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Wednesday, September 10, 2003


Bajet 2004

Will the Bajet see a cut in Corporate Tax? Will there be other goodies?

"Likely" says Business Times. According to the Malaysian Institute of Taxation (MIT), companies can look forward to a cut in corporate tax as the present rate is no longer competitive. MIT’s vice-president Dr Veerinderjeet Singh says the tax cut is likely, along with increases in personal reliefs and rebates in Budget 2004 to be tabled on Friday

"No" says Bernama. A corporate tax reduction is not likely in the offing in the 2004 Budget since such a tax cut now "will not benefit anybody", say highly-placed government sources.
Instead, what could be on the cards is the rise in the ceiling of the preferential tax rate accorded to small and medium-scale industries (SMIs) announced last year, one of them said.

"No" says the Star's Wong Sulong. There has been widespread anticipation among corporations and accounting firms of a reduction in the corporate tax rate – some expect a 3-percentage point cut. The last time corporate tax was cut, from 30% to the current 28%, was five years ago.
Supporters of a corporate tax cut argue that this would stimulate business and bring in more foreign investments.
I very much doubt the government will go for a corporate tax cut, although I would be happy to see one.
Wong goes on to say :: "This is what I expect: a big cut in personal income tax to put more money in the pockets of consumers for a consumption-led economic recovery. "

PM Datuk Seri Dr Mahathir Mohamad, in his capacity as Finance Minister, will table the government's 2004 Bajet in Parliament on Friday for the last time. Let's wait and see what goodies, he will dish out before he goes; remembering also that this will be another of those Election Bajet


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MALAYSIA, a great place to be in, BUT we can, will and must make HER better.
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