Harpal S Dhillon, sub-committee chairman of the Malaysian Institute of Taxation, has said that there is a 'high probability' that company tax in Malaysia will be cut from 28 per cent to about 26 per cent in the forthcoming budget, personal income tax bands may also be reduced.
According to the tax expert a reduction in company tax will enhance the country's competitiveness against its regional rivals Singapore and Hong Kong. Harpal also suggested that the introduction of a goods and services tax would compensate for the loss in revenue resulting from the tax cut: 'This will help to generate internal growth in the absence of external growth. This is the trend worldwide: to reduce corporate tax and enlarge service tax,' he said.
Harpal also said that the Labuan Offshore Financial Services Authority should implement advance tax rulings which would attract more companies and avoid double taxation issues.
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