Premium Essay

Polaroid

In: Business and Management

Submitted By emi95
Words 2899
Pages 12
Malaysia is an emerging country with continuously grow in its economy. As announce in 2016 Malaysia budget, Malaysia government lists some objectives of the budget is to strengthening economic resilience by increase the capacity of domestic market and also increase exports. Promoting the well-being of nation by to be more prosperous and easing the cost of living of the people by giving subsidy and fair and equal tax also wealth distributions.

A) Important issues in 2016 Malaysia budget

There are a number of issues that being concerned in the 2016 Malaysia budget. By focusing to individual and Small and medium enterprises (SMEs), 2016 budget seems as the relief for Malaysian. Firstly, to encourage SMEs to expand their export markets, the new exemption are being given to SMEs with the following revised value added criteria, a) income tax exemption of 10% of the value of the increased exports to manufacturers provided that the goods exported attain at least 20% value added b) income tax exemption of 15% of the value of the increased exports to manufacturers provided that the goods exported attain at least 40% value added. All of this income tax exemption is restricted to 70% of the statutory income. This effectively starts from year assessment of 2016 to 2018.
Secondly, for the individual, there are increases of tax rate especially to high income earner. The marginal tax rate for the chargeable income bracket from RM 600,001 to RM 1 million to be increased to 26%. For the chargeable income bracket that more than RM 1 million, the income tax rate be increased to 28%. Similar to non-resident individual, the fixed tax rate is 28%. There are increases in tax relief for a spouse to RM 4000. And also the tax relief for the children under 18 years age of RM 2000. For the children that studying at tertiary level, the relief is increased to RM 8000. Also for those…...

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