11 Jan 2010
KUALA LUMPUR: Economic recovery will continue to dominate the main agenda for owners of businesses and the man in the street this year. But apart from that, there are some tax issues that they have to be prepared for.
Effective Jan 1, the 5% Real Property Gains Tax (RPGT) on the sale of property assets held five years or less has come into effect. Next year, the Goods and Services Tax (GST) will take effect.
GST is tentatively set at 4% with some observers commenting that the rate is a compromise of 3% requested by tax agents whose clients are mainly corporates and the 5% originally suggested by the government.
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