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Friday, 7 September 2007

Malaysia's Budget 2008: Income Tax Relief For Foreign Islamic Finance Experts

KUALA LUMPUR, Sept 7 (Bernama) -- The government, in its move to attract leading global experts in Islamic finance to participate in the Malaysia International Islamic Financial Centre (MIFC), is proposing tax exemption on income received by non resident experts in the Islamic finance. Prime Minister Datuk Seri Abdullah Ahmad Badawi, who tabled the Budget 2008 in Parliament today, said the proposal will take effect from Sept 8, 2007 until December 31, 2016. The experts would have to be verified by the MIFC Secretariat. Malaysia is already providing various incentives to realise its aspiration to make Malaysia an international Islamic financial centre. They include income tax exemption for international Islamic banks and Islamic banking units as well as takaful companies until the 2016 year of assessment. Others are tax deduction on expenses incurred in establishing an Islamic stock broking firm, stamp duty exemption on instrument executed pertaining to Islamic banking and takaful activities in foreign currencies, and stamp duty exemption on instruments executed pertaining to issuance of Islamic bonds in all types of currencies as approved by the Securities Commission until Dec 31, 2016.
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