Saturday, September 02, 2006

Oil Income allows for expansionary Budget

Well, at least all those petrol price increases have resulted in something beneficial - at least for malaysian businesses.

For the first time in 9 years, the government has cut corporate tax by 1% from 28% to 27% in 2007. There will be another 1% cut in 2008. While there were no personal tax cuts, analysts expect that this might happen when GST is finally implemented in about 3 years time.

Though there are no additional goodies for SME's in general, those in the biotechnology field will get 10 years tax exemption.

Technorati: Budget, taxes, Malaysia

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