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Its purpose was to replace the sales and service tax which has been used in the country for several decades. The government is seeking additional revenue to offset its budget deficit and reduce its dependence on revenue from Petronas, Malaysia's state-owned oil company. The 6% tax will replace a sales-and-service tax of between 5–15%. [4] [5]
Many tax incentives simply remove part or of the burden of the tax from business transactions. In Malaysia, the corporate tax rate is now capped at 25%. Nevertheless, a company eligible for a certain tax incentive might only pay an average effective tax rate of 7.5%, with only 30% of the company's profit being subjected to tax.
subject to item 2(c) in the State List: Development of mineral resources; mines, mining, minerals and mineral ores; oils and oilfields; purchase, sale, import and export of minerals and mineral ores; petroleum products; regulation of labour and safety in mines and oilfields;
The Ministry of Economy (Malay: Kementerian Ekonomi) is a ministry of the Government of Malaysia that is responsible for economy planning, statistics and socioeconomy planning. Organization [ edit ]
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"Terima Kasih Frontliners" (literally means "Thank You Frontliners") mural at Pendang, Kedah. The Government of Malaysia along with various non governmental organisations (NGOs), companies, and foreign governments introduced various financial aid and relief programs in response to the economic impacts of the COVID-19 pandemic in Malaysia.
Port Klang Free Zone (PKFZ) is a 1,000-acre (4.0 km 2) commercial and industrial zone established in 2004 in Malaysia. [1] It is a regional distribution hub as well as a trade and logistics centre offering extensive distribution and manufacturing facilities. It is located along the Straits of Malacca, Port Klang, Klang, Malaysia.
The Direct Sales and Anti-Pyramid Scheme Act 1993 (Malay: Akta Jualan Langsung dan Skim Anti-Piramid 1993), is a Malaysian laws which enacted to provide for the licensing of persons carrying on direct sales business, for the regulation of direct selling, for prohibiting pyramid scheme or arrangement, chain distribution scheme or arrangement, or any similar scheme or arrangement, and for other ...