Wednesday, April 4, 2012

Tax deductions on religious donations Bill tabled

THE Income Tax (Amendment) Bill 2012, which seeks to allow taxpayers to claim for deductions for donations for religious purposes, was tabled for the first reading in the Dewan Rakyat.

The Bill, which was tabled by Deputy Finance Minister Datuk Donald Lim, seeks to allow a taxpayer to claim for deductions for contributions to the construction, improvement or maintenance of a public building for religious purposes.

The Government announced in Budget 2012 that it would expedite tax exemption approvals for all registered places of worship as well as education institutions, including registered national, national-type, mission and government-assisted religious schools.

Lim had previously said that the tax deductions could be claimed at a maximum of 7% of an individual’s salary, while companies were able to claim up to 10% of its annual income.

He said the tax exemption could also be claimed for cash contributions to non-profit organisations.

Deputy Transport Minister Datuk Abdul Rahim Bakri said no new licences would be issued for flying academies.

He said this was because the ministry and the Department of Civil Aviation needed to reduce the number of unemployed new pilots.

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