3.1) Extending The Scope Of Tax Deduction On Community Projects

Effective from YA 2009

Company’s contribution on charitable or community projects approved by the Minister of Finance are eligible for tax deduction.

Currently eligible projects are relating to education, health, housing, infrastructure and information and communication technology.

Budget 2009 proposed to include projects related to increase the income of the poor and for the conservation or preservation of the environment.

3.2) Increasing The Limit For Tax Deduction On Contributions

Effective from YA 2009

The limit for tax deduction be increased from 7% to 10% of aggregate income for the approved contributions made by companies.

However the proposal is not extended to companies under the Petroleum (Income Tax) Act 1967.

Jointly Edit & Present By:
Chris Tan	This e-mail address is being protected from spam bots, you need JavaScript enabled to view it