29% with effect from year of assessment 2000 (current year basis).





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