Tax Reform
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by Prime Minister's Department
And now on to something completely different:
As you may have noticed, taxes for food have just changed. Now the income tax is 5%, the import tax is 15% and the VAT is 5%. According to plans this was only the first step in a series of changes to come but first we'd like to hear your opinion.
vhzzz has proposed uniform taxes all over the manufacturing sector (and the house industry) so that every company is treated equally and fair competition is ensured. So in all these sectors the taxes would be the following:
5% income tax, 15% import tax, 5% VAT
In the case of raw materials the following figures are propose😛
Wood and oil - 5% income tax, 99% import tax
Diamonds, iron - 50% income tax, 1% import tax
Grain - 5-10% income tax, 1% import tax
The 50% income tax in case of diamonds and iron would serve as an alert / warning for less knowledgeable entrepreneurs to not open such companies in the country because of the lack of resources. The rest is pretty straightforward, I think.
In general these changes would mean that we'd still have low taxes, just more evenly spread over the industries, while the daily income of the state would increase significantly.
Ideas, opinions, critics are welcome.
Nagyzee
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As SzpilaPL had to leave unfortunately, the tax change proposal for the housing industry is already submitted. But it's also still up for discussion. We can always change it later if the current figures don't work out.
Thanks for article. Feel free to show us your opinions, ideas.
finally
All sound good
yep, looks good
the new tax rates reforms does looks good 😃
Well, back then we haven't changed taxes in one sector. And that sector is defence systems. We will propose a change there in a few minutes mostly because we still have proposals left. Anyhow the new 50% income, 1% import and 1% VAT figures will be more logical as right now we don't need any defence system companies in Malaysia under any conditions.