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). |Home|Contents|

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