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The Income Tax Act 1967 (Malay: Akta Cukai Pendapatan 1967), is a Malaysian law establishing the imposition of income tax. Structure.
According to the Income Tax Act 1967 Schedule 7A- Reinvestment Allowance Subject to this Schedule, where a company which is resident in Malaysia has been in operation for not less than twelve months; and has incurred in the basis period for a year of assessment capital expenditure on a factory, plant or machinery used in Malaysia for the ...
Import Duties (Validation) Act 1992: 477 In force Income Tax Act 1967: 53 In force Income Tax (Tin Buffer Stock Contributions and Repayments) Act 1974: 132 In force Incorporation (State Legislatures Competency) Act 1962: 380 In force Indecent Advertisements Act 1953: 259 In force Industrial Co-ordination Act 1975: 156 In force Industrial ...
The Inland Revenue Authority of Singapore under Ministry of Finance (Singapore) is in charge of tax collection. The latest amendment bill is still being made as of March 2016. [1] Under Section 95 of the ITA, convicted taxpayers are subjected to a penalty of up to 200% of the amount of tax undercharged in cases of incorrect tax returns.
The Singapore Income Tax Department was created in 1947 to administer the Income Tax Ordinance enacted during that year. [1] Actual assessing of tax only began in November 1948. In the first Year of Assessment, about 40,000 individual tax returns and 1,000 corporate returns were received.
[2] [3] As a result, the Income Tax Act (ITA) was revised to change the "long-standing requirement that charities must be constituted and operated exclusively for charitable purposes". The changes to the ITA now allow charitable organizations to engage in advocacy in support of its stated charitable purpose(s) but they are not allowed to engage ...
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