BUDGET 2010

• Deductions to small and medium enterprises (SMEs) for expenses incurred in the registration of patents and trademarks in Malaysia.
• Enhancement of exemption from 50% to 100% of the value of increased exports for health care service providers offering services to foreign clients in Malaysia.
• Introduction of income tax exemption equivalent to 100% of additional capital expenditure incurred to obtain Green Building Index certificate.
• Exemptions for insurance and takaful companies on profits of newly established overseas branches and income remitted by new overseas investee companies. This extension also applies to banks.
• Deduction on expenses incurred in the issuance of Islamic securities extended to Year of Assessment (YA) 2015.
• Extension of deduction for expenses incurred in the issuance of Islamic securities to include Islamic securities approved by the Labuan Offshore Financial Services Authority (LOFSA)
• Exemption on profits derived from non-RM sukuk approved by LOFSA.
• Extension of exemption of interest paid to individuals, unit trusts and listed closed-end fund on RM Islamic securities.
• Increase in personal relief for individuals from RM8,000 to RM9,000.
• Reduction of resident individual tax rate from 27% to 26% for chargeable income exceeding RM100,000.
• Reduction of non-resident individual tax rate from 27% to 26%.
• Relief of up to RM500 per year to individuals for broadband subscriptions.
• Preferential tax rate of 15% on employment income of resident knowledge workers engaged in qualifying activities and residing in Iskandar Malaysia.
• Reintroduction of Real Property Gains Tax at a rate of 5% tax on gains from the disposal of real property.
• Liberalisation of foreign ownership in corporate finance and financial planning companies.
• The Government announced that it is at the final stage of completing the study on whether to implement Goods and Services Tax.

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