Tax Update-1998 Budget Issues

TAX UPDATE
OCTOBER 1997
    CONTENTS Page

 

Petroleum Income Tax Specific Deductions in Arriving at Chargeable Income

12

 

  Other Parallel Amendments to PITA

12

 

  Tax Rates

13

       

 

Promotion of Investments Incentives to Promote Exports

14

 

  Incentives to Promote Malaysian Brand Names

15

 

  Incentives for Research and Developments

15

 

  Incentives for Multimedia Faculties in Institutions of Higher Learning

16

       
  Real Property Gains Tax Shares in Real Property Companies

17

    Rate of Tax

18

    Time Frame for Raising an Assessment or Additional Assessment

18

       
  Free Trade Zones Redefinition of "Value"

19

    Security for Return of Property Seized

19

     

 

  Service Tax Widening of Scope for Service Tax

20

     

 

  Indirect Taxes Import Duty, Sales Tax and Excise Duty

 

    Increase/Reduction/Abolition

21

    Amendments to Sales Tax Act 1972

22

    Amendments to Customs Act 1967

22

     

 

  Other Issues Acquisition of Real Estate Properties

24

    Human Resource Development Fund

24

    Fees on Travelling Documents

25

    Motor Vehicle Driving License Fees

25

    Road Tax for Motorcycles

26

    Cars Under Hire Purchase

26

    Licensed Manufacturing Warehouses and Free Industrial Zones

26

       

II.

Appendices  
    Importation of Heavy Machinery

I

    Review of Import Duty on Capital, Construction

II

    Goods and Consumable Products

 

    Reduction of Import Duty on Selected Items

III

    Import Duty on Motor Vehicle

IV

    Import Duty, Excise Duty and Sales Tax on Motor Cycles

V

    Reduction/Abolition of Customs Duties

VI






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