ID :
174868
Tue, 04/12/2011 - 13:34
Auther :
Shortlink :
https://oananews.org//node/174868
The shortlink copeid
M'SIAS'S TRANSITIONAL INCOME TAX INCENTIVE IS TO BETTER TARGET HIGHER VALUE TALENT
KUALA LUMPUR, April 12 (Bernama) -- The rationale for the transitional
income tax incentive under the Returning Expert Programme (REP), is to better
target higher value talent and assist with the adjustment to income on
returning to Malaysia, Talent Corp Malaysia Bhd (TalentCorp) said.
In a statement Tuesday, TalentCorp also said the incentive only applies to
employment income for the first five consecutive years following return to the
country, and can be claimed commencing the 2012 year of assessment.
The TalentCorp statement follows Prime Minister Najib Razak announcement at
the Invest Malaysia 2011 conference today of the transitional income tax
incentive, which accords a flat income tax of 15 per cent for five years.
Other revisions in the REP, it said are the greater emphasis on relevant
work experience as opposed to qualifications, and limitation of two tax-free
vehicles to locally assembled vehicles compared to the inclusion of import cars
previously.
Diploma holders with at least 10 years of overseas work experience can now
qualify for the REP if they have the relevant industry experience in a National
Key Economic Area (NKEA), TalentCorp said.
"The announced revised incentive packages takes immediate effect, in that,
REP applications submitted from today onwards will be eligible for the incentive
on locally assembled cars and the new transitional income tax incentive," it
said.
The announced enhancement to the REP come on the back of the recent launch
of the Residence Pass on April 1.
The REP is targeted at attracting back highly-skilled Malaysians currently
working abroad, while the Residence Pass aims at attracting and retaining top
foreign talent.
Meanwhile, Bursa Malaysia (Malaysia's stock exchange) chief executive
officer Tajuddin Atan said the announcement by the Prime Minister, was an
opportunity for local talent to return home, participate and contribute in the
development of the country.
"The incentives by the government are certainly attractive and I hope to see
a reversal of the brain drain with this initiative," he said in a statement.
income tax incentive under the Returning Expert Programme (REP), is to better
target higher value talent and assist with the adjustment to income on
returning to Malaysia, Talent Corp Malaysia Bhd (TalentCorp) said.
In a statement Tuesday, TalentCorp also said the incentive only applies to
employment income for the first five consecutive years following return to the
country, and can be claimed commencing the 2012 year of assessment.
The TalentCorp statement follows Prime Minister Najib Razak announcement at
the Invest Malaysia 2011 conference today of the transitional income tax
incentive, which accords a flat income tax of 15 per cent for five years.
Other revisions in the REP, it said are the greater emphasis on relevant
work experience as opposed to qualifications, and limitation of two tax-free
vehicles to locally assembled vehicles compared to the inclusion of import cars
previously.
Diploma holders with at least 10 years of overseas work experience can now
qualify for the REP if they have the relevant industry experience in a National
Key Economic Area (NKEA), TalentCorp said.
"The announced revised incentive packages takes immediate effect, in that,
REP applications submitted from today onwards will be eligible for the incentive
on locally assembled cars and the new transitional income tax incentive," it
said.
The announced enhancement to the REP come on the back of the recent launch
of the Residence Pass on April 1.
The REP is targeted at attracting back highly-skilled Malaysians currently
working abroad, while the Residence Pass aims at attracting and retaining top
foreign talent.
Meanwhile, Bursa Malaysia (Malaysia's stock exchange) chief executive
officer Tajuddin Atan said the announcement by the Prime Minister, was an
opportunity for local talent to return home, participate and contribute in the
development of the country.
"The incentives by the government are certainly attractive and I hope to see
a reversal of the brain drain with this initiative," he said in a statement.
