The Budget contains a gamut of incentives to further strengthen the domestic economy, a RM6 billion special stimulus package, perks to attract investments and boost the Islamic sukuk market, banking, finance and hospitality industries, as well as much-awaited support for small- and medium-scale enterprises.
In efforts to woo multinational corporations and establish treasury management services, the government has proposed an income tax exemption of 70 per cent for five years, withholding tax exemption on interest payments on borrowings and stamp duty exemption on loans and service agreements.
Mr Najib, who is also the Finance Minister, said the 2012 Budget will cost RM232.8 billion, of which RM181.6 billion is for operating expenditure and RM51.2 billion for development.
Turning to sukuk (Islamic bond) market, which has emerged as a feather in the cap for Malaysia's Islamic finance, Prime Minister Najib said a tax deduction on expenses incurred for "sukuk wakala" will be given for a three-year period from 2012 to encourage more sukuk issuances.
- CNA/BERNAMA/ir
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